State Bank of India(SBI) Q1 Net profit rises marginally, NII up

 

Public sector lender State Bank of India (SBI) on Saturday reported a standalone net profit of Rs 17,035 crore for the quarter ended June 30, 2024, which was up by 0.9% over Rs 16,884.29 crore reported by the company in the year-ago period.

It was higher than the Street's estimates of Rs 16,786 crore.

The interest earned during the reported quarter stood at Rs 1,11,526 crore, which was higher by 16% versus Rs 95,975 crore reported by the lender in the corresponding quarter of the last financial year.

Interest expended by the bank in the April-June quarter stood at Rs 70,401 crore versus 57,041 crore in the year-ago period. This translates into a 23% YoY uptick.

The net interest income (NII) in Q1FY25 stood at Rs 41,125 crore, a jump of 5.71% over Rs 38,905 crore in Q1FY24.

The net interest margins for its entire operations were reported at 3.22% in Q1FY24, down by 11 bps from 3.33% in the year-ago period. As for the domestic operations, NIMs were reported at 3.35% in Q1FY25, which was down 12 bps over 3.47% in Q1FY24.

The operating profit for the state lender in the reported quarter was at Rs 26,449 crore, up by 4.55% on a YoY basis.

SBI's gross advances in the said quarter surged by 15.39% to Rs 38,12,087 crore in Q1FY25 versus Rs 33,03,731 crore in Q1FY24. Total deposits grew by 8.18% on a YoY basis to Rs 49,01,726 crore as against Rs 45,31,237 crore in the year ago period.

Credit cost increased by 16 bps for the state lender at 0.48% as against 0.32% in the corresponding quarter of the previous financial year.

The bank managed to lower its net non-performing assets (NNPAs) in the reported quarter by 14 bps to 0.57% over 0.71% in the year ago period.

Its PCR was also down by 41 bps in the quarter gone by at 74.41% versus 74.82% in the year ago period.

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Bank of India(BoI) Q1 net profit rises 10%

 

State-owned Bank of India (BoI) reported a 10 per cent year-on-year (YoY) growth in net profit for the quarter ending June 2024 (Q1FY25), aided by lower tax outgo. Its net profit for the quarter stood at Rs 1,703 crore, as against Rs 1,551 crore in the corresponding period a year ago.

Net interest income (NII) was up 6 per cent YoY to Rs 6,275 crore in Q1FY25, compared to Rs 5,915 crore in Q1FY24, aided by robust growth in advances. However, its non-interest income was down 12 per cent YoY to Rs 1,302 crore.

Its net interest margin – a measure of profitability of banks – stood at 3.07 per cent in Q1FY25, up 14 basis points (bps) from the preceding quarter.

Provisions of the lender increased 57 per cent on a YoY basis and declined 29 per cent sequentially in Q1FY25 to Rs 1,293 crore.

Gross slippages for the quarter stood at Rs 2,973 crore in Q1FY25, out of which Rs 1,056 was from the MSME sector, Rs 588 crore was from the retail portfolio, and Rs 737 crore was from the agriculture portfolio. Corporate slippages for the quarter stood at Rs 564 crore.

Gross Slippages in Q1FY25 was lower than Q4FY24 and Q1FY24. The bank had reported gross slippages to the tune of Rs 3,309 crore in Q4FY24, and Rs 4,030 crore in Q1FY24.

Asset quality of the lender improved, with gross non-performing assets (NPAs) ratio at 4.62 per cent in Q1FY25, down 36 bps from the preceding quarter. Net NPAs were also down 23 bps at 0.99 per cent in Q1FY25. Provision coverage ratio (PCR) of the lender improved to 92.11 per cent in Q1FY25, as against 90.59 per cent in Q4FY24.

Advances of the lender was up 15.82 per cent YoY and 2.50 per cent sequentially to Rs 6 trillion. And, deposits were up 9.91 per cent YoY and 2.89 per cent sequentially to 6.47 trillion during Q1FY25.

