Yes Bank Q1 Result, Profit up 33%, revenue in-line; asset quality stable

Private sector lender Yes Bank Wednesday reported 32.8 percent rise in net profit to Rs 731.8 crore during the first quarter ended June.

The bank's net profit during April-June quarter of the previous fiscal was Rs 551.20 crore.

Total income also increased to Rs 4,762.8 crore in the first quarter of 2016-17 as against Rs 3,797.02 crore in the same period of previous fiscal.

However, bank's asset quality slipped during the period under review, with gross Non-Performing Assets (NPAs) rising to 0.76 percent of the gross advances as against 0.46 percent a year ago.

Similarly, net NPAs or bad loans also inched up to 0.29 percent, from 0.13 percent of net advances.

Net interest margin (NIM), the key gauge of profitability, expanded to 3.4 percent in the first quarter of the current fiscal, from 3.3 percent in the year-ago period, Yes Bank said in a statement.

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IDFC Bank Q1 Result, Profit rises 60% to Rs 264.76 crore

IDFC Bank Ltd said its fiscal first quarter profit rose 60% to Rs.264.76 crore from Rs.165.06 crore in the preceding March quarter.

The earnings can’t be compared with the previous year as IDFC Bank started operations in October.

IDFC Bank and Bandhan Bank had received in-principle approvals from the Reserve Bank of India in 2014 to start universal banks.

IDFC Bank’s total income increased 12% to Rs.2188.28 crore from the preceding quarter ended 31 March. Net interest income stood at Rs.515.2 crore for the April-June quarter, a rise of 25% from the March quarter.

Total credit grew 7% to Rs.57,470 crore as on 30 June from the preceding quarter. Deposits rose 59% to Rs.13,029 crore from the March quarter.

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Karur Vysya Bank Q1 Result, Profit up 8% at Rs 146 cr

Private sector Karur Vysya Bank   today posted a 8.74 percent rise in net profit at Rs 146.35 crore for the quarter ended June 30, 2016. 

The Tamil Nadu-based bank's net profit had stood at Rs 134.58 crore during the corresponding quarter last fiscal, a bank statement said. 

The net profit for the financial year ending March 31, 2016 stood at Rs 567.63 crore. Total income for the April-June quarter went up to Rs 1,547.31 crore from Rs 1,518.50 crore registered in the year-ago period. 

For the financial year ending March 31, 2016, total income was at Rs 6,150.21 crore. As on June 30, 2016 Gross Non Performing Assets decreased to 1.79 per cent from 1.91 percent while Net NPA decreased to 0.79 per cent from 0.88 per cent. 

Net Interest Margin rose to 3.52 per cent for the April-June 30, 2016 quarter from 3.30 per cent registered during same period of previous year. 

The aggregate business level touched Rs 90,096 crore in the quarter ending June 30, 2016. Deposits recorded a 11.07 per cent growth to reach Rs 50,715 crore from Rs 45,659 crore registered during same period of previous year. 

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Canara Bank Q1 Result, Profit half

Canara Bank profit for the first quarter of 2016-17 more than halved from a year ago to Rs. 228.95 crore (Rs 478.84 crore posted in the same period last year).

State-run lender Canara Bank on Monday reported 52.1% decline in net profit at Rs.228.9 crore in the first quarter ended 30 June as it parked a higher share towards contingencies for bad loans.

The Bengaluru-headquartered bank’s net profit in same quarter of the previous fiscal year stood at Rs.478.84 crore, Canara Bank said in a regulatory filing to BSE.

The bank’s provisions and contingencies rose to Rs.1,492.92 crore in the April-June quarter from Rs.1,359.73 crore in the same period a year ago.Total income during the quarter under review declined to Rs.11,786.3 crore, from Rs.12,252.64 crore a year ago.

Bank’s asset quality deteriorated further as gross non-performing assets (NPAs) or bad loans stood at 9.71% of gross advances in the first quarter of FY17 against 3.98% in the same period of FY16. Net NPAs too slipped to 6.69% of net advances as against 2.74% a year ago.

