Public Sector Banks :(Data will update as result will declare)
Quarterly Results of Public sector banks for Q1FY19
Allahabad Bank posts big loss on higher provisioning for bad loans
Allahabad Bank on Tuesday posted June-quarter loss of Rs 1,944 crore against a profit of Rs 28.8 crore a year ago. The interest earned by the bank during the first quarter stood at Rs 4,600 crore, compared with Rs 4,148 crore in the same period of the previous financial year.
Provisions and contingencies rose to Rs 2,763 crore during the April-June quarter, from Rs 1,335 crore in the year-ago period. Provisions for non-performing assets (NPAs) during the quarter came in at Rs 2,950 crore versus Rs 1,687 crore a year ago
Gross NPAs stood at 15.97% of the total advances against 15.96% in the previous quarter, while Net NPAs were at 7.32% against 8.04%.
On Friday, State Bank of India (SBI) posted a loss for the third consecutive quarter after setting aside funds to cover losses on its bond portfolio and increased gratuity. The country’s top lender by assets turned to a loss of Rs 4,875.85 crore in the June quarter, from a net profit of Rs 2,005.53 crore a year earlier.
The bank’s gross NPAs rose to 10.69% of total advances in the June quarter, from 9.97% a year earlier, and 10.91% in the March quarter. Another public sector lender, Punjab National Bank (PNB), which reported a $2-billion fraud in February, also declared a June-quarter loss of Rs 940 crore, against a profit of Rs 343 crore a year ago. Recovery of non-performing assets, cost-cutting measures including shuttering international and domestic branches and better loan margins helped the bank improve on its March quarter performance, where it had reported a record loss of Rs 13,417 crore.
The central government on Monday gave the Central Bureau of Investigation (CBI) and the Reserve Bank of India (RBI) the go ahead to prosecute and initiate criminal charges against former Punjab National Bank (PNB) managing director and chief executive officer (CEO) Usha Ananthasubramanian.
Ananthasubramanian, who was the CEO of Allahabad Bank, was on Monday removed from service with immediate effect, according to people familiar with the development. Allahabad Bank board had earlier stripped Ananthasubramanian of all executive powers after the CBI had named her in the scam.
IDBI Bank reports loss for 7th quarter in a row
IDBI Bank Ltd on Tuesday reported a loss for the seventh consecutive quarter as the lender continued to set aside higher provisions for its bad loans. The bank would have reported higher loss if there was no tax write back. Net loss for the quarter stood at Rs 2,409.89 crore against Rs 853.01 crore in the same quarter last year. It reported a tax write back of Rs 1,745.09 crore against Rs 3,39.61 crore a year ago.
Provisions and contingencies surged 157.33% to Rs 5,239.07 crore in the quarter from Rs 2,035.96 crore a year ago. On a quarter-on-quarter basis, they declined 50.31% from Rs 10,544.34 crore.
Gross non-performing assets (NPAs) rose 15.21% to Rs 57,806.84 crore at the end of the June quarter from Rs 50,173.20 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 30.78% as compared to 27.95% in the previous quarter and 24.11% in the year-ago quarter. Net NPAs were at 18.76% in the June quarter compared to 16.69% in the previous quarter and 15.8% in the same quarter last year.
Net interest income (NII), or the core income a bank earns by giving loans, was up 16.89% to Rs 1,638.62 crore versus Rs 1,401.90 crore last year. Other income was at Rs 642.95 crore, down 6.3% from Rs 686.26 crore a year ago.
Recently, IDBI Bank has received government approval for an acquisition of 51% stake by Life Insurance Corp. of India. LIC’s IDBI Bank acquisition would be through preferential issue/open offer of equity, subject to regulatory approval and compliance with laws. Post the transaction, IDBI Bank would become a subsidiary of the insurer. LIC, at present, holds 7.98% stake in the bank.
Corporation bank Q1 profit rises to 41%
Total Operating Income decline 5.21% to Rs 4190.59 crore.