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Bank of Baroda(BoB) Q1 Net profit rises 9.5%

Public Sector lender Bank of Baroda(BoB) on July 31 reported 9.5 percent rise in standalone net profit at Rs 4,458 crore for the quarter ended June 30, 2024. It reported standalone net profit of Rs 4,070 crore in the year-ago period.

On sequential basis, the bank's net profit fell 9 percent.

Gross non-performing assets (NPA) ratio stood at 2.88 percent as on June 30, as compared to 2.92 percent on March 31, 2024 and 3.51 percent on June 30, 2023.

Net NPA ratio stood at 0.69 percent as on June 30, as against 0.68 percent on March 31, 2024 and 0.78 percent on June 30, 2023.

In absolute terms, Gross NPA of the bank eased to Rs 30,873.14 crore as on June 30, as compared to Rs 31,833.63 crore as on March 31, and Rs 34,832.16 crore as on June 30, 2023.

Similarly, net NPA of the bank fell to Rs 7,231.53 crore as on June 30, as against Rs 7,213.34 crore as on March 31, and Rs 7,482.45 crore as on June 30, 2023.

The Provision Coverage Ratio of the Bank stood at 93.32 percent including TWO (Technical Write-off) and 76.58 percent excluding TWO in Q1 FY25, as per release.

Slippage ratio sequentially declined by 7 basis points (bps) to 1 .05 percent for Q1FY25 as against 1 .12 percent in Q4FY24.

In the reporting quarter, fresh slippages of the bank stood at Rs 2,787 crore. Majority of the slippages has came from MSME segment worth Rs 1,206 crore, which was followed by Rs 842 crore from retail and Rs 644 crore from agriculture.

Net Interest Income (NII) grew by 5.5 percent on-year to Rs 11,600 crore in Q1FY25. Non-Interest Income for the quarter stands at Rs 2,487 crore for Q1 FY25.

Global NIM stands at 3.18 percent in Q1 FY25. Domestic NIM of the bank stood at 3.30 percent and international NIMs at 2.23 percent in the first quarter of the current financial year.

In April-June quarter, global deposits of the bank grew to Rs 13.07 lakh crore, from around Rs 12 lakh crore in a year ago period. Global deposits were up 8.9 percent.

Domestic deposit rose 5.3 percent on-year to Rs 11.1 lakh crore, and international deposit jumped 34.7 percent on-year to Rs 2.02 lakh crore.

Global advances of the bank in April-June quarter jumped 8.1 percent on-year to Rs 10.72 lakh crore. In a year ago period, global advances stood at Rs 9.91 lakh crore.

In the global advances, retail advances grew 20.9 percent on-year to Rs 2.23 lakh crore.

Domestic CASA deposits registered a growth of 6 percent on-year and stands at Rs 4.49 lakh crore as of June 30, as per press release.

CRAR of the Bank stands at 16.82 percent in June quarter. Tier-I stood at 14.65 percent (CET-1 at 13.08 percent, AT1 at 1.57 percent) and Tier-II stood at 2.17 percent as of June quarter.

The CRAR and CET-1 of consolidated entity stands at 17.20 percent and 13.57 percent, respectively. Liquidity Coverage Ratio (LCR) of approximately 138 percent as on June 30.

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Indian Bank Q1 Results: Net profit soars 41%

 

State-owned Indian Bank on Monday posted a 41 per cent jump in its net profit to Rs 2,403 cr for the June 2024 quarter due to a decline in bad loans.

The Chennai-based lender had earned a net profit of Rs 1,709 cr in the year-ago period.

During the quarter, the bank's total income increased to Rs 16,945 cr against Rs 14,759 cr a year ago, Indian Bank said in a regulatory filing.

Its interest income grew to Rs 15,039 cr during the period under review from Rs 13,049 cr in the corresponding quarter a year ago.

On the asset quality side, the bank's gross non-performing assets (NPAs) improved to 3.77 per cent of gross advances as of June 30, 2024, from 5.47 per cent in the April-June quarter of the previous fiscal.

