City Union Bank Q1 net profit rises 13.6 %

Private sector City Union Bank has recorded a 13.6% rise in its first quarter net profit ending 30 June 2017 at Rs140.32 crore.

The Tamil Nadu-based bank had registered net profit at Rs123.52 crore in the corresponding quarter of last year.

For the full year ending 31 March 2017, net profit of the bank stood at Rs502.76 crore. Total income of the bank for the 1 April-30 June 2017 quarter rose to Rs960.86 crore from Rs883.30 crore registered during year ago period.

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Indian Overseas Bank reduced Q1 loss

State-owned Indian Overseas Bank (IOB) on Thursday reported narrowing its losses to Rs499.09 crore in the first quarter ended June as provisions for bad assets were reduced. There was a loss to the tune of Rs1,450.50 crore during the corresponding April-June quarter of fiscal ended March 2017.

Total income of the bank also fell to Rs5,174.50 crore during the three months to June this fiscal, as against Rs5,868.44 crore on account of reduction in interest rates, the bank said in a regulatory filing.

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Union Bank of India Q1 profit falls nearly 30%

Public sector lender Union Bank of India’s net profit for the first quarter ended June 2017 (Q1FY18) dipped by 30.1 per cent to Rs 116 crore on a sharp rise in provisions for bad loans and taxes.The Mumbai-based lender had posted a net profit of Rs 166 crore in April-June 2016 (Q1FY17).

Its asset quality came under pressure due to slippages in the first quarter of FY18. Sequentially Gross Non-performing Assets (GNPAs) rose by Rs 3,574 crore to Rs 37,286 crore (12.63 per cent) over level for Rs 33,712 crore (11.17 per cent) at end of March 2017. The gross NPA stood at Rs 27,280 crore (10.16 per cent) at end of June 2016.

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Punjab & Sind Bank Q1 net profit rises

Punjab & Sind Bank today announced the financial results for the Quarter ended June,2017. The Bank has earned an operating profit of Rs 305.44 crore. 

Net Profit of Rs 25.37 crore for the quarter ended June,2017 as compared to Rs 8.33 crore in last quarter.

In comparison to last quarter, Net profit of the bank as on 30.06.2017 surged to Rs 25.37 crore registering a growth of 204.56%. 

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Bank of India swings from loss to profit in Q1

Bank of India on Wednesday reported a profit for the June quarter against loss a year ago after the lender provided less provisions against bad loans and other income jumped.

Net profit for the quarter stood at Rs87.71 crore as compared to a net loss of Rs374.97 crore a year ago. Ten analysts polled by Bloomberg had forecast a net loss of Rs83.90 crore.

Provisions and contingencies declined 19% to Rs2,245.28 crore from Rs2,770.19 crore in the same quarter last year. Quarter-on-quarter, it slumped 53% from Rs4,736.21 crore. Other income surged 30.08% from a year ago to Rs1,610.96 crore.

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Syndicate Bank reports Q1 net loss due to bad loans

Public sector Syndicate Bank on Saturday reported a net loss of Rs263.19 crore for the June quarter of the current fiscal due to sharp increase in provisions for bad loans. In comparison, it had reported a net profit of Rs79.13 crore in the June quarter of last fiscal, 2016-17.

The total income during the first quarter of the fiscal also fell to Rs6,171.49 crore, as against Rs6,419.12 crore in the year-ago period, the bank said in a regulatory filing. The bank’s provisioning to cover for bad loans jumped by 79% to Rs1,385.66 crore for the quarter under review, as against Rs774.41 crore a year ago.

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Andhra Bank Q1 profit rises 14% at Rs 40 cr

Andhra Bank has reported a 14% increase in net profit at Rs 40.42 crore for the quarter ended June 2017, largely helped by a fall in expenditure despite a growth in revenue. The net profit was Rs 31.09 crore in the same quarter previous financial year.

Total income for the bank grew 6.2 per cent at Rs 5,155.21 crore during the quarter under review helped by a steep rise in income from the treasury, as compared with Rs 4,855.50 crore in the year ago period.

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UCO Bank Q1 net loss widens

UCO Bank on Wednesday said its net losses widened to Rs663.02 crore for the first quarter ended 30 June, as asset quality deteriorated in the period. The bank had reported a net loss of Rs440.56 crore in the corresponding April-June quarter of 2016-17. The lender increased provisioning for bad loans by 28% to Rs1,204.25 crore during the June quarter.

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