Net profit of Corporation Bank rose 41.25% to Rs 84.96 crore in the quarter ended June 2018 as against Rs 60.15 crore during the previous quarter ended June 2017.
Total Operating Income declined 5.21% to Rs 4190.59 crore in the quarter ended June 2018 as against Rs 4420.90 crore during the previous quarter ended June 2017.
UCO Bank narrows loss in Q1FY9
State-owned UCO Bank on Friday reported a net loss of Rs.633.88 crore for the first quarter ended June 2018. This first quarter loss, however, has narrowed both on annual and sequential basis.
During April-June period of 2017-18, its net loss stood at Rs.663.02 crore. While in the March quarter of FY2017-18, loss was Rs.2,134.36 crore. However, total income in April-June 2018 increased to Rs.4,360.88 crore from Rs.4,237.04 crore in the same period a year ago, the bank said in a regulatory filing.
Bank’s asset quality worsened with the gross non-performing assets (NPAs) hitting 25.71% of gross advances as on 30 June 2018 as against 19.87% by end-June 2017.
In absolute value, the gross bad loans or NPAs stood at ₹29,786.41 crore by the end of the first quarter of this fiscal, up from Rs.25,054.21 crore. Net NPAs were 12.74 per cent (Rs.12,558 crore) as against 10.63% (Rs.12,010.95 crore). Thus the provisions for bad loans were raised substantially to Rs.2,038.33 crore for the June quarter of FY’19 from Rs.1,204.25 crore a year ago.
UCO Bank said provision coverage ratio for non-performing loans is 65.15 per cent. The bank said it was required to make additional provisions with respect to accounts under provisions of Insolvency and Bankruptcy Code.
“Accordingly, the bank has made additional provision of ₹627.79 crore in respect of all NCLT admitted borrower accounts,” UCO Bank said.
Union Bank of India Q1 profit rises 11% despite higher provisions
Public sector lender Union Bank of India has reported a 11.2
percent growth year-on-year in first quarter profit to Rs 129.5 crore, driven
by tax credit and net interest income. Profit in same
period last fiscal was Rs 116.5 crore.
Net interest
income during the quarter grew by 17.1 percent to Rs 2,626.2 crore compared to
Rs 2,242.6 crore in year-ago with loan growth at 5 percent.
Asset quality
weakened for the quarter with gross non-performing assets as a percentage of
gross advances rising to 16 percent versus 15.7 percent and net NPA increasing
to 8.7 percent versus 8.4 percent sequentially.
In absolute terms, gross NPA increased 3.2 percent quarter-on-quarter to Rs 50,972.6 crore and net NPA 4.9 percent to Rs 25,508.4 crore for quarter ended June 2018. Provisions and contingencies fell sharply by 60.7 percent sequentially to Rs 2,229 crore, but increased 30.8 percent YoY in Q1.
Other income
(non-interest income) dropped 14.6 percent YoY to Rs 1,207.95 crore while
operating profit increased 1.56 percent to Rs 2,088.78 crore in June quarter. Tax credit for
the quarter stood at Rs 269.83 crore against tax expenses of Rs 236.30 crore in
same period last fiscal.
SBI posts third consecutive loss on surging NPAs
State Bank of India (SBI) on Friday reported a loss for a third consecutive quarter as non-performing assets (NPAs) continued to mount and provisions soared. The bank would have reported higher loss if there was no tax write back. Net loss for the June quarter (Q1) stood at ₹ 4,875.85 crore against a profit of ₹ 2,005.53 crore a year ago. According to 17 Bloomberg analysts, the bank was expected to post a profit of ₹ 237.80 crore.
SBI received a tax write back of ₹ 2,379.28 crore in Q1 FY19 against tax paid of ₹ 939.05 crore in Q1 FY18.
Provisions and contingencies surged 115.33% to ₹ 19,228.26 crore in Q1 from ₹ 8,929.48 crore a year ago. On a quarter-on-quarter basis, they declined 31.56% from ₹ 28,096.07 crore.