The net NPAs also declined to 0.39 per cent of the advances from 0.70 per cent a year ago.

As a result, provisions for bad loans declined to Rs 896 cr against Rs 930 cr earmarked during the same quarter a year ago.

The capital adequacy ratio of the bank increased to 16.47 per cent compared to 15.78 per cent on June 30, 2023.

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Punjab National Bank(PNB) posts Q1 Results 159% surge in net profit

Punjab National Bank (PNB) on Saturday reported more than two-fold jump in standalone net profit at Rs 3,252 crore for June quarter FY25 helped by decline in bad loans and improvement in interest income.

The state-owned bank had posted a net profit of Rs 1,255 crore for the year-ago period. Total income in the quarter rose to Rs 32,166 crore from Rs 28,579 crore, PNB said in a regulatory filing.

The lender's interest income also increased to Rs 28,556 crore from Rs 25,145 crore in the same quarter a year ago.

Gross Non Performing Assets (NPAs) declined to 4.98 per cent of gross advances by June 2024 from 7.73 per cent in the same quarter a year ago.

Net NPAs too declined to 0.60 per cent from 1.98 per cent.

As a result, provisions for bad loans came down drastically to Rs 792 crore in April-June FY25 as against Rs 4,374 crore in the year-ago period.

On a consolidated basis, the bank reported a net profit of Rs 3,976 crore in the quarter under review as against Rs 1,342 crore a year ago.

The consolidated financial result of the bank comprises five subsidiaries and 15 associates. The capital adequacy ratio of the bank improved to 15.79 per cent at the end of June 2024 compared to 15.54 per cent in the year-ago period.

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Punjab & Sind Bank Q1FY25 results: Net profit rises 19%

 

State-owned Punjab & Sind Bank on Friday reported a 19 per cent rise in net profit to Rs 182 cr in the June 2024 quarter, helped by a decline in bad loans.The Delhi-based lender had earned a net profit of Rs 153 cr in the year-ago period.

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During the quarter, the bank's total income increased to Rs 2,846 cr against Rs 2,494 cr a year ago, Punjab & Sind Bank said in a regulatory filing.Interest income grew to Rs 2,652 cr during the period under review from Rs 2,316 cr in the corresponding quarter a year ago.

The bank's asset quality improved with Gross Non-Performing Assets (NPAs) declining to 4.72 per cent of gross advances as of June 30, 2024, against 6.80 per cent by the end of the April-June quarter in FY23.

Net NPAs also declined to 1.59 per cent of the advances from 1.95 per cent at June-end FY24.Provisions for bad loans rose to Rs 103 cr against Rs 23 cr earmarked a year ago.The bank's Capital Adequacy Ratio also improved to 17.30 per cent compared to 17.19 per cent on June 30, 2023.

The board also approved to raise funds of Rs 3,000 cr by issue of Basel III compliant Additional Tier I Bonds/Tier II Bonds or any combination, it said.

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UCO Bank Q1 Net profit jumps 147%

Kolkata-headquartered UCO Bank on Monday reported a 147% year-on-year (y-o-y) rise in its net profit for the quarter ended June 2024 at Rs 551 crore, led by higher other income, and interest margin.

The lender’s non-interest income grew 32% y-o-y to Rs 835 crore during Q1FY25, whereas net interest income (NII) was up 12% y-o-y at Rs 2,254 crore. Global net interest margin (NIM), too, rose to 3.09% in the reporting quarter from 2.86% a year ago. The lender is aiming to maintain its NIM in the 2.9%-3% range going ahead, MD & CEO Ashwani Kumar said at a post results conference.

Overall advances of the bank were up 18% y-o-y to Rs 1.93 trillion as in June-end. Retail, agriculture and MSME (RAM) loans formed 61% of the lender’s loan book and grew 19% y-o-y, whereas corporate loans rose 20% y-o-y to Rs 64,611 crore. The bank aims to grow its loan book by 12%-14% in the current fiscal.

