IDBI Bank Q1 Result, Net profit rises 78% to Rs 241.10 crore

IDBI Bank Ltd on Thursday said net profit in the June quarter rose 78.35% from a year ago, thanks to a large tax write-back during the quarter. Net profit was Rs.241.10 crore, up from Rs.135.18 crore a year earlier.

According to a Bloomberg poll of three analysts, the bank was expected to post a net loss of Rs.750.70 crore. During the quarter, the bank took a tax write-back of Rs.1,206.51 crore, as against tax expenses of Rs.124.27 crore a year ago.

Excluding this tax write-back, the bank would have reported a net loss.

Net interest income (NII), the core income a bank earns by giving loans, rose 14.2% to Rs.1,706.50 crore in the June quarter from Rs.1,494.33 crore last year. Other income increased 42.69% to Rs.916.22 crore from Rs.642.09 crore in the same period last year.

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Bank of Baroda Q1 Result,Profit falls 59.74% to Rs 423 crore

Second largest PSU bank Bank of Baroda on Thursday said its net profit for the June quarter fell 59.74% from a year ago due to higher provisions and lower net interest income.

Net profit for the quarter was Rs.423.62 crore as compared to Rs.1,052.15 crore a year ago. According to a poll of 26 Bloomberg analysts, the bank was expected to post net profit of Rs.398.40 crore.

Net interest income (NII), or the core income a bank earns by giving loans, fell 2.56% to Rs.3,371.09 crore in the June quarter from Rs.3,459.62 crore last year.

Other income increased 49.33% to Rs.1,444.39 crore from Rs.967.23 crore in the same period last year. Net interest margin expanded sequentially to 2.8% from 2.7%.

The bank’s total deposits at the end of the first quarter stood at Rs 5.62 trillion, as compared with Rs 5.93 trillion. The bank reduced the level of high-cost deposits on its book, resulting in a fall in total deposits and a drop in the cost of domestic deposits. The cost of domestic deposits dropped to 6.21% as on 30 June, from 6.61% as on 31 March.

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Dhanlaxmi Bank Q1 Result, posts Rs 5.73 cr profit

Dhanlaxmi Bank   today reported a profit of Rs 5.73 crore for the first quarter ending June 2016 against a loss of Rs 22.71 crore in the same quarter of previous fiscal. 

Income of the bank fell to Rs 300.78 crore during April-June, from Rs 334.17 crore in the year-ago period. The bank improved upon on its bad loan portfolio, as gross non performing assets (NPAs) came down to 7.02 percent of gross advances as on June 2016 against 8.45 percent year ago. 

In value terms, gross NPAs were Rs 475.49 crore, down from Rs 627.28 crore year ago. Net NPAs too were down at 3.04 percent (Rs 197.66 crore) as on June 2016 from 4.22 percent (Rs 299.52 crore) year ago. 

The bank said it had assigned certain non performing financial assets to asset reconstruction companies during the previous fiscal. "In terms of RBI circular on prudential norms on income recognition, asset classification and provisioning pertaining to advances, the shortfall arrived at by deducting sales consideration from the net book value of the financial assets is amortized over a period of two years. 

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Punjab & Sind Bank Q1 Result, Profit rises 24% to Rs 53 cr

State-owned Punjab & Sind Bank (PSB) today reported a 23.6 percent increase in net profit to Rs 53.3 crore for the first quarter ended June 30. 

The bank had a net profit of Rs 43.1 crore in the same quarter of the previous fiscal. 

However, the total income of the bank declined to Rs 2,279.11 crore during the quarter from Rs 2,356.30 crore in the same period a year ago, PSB said in a statement. 

Gross non-performing assets (NPAs), or bad loans, rose to 7.23 percent of gross advances compared to 5.17 percent a year ago. 

At the same time, net NPAs also increased to 5 percent of net advances, from 3.65 percent in the first quarter a year ago. 

Despite increase in bad loans, the total provision of the bank declined to Rs 190.74 crore as against Rs 216.30 crore a year earlier.

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Corporation Bank Q1 Result, Profit slips 82% to Rs 36 cr

Corporation Bank registered a net profit of Rs.35.92 crore in the first quarter of 2016-17 as against a profit of Rs. 204.26 crore in the corresponding period of previous fiscal, recording a decline of 82.41 per cent.

