IDBI Bank Q1 loss widens, asset quality improves
IDBI Bank on Wednesday said its loss for the June quarter widened to Rs 3,801 crore from Rs 2.410 crore a year ago, along with a decline in interest income.
The lender said its net interest income was at Rs 1,458 crore for the first quarter of fiscal year 2020 as against Rs 1,639 crore last year. The banks’ net interest margin was at 2.13 per cent compared with 2.17 per cent.
IDBI Banks’ gross NPA ratio improved to 29.12 per cent as on June 30 against 30.78 per cent as on June 30, 2018.
Net NPA ratio improved to 8.02 per cent from against 18.76 per cent as on June 30, 2018 and 10.11 per cent as on March 31, 2019.
Net NPAs reduced to Rs 10,963 crore from Rs. 29,981 crore last year.
Provision Coverage Ratio (PCR-including technical write-offs) improved to 87.79 per cent from 64.45 per cent.
Recovery from technically write off accounts improved to Rs 79 crore in against Rs 69 crore. First Time NPAs reduced by 55 per cent from Rs 7,799 crore in Q1-2019 to Rs 3,486 crore.
Uco Bank Q1 result, net loss narrows
State-owned UCO Bank on Thursday reported narrowing of its net loss to Rs 601.45 crore for the first quarter ended June 30, as bad loan provisioning declines.
The bank had posted a net loss of Rs 633.88 crore in the corresponding April-June period of the previous financial year.
Its total income in the June 2019 quarter rose to Rs 4,446.61 crore as against Rs 4,360.88 crore in the year-ago quarter, the bank said in a regulatory filing.
The bank’s asset quality witnessed slight improvement, with the gross non-performing assets (NPAs) standing at 24.85% of the gross advances as at the end of June 2019, as against 25.71% a year ago.
Net NPAs stood at 8.98%, down from 12.74%. In terms of absolute value, the gross NPA was Rs 29,431.60 crore, compared with Rs 29,786.41 crore in the year-ago period. Net NPAs were Rs 8,781.97 crore by the end of the first quarter this fiscal, as against Rs 12,558 crore a year ago.
Thus, there was a decline in provisions for bad loans for the quarter at Rs 1,374.97 crore, against Rs 2,038.33 crore in the corresponding period a year ago. The overall provisions and contingencies stood at Rs 1,802.89 crore, compared with Rs 1,781.28 crore a year ago.
City Union Bank Q1 net profit rises 15%
Private sector lender City Union Bank (CUB) has reported a 15 per cent increase in its net profit at ₹186 crore for the quarter ended June 30, 2019 as against ₹162 crore in a year-ago period.
Its operating profit grew 17 per cent at ₹351 crore as against ₹299 crore on the back of higher net interest income, which grew 11 per cent at ₹417 crore (₹375 crore ).
The other operating income rose 26 per cent at ₹163 crore (₹129 crore).
However, asset quality saw some set back with its gross NPA increasing to 3.34 per cent as of June this fiscal from 3.02 per cent in the previous year’s quarter. The net NPA increased to 1.89 per cent from 1.70 per cent during the same period.
Advances grew 14 per cent to ₹32,229 crore (₹28,215 crore as of June 2018), while total deposits went up by 16 per cent to ₹39,077 crore (₹33,597 crore).
CASA (current account savings account) increased by 14 per cent to ₹9161 crore from ₹8,038 crore and the CASA ratio stood at 23 per cent of total deposits.
The provision coverage ratio stood at 65 per cent as on June 30, 2019. The bank’s return on assets stood at 1.63 per cent during the first quarter of this fiscal.
Lakshmi Vilas Bank Q1 net loss widens
Central Bank of India back into profit in Q1
Central Bank of India returned to profit in the first quarter ended June 2019 aided by lower provisioning. The bank posted a net profit ₹118.33 crore for the three months ended 30 June, against a net loss of₹1,522.24 crore in the year-ago period.
Provisions during the quarter decreased 62.62% to ₹1,034.78 crore, from ₹2,768.22 crore in the year-ago quarter. During the January-March quarter, the bank had set aside ₹4,733.82 crore in provisions.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 6.67% to₹1,790.19 crore during the first quarter, against ₹1678.18 crore in the corresponding period last year.
Other income, including core fee income, rose more than three times to ₹7,79.11 crore in the first three months of the current financial year, from ₹212.95 crore a year ago.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 19.93% in the June quarter, compared with 19.29% in the March quarter, and 22.17% a year ago.
Post-provision, the net NPA ratio