Gross NPAs rose 13.17% to ₹ 2.13 trillion at the end of the June quarter from ₹ 1.88 trillion a year ago. As a percentage of total loans, SBI’s gross NPAs stood at 10.69% as compared to 10.91% in the previous quarter and 9.97% in the year-ago quarter. Net NPAs were at 5.29% in the June quarter compared to 5.73% in the March quarter and 5.97% in the June quarter last year.
Net interest income (NII), or the core income a bank earns by giving loans, was up 23.8% to ₹ 21, 798.36 crore versus ₹ 17,606.07 crore last year. Other income was at ₹ 6,679.49 crore, down 16.57% from ₹ 8,005.66 crore a year ago.
United Bank of India reports fifth quarterly loss, restricts NPA
State-run lender United Bank of India has reported net loss for the fifth consecutive quarter even as it managed to restrict fresh generation of sticky loans by two-third.
The bank said its loss for the quarter to June was Rs 389 crore compared with Rs 212 crore loss in the year ago period, on account of high sticky loans and spike in mark-to-market treasury losses.
The ratio of gross non-performing assets slipped to 22.73% from 17.17% a year back, raising the provisioning requirement 13% to Rs 856 crore.
It has also provided Rs 252 crore towards mark-to-market treasury losses in the June quarter. Its operating profit fell 33% at Rs 282 crore over Rs 243 crore in the year ago quarter due to fall in treasury income which offset the doubling of net interest income.
Nonetheless, UBI has shown improvement in asset quality sequentially. Gross NPA ratio improved 137 bps from 24.1% at the end of March. This helped the lender, which has been under Reserve Bank of India’s prompt corrective action mechanism, cut losses in the June quarter compared to March quarter’s loss of Rs 413 crore.
The bank said it will continue its thrust on containing of fresh slippages and NPA reduction through resolution of large NPA accounts. It managed to restrict fresh slippage to Rs 547 crore in June quarter against Rs 1669 crore generation in the year ago period.
It has created a stressed asset management vertical under the finance ministry’s direction
Punjab & Sind Bank reports net loss in Q1
State-owned Punjab & Sind Bank on
Wednesday reported a net loss of Rs 398 crore in first quarter ended June as
provisioning for bad loans increased significantly.It had reported
a net profit of Rs 25.37 crore in the same period a year ago. In the preceding
quarter ended March 2018, it had a net loss of Rs 524.62 crore, a dip in losses
when compared sequentially.
For the entire
2017-18, the bank had posted a net loss of Rs 743.80 crore due to high
proportion of bad loans.The bank in a
regulatory filing said that the total income in April-June period of 2018-19
stood at Rs 2,336 crore, higher than Rs 2,062.57 crore in the same period of
2017-18.
For the June quarter, bank's provisioning for bad loans (or non-performing
assets) shot up to Rs 795.38 crore as against Rs 259.20 crore set aside for the
same period of the fiscal ended March 2018.
However, the
bank brought down the proportion of soar assets with the gross NPAs falling to
10.55 percent of gross advances as on June 30, 2018 from 11.33 percent in year
ago corresponding quarter.In value terms,
gross NPAs stood at Rs 7,363.41 crore by end June this year as against Rs
6,693.36 crore. Net NPAs were
5.92 per cent (Rs 3,928.81 crore) as against 7.94 per cent (Rs 4,511.40 crore).
Indian Bank Q1 profit down 44%
Chennai based Indian Bank reported a net profit of Rs 209.31
crore for the quarter ended June 30. This was a fall of almost 44% over the
corresponding quarter last year.
The bank
is among the better performing PSU banks in the current scenario when most of
them are grappling with high NPAs. It was one of the only two out of 21 PSU
banks to book a profit in the preceding quarter.
The net interest income, which is the total interest earned less interest
expended on deposits, saw a rise of almost 24% to Rs 1807 crore.