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Axis Bank Q1 Result, Profit Down

Private lender Axis Bank reported 21 per cent fall in net profit figures at Rs 1555.53 crore for the quarter ended June 30, 2016 against Rs 1978.44 crore in the corresponding quarter a year ago.

 

Bad loans, or net non-performing assets (NPA) of the bank ballooned 59 per cent to Rs 4010.23 crore against Rs 2522.14 crore in the sequential quarter ended Marc

h 31, 2016. Net NPA figures stood at Rs 1461.29 crore in the corresponding quarter a year ago.

Net interest income of the bank jumped by 11.35 per cent to Rs 4,516.92 crore for the quarter under review against Rs 4,056.23 crore in the corresponding quarter last year.

Operating profit of the bank jumped 9.22 per cent year-on-year to Rs 4,469.37 crore against Rs 4,092.07 crore in the same quarter last year.

During April-June period, Axis Bank added 102 branches to its network across the country. As on June 30, the bank had a network of 3,006 domestic branches and extension counters situated in 1,882 centres compared to 2,904 domestic branches and extension counters situated in 1,855 centres last quarter.

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Federal Bank Q1 Result, Net Jumps 18.3%

Private lender Federal Bank today reported a rise of 18.3 percent in net profit at Rs 167.3 crore during the June quarter of the current fiscal. 

The bank had reported a net profit of Rs 141.4 crore in April-June of 2015-16. The total earnings of the bank increased to Rs 2,250.8 crore for the quarter under review, as against Rs 2,107.09 crore a year before, the bank said in a regulatory filing. 

The bank kept its grip on asset quality as it saw only a marginal uptick in its bad loan profile, with gross non-performing assets (NPAs) rising to 2.92 percent of gross advances as of June 2016 against 2.59 percent a year ago. 

Net NPAs were at 1.68 percent of net loans at the end of June, up from 0.98 percent in the previous year. Provisions went up to Rs 168.48 crore as of June 2016 as against Rs 153.10 crore at the end of June 2015.

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Vijaya Bank Q1 result, Profit rises 13.37%

Public sector Vijaya Bank on Friday reported a 13.37% increase in net profit to Rs.161.66 crore for the first quarter ended 30 June on account of improved net interest margins. 

The city-headquartered bank had reported a net profit of Rs.142.59 crore in the corresponding period last year.

Total income rose marginally to Rs.3,295.05 crore during the first quarter, as against Rs.3,289.05 crore in the year-ago period.

Commenting on the performance, the bank’s MD and CEO Kishore Sansi said, “In spite of all the challenges that the banking industry is passing through, we are very happy to announce that there is a steady growth not only in the business, but also in terms of all fundamental parameters both in the net interest margin as also in the net interest income.”

“The reason for increased net profit is the net interest margins have increased, there is more reliance on retail, we have shed our bulk deposits, we have increased our fee based income, we have increased our CD ratio—so all these factors put together have resulted in the increase in the operating profit also,” Sansi told reporters.

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Kotak Mahindra Bank Q1 Result, Profit double

Kotak Mahindra Bank Ltd’s June-quarter profit more than doubled from a year ago as it earned more interest income and collected higher fees and commissions.

On a stand-alone basis, the bank reported a net profit of Rs.741.97 crore compared to Rs.189.78 crore a year ago. Net interest income rose 20.1% from a year ago to Rs.1,919.10 crore.

The numbers for the current quarter are not comparable with last year’s because the bank had taken pension provisions and one-time stamp duty charges worth nearly Rs.400 crore, after it began the procedure of merging ING Vysya Bank with itself in April 2015.

“All through the last financial year, we were trying to make sure that both banks are merged properly and all processes are integrated. That integration is now over and we should start seeing the benefits of it going ahead now. We are expecting our return on assets to improve and our cost-to-income ratio to come down steadily,” said Dipak Gupta, executive director, Kotak Mahindra Bank.

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