Addressing press persons in Mangaluru on Wednesday, Jai Kumar Garg, Managing Director and Chief Executive Officer of the bank, attributed this decline in net profit to the increase in NPAs (non performing assets) and provisions related to that.

The gross and net NPAs of the bank stood at 11.52 per cent (5.43 per cent) and at 7.22 per cent (3.55 per cent), respectively, during the period. He said that total provision was Rs. 761.28 crore, and the operating profit was Rs. 797.20 crore during the quarter.

Total income of the bank also declined to Rs 5,241.1 crore during the quarter, as against Rs 5,334.60 crore a year ago. Provisions for bad loans and contingencies were increased substantially to Rs 894.6 crore in the reported quarter from Rs 621.39 crore in the same period a year ago.

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United Bank Q1 Result, Profit down 27% at Rs 38 cr

State-run United Bank of India today reported a 26.6 per cent fall in net profit to Rs 38.32 crore for first quarter ended June 30, on higher bad loans. 

The Kolkata-headquartered bank had registered a net profit of Rs 52.22 crore in the corresponding April-June quarter of 2015-16. However, the first quarter results were better sequentially, as the bank had posted a loss of Rs 413.04 crore in January-March quarter of 2015-16. 

Total income during the reported quarter fell to Rs 2,819.37 crore as against Rs 2,896.75 crore, showed the bank's balance sheet posted with regulators. 

The asset quality of the bank worsened with gross non-performing assets (NPAs) rising to 14.29 per cent of the gross advances as of June 2016, up from 9.57 per cent in year ago period. Likewise, net NPAs or bad loans rose to 9.85 of the net advances as against 6.30 per cent year earlier. In absolute terms, gross NPAs were Rs 10,116.13 crore as against Rs 6,532.83 crore. 

While, net NPAs were to the tune of Rs 6,579.28 crore, up from Rs 4,091.20 crore year ago. However, despite a high rate of NPAs, bank's provisioning for bad loans were lower at Rs 378.30 crore for June quarter of the fiscal, from Rs 493.58 crore year earlier. 

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UCO Bank Q1 result, Loss Rs 440.57 crore

Public sector lender UCO Bank on Tuesday reported a net loss of Rs 440.57 crore in the quarter ended June 30, 2016 as compared to Rs 256.70 crore in the year-ago period.

"The loss was on account of higher provisioning and lower operating profit," said bank's MD and CEO R.K. Takkar.

He said bank's fresh slippages in the quarter under review stood at about Rs 3,116 crore, up from Rs 1,252 crore in the corresponding period last year.

In the quarter, gross non-performing assets (NPAs) of the bank were at Rs 22,597.70 crore as compared to Rs 10,894.41 crore in the corresponding quarter. The bank's net NPA ratio in the June quarter rose to 10.04% as against 4.53% in the year-ago period.

The bank has already put NPAs with a total outstanding amount of Rs 1,767 crore on sale to clean up its balance sheet and invited Expression of Interest (EOI) from asset reconstruction companies (ARCs), banks, financial institutions and eligible NBFCs for the proposed sale of its 22 NPA accounts.

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Indian Overseas Bank Q1 Result, Loss Rs 1,450.50 crore

Chennai-based Indian Overseas Bank (IOB) reported a Rs.1,450.50 crore loss for the quarter ended 30 June after a fifth of its advances turned bad. The bank reported a net profit of Rs.14.76 crore a year ago.

Gross non-performing assets (NPAs) as a ratio of gross advances were 20.48% at the end of June, higher than the 17.4% reported three months earlier. This is the highest gross NPA ratio reported by an Indian lender in 13 years. Dena Bank reported a gross NPA ratio of 21.82% in September 2002, which came down to 20.7% in December 2002. IDBI Bank reported a 29.9% gross NPA ratio in December 2003, according to Capitaline data.

IOB’s bad loans ratio has been deteriorating for a while now. On 5 October 2015, the banking regulator called for corrective action at the bank to check bad loans, improve internal controls and consolidate its business activities. The move came after the bank’s gross bad loans ratio widened to 11% of its gross advances at the end of the September 2015 quarter.

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