The gross non-performing assets, or total bad loans on the bank’s books, stood
at Rs 11,827 crore, up from Rs 9653 crore at the end of the same quarter last
year. However, the share of gross NPA to total lending remained stable at 7.2%
due to a more than 20% increase in total lending. This is the second lowest
gross NPA share amongst PSU banks after Vijaya Bank.
Total deposits grew by 9.77%. up from Rs 1.9 lakh crore to Rs 2.1 lakh crore.
The bank set aside Rs 1029.6 crore as provisions of which Rs 456.6 crore were
for NPAs. Another Rs 362.75 crore were provided for mark to market (MTM)
losses, leaving MTM losses to the tune of Rs 636.1 crore to be provided for in
the subsequent two quarters. This is in accordance with RBI’s special
dispensation to allow banks to spread provisions for MTM losses over four
quarters starting the quarter ended 31 March.
City Union Bank Q1 profit rises 15% on lower provisions
Private sector lender City Union Bank has reported a 15.2
percent year-on-year in net profit to Rs 161.6 crore, driven by lower
provisions and stable asset quality.
Profit in the
year-ago period was Rs 140.3 crore.
Net interest
income, the difference between interest earned and interest expended, grew by
9.5 percent to Rs 374.8 crore compared to Rs 342.4 crore in same quarter last
fiscal.
Asset quality
was stable for the quarter ended June 2018. Gross non-performing assets as a
percentage of gross advances were lower at 3.02 percent for the quarter against
3.03 percent in previous quarter while net NPA was unchanged at 1.70 percent
sequentially.
Provisions for
bad loans dropped 33.4 percent year-on-year to Rs 77.7 crore in Q1FY19 and also
declined 9.85 percent on sequential basis.
Other income or
non-interest income during the quarter fell 4.6 percent to Rs 129.11 crore but
operating profit increased 0.8 percent to Rs 299.4 crore compared to year-ago.
Punjab National Bank(PNB) posts smaller-than-expected net loss for Q1; asset quality improves QoQ
Fraud-hit Punjab National Bank (PNB) reported a loss of ₹ 940 crore in the June quarter of 2018-19 (Q1 FY19) against a profit of ₹ 343 crore in the year-ago period. The bank managed to improve on its performance compared to the immediate preceding quarter as it recovered a substantial portion of its non-performing assets (NPAs).
PNB’s gross NPAs were at 18.26% in Q1 as against 13.66% in the year-ago period and 18.38% in the preceding quarter. Net NPAs were at 10.58% in the June quarter as against 8.67% in the year-ago period and 11.24% in the preceding quarter. Provisioning for NPAs was at ₹ 4,981 crore as against ₹ 2,559 crore in the year-ago period and ₹ 16,202 crore in the last quarter.
The bank had reported a record loss of ₹ 13,417 crore in the fourth quarter of 2017-18 on account of provisioning for NPAs due to tighter loan classification norms by the Reserve Bank of India, PNB fraud-related payouts to other banks as well as losses in the bond portfolio.
PNB, the fourth-biggest bank by assets among all of India’s lenders, in February said it had been defrauded by jewellers Nirav Modi and Mehul Choksi, who raised more than $2 billion credit overseas using fake letters of undertaking (LoUs) provided by the bank’s staff at its Brady House branch in Mumbai.
Dhanlaxmi Bank reports net loss in Q1 as bad loans rise
Private sector Dhanlaxmi Bank today reported a net loss of Rs 45 crore in the first quarter ended June 2018. The bank had registered a net profit of Rs 7.97 crore in the corresponding April-June quarter a year ago. The losses widened against preceding March quarter's Rs 17.16 crore.
Total income during the said quarter was down at Rs 256.36 crore from Rs 287.25 crore a year ago, the bank said in a regulatory filing. The core income from interest was also down at Rs 239.92 crore in three months to June from Rs 259.30 crore year in April-June of 2017-18.
Bank's gross bad loans as a proportion of gross loans by end-June 2018 spiked to 8.94 percent (Rs 531.05 crore), compared to 5.62 percent (Rs 354.13 crore) as on June 30, 2017.