On liabilities side, UCO Bank’s deposits grew 7% y-o-y to Rs 2.68 trillion. The lender’s credit-deposit (CD) ratio, accordingly, moved up by 628 basis points (y-o-y) to 72% in Q1FY25. The state-owned bank is comfortable with its CD ratio touching 75% mark and has simultaneously introduced new deposit schemes to attract retail deposits. The bank is targeting to grow deposits by 8-10% in FY25.

UCO Bank’s asset quality also improved, with gross bad loan ratio falling by 116 basis points (bps) y-o-y to 3.32% and net non-performing asset ratio (NNPA) moderating by 40 bps to 0.78% in Q1FY25.

Lastly, the MD said the bank will likely raise Rs 2,000 crore in Q2FY25 or Q3FY25 via equity, which will dilute the government’s stake in the bank by 2%-3%. The Centre held 95% stake in UCO Bank as of June 2024.

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Canara Bank Q1 Net profit rises 11%

State-owned lender Canara Bank on July 25 reported a 10.5 percent on-year rise in net profit at Rs 3,905.28 crore in the first quarter of the current financial year.Sequentially, net profit was up 4 percent.

Gross non-performing asset (NPA) ratio of the bank stood at 4.14 percent in the June quarter against 4.23 percent in the previous quarter and 5.15 percent in the year-ago period.

Net NPA ratio of the lender declined to 1.24 percent from 1.27 percent in the March quarter and 1.57 percent in the Q1FY24.In absolute terms, gross NPA of the bank stood at Rs 40,356.38 crore as on June 30, as compared to Rs 40,604.57 crore as on March 31, and Rs 45,727.37 crore as on June 30, 2023.

Net NPA stood at Rs 11,701.77 crore in April-June quarter, as compared to Rs 11,822.83 crore in a quarter ago period and Rs 13,461.43 crore in a year ago period.

Provision Coverage Ratio (PCR) at 89.22 percent improved by 118 basis points (bps).

In April-June quarter, fresh slippages of the bank stood at Rs 3,015 crore, as compared to Rs 3,188 crore in a year ago period.

In the reporting quarter, total domestic deposit of the bank rose 11.47 percent on a yearly basis to Rs 12.31 lakh crore. In a year ago period, total domestic deposit stood at Rs 11.05 lakh crore.

In the domestic total deposit, CASA deposits grew by 4.66 percent on-year to Rs 3.81 lakh crore. Of the total, savings account stood at Rs 3.32 lakh crore, which was up 3.62 percent.

While, the term deposits grew 14.82 percent on-year to Rs 8.50 lakh crore. Of this, Retail Term Deposit stood at Rs 5.15 lakh crore.

On the other hand, global deposits of the state-owned lender stood at Rs 13.36 lakh crore, which was up 11.97 lakh crore on-year.

Domestic gross advances of the bank grew 9.17 percent on-year to Rs 9.21 lakh crore. RAM credit has grown 12.26 percent on-year to Rs 5.52 lakh crore.

In the RAM category, retail advances increased to Rs 1.76 lakh crore in April-June quarter, as compared to Rs 1.43 lakh crore in a year ago period, which registered a growth of 23.54 percent.

Agriculture and allied advances grew 8.14 percent on-year in the reporting quarter to Rs 2.53 lakh crore.

Advances to corporates and others grew 6.87 percent on a yearly basis to Rs 4.24 lakh crore, according to the investor presentation of the bank.

Global Gross Advance of the lender increased by 9.86 percent on-year to Rs 9.8 lakh crore in April-June quarter.

In the reporting quarter, Canara Bank has reduced their credit to non-banking finance companies by 18.15 percent 0n-year and 10.19 percent on a quarterly basis to Rs 1.19 lakh crore.

Also, the lender reduced credit to petroleum, poal products & nuclear fuels industry by 11.82 percent on-year and 3.62 percent on-quarter.

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