Net NPAs were at 3.79 percent (Rs 212.84 crore), up from 3.15 percent (Rs 193.12 crore). Provisions an contingencies increased to Rs 65.01 crore in the quarter, as against Rs 18.66 crore in same period year earlier. Provision coverage ratio was at 79.45 percent as on June 30, 2018.
Syndicate Bank Q1 net loss widens nearly 5 times, NPAs soar
State-owned Syndicate Bank today said its net losses have widened to Rs 1,281.77 crore during first quarter ended June of the current fiscal as bad loans rose.
Its loss in the corresponding April-June period of 2017-18 was at Rs 263.19 crore. Its income also fell to Rs 5,637.51 crore during the June quarter of 2018-19, as against Rs 6,171.49 crore a year ago.
The bank said in a regulatory filing that its interest income fell to Rs 5,257.19 crore, from Rs 5,484.13 crore. Besides, there was significant fall in interest earned on balances with RBI and other inter bank funds.
The asset quality was dented further to 12.59 per cent of the gross non-performing assets (NPAs) or bad loans as on June 30, 2018 from 9.96 per cent a year ago.
It was 11.53 per cent in the preceding quarter ended March. Net NPAs too worsened to 6.64 per cent, from 6.27 per cent as on June 30, 2017 and 6.28 per cent by end March this year. In value terms, the gross NPAs stood at Rs 26,361.52 crore at June 30 this year, as against Rs 20,183.85 crore a year ago.
Net NPAs were at Rs 13,010.80 crore vis-a-vis Rs 12,188.30 crore."Based on legal opinion given by an independent expert, pending issuance of final NCLAT order, an amount of Rs 100.86 crore recovered in an NPA account is considered as eligible credit for the calculation of NPA provision," Syndicate Bank said in the filing.
Due to rise in portion of bad loans, the bank parked aside a higher provisioning amount for NPAs at Rs 1,774.11 crore in June quarter, as against Rs 1,385.66 crore a year ago. Overall provisioning and contingencies were at Rs 2,326.82 crore, up from Rs 1,333.88 crore.
Dena Bank Q1 loss widens as provisions double
Despite lower bad loans, government-owned Dena Bank's first quarter FY19 net loss widened five-fold year-on-year (YoY) to Rs 721.71 crore from Rs 132.65 crore.
The loss grew on the back of higher provisions towards bad loans. The bank had a massive net loss of Rs 1,225.42 crore in the January to March quarter of FY18.
Provisions and contingencies more than doubled to Rs 1,118.75 crore in Q1 this year from Rs 522.48 crore in June quarter last year. Provisions towards non-performing assets (NPAs) rose to Rs 1,244 crore YoY from Rs 435 crore. Sequentially, provisions reduced from Rs 1,991 crore in the March quarter.
NPAs
During the quarter, gross NPAs reduced in absolute terms but deteriorated as a percentage of total loans due to a limited expansion in credit growth.
Gross NPA ratio as a percentage of total loans worsened to 22.69 percent from 22.04 percent in March end 2018 and 17.37 percent in June quarter last year.
However, in absolute terms, gross NPAs declined to Rs 15,866 crore from Rs 16361 crore in the March quarter and increased from Rs 12,994 crore as on June quarter last year.
Net NPA ratio improved to 11.04 percent from 11.95 percent as on March end and 11.22 percent as on June end 2017.
NII and Other income
NII or net interest income (the difference between interest earned and expended) grew to Rs 742.74 crore, up 10 percent from Rs 675.05 crore a year ago.
Non-interest income or other income dropped 32 percent to Rs 161.39 crore in June end 2018 from Rs 237.29 crore in June end 2017.
Capital
Signalling weakness in financial strength, the state-owned bank's capital adequacy ratio (CAR) declined to 10.60 percent as on June end 2018 from 11.09 percent as on March 2018 and 11.65 percent as on June end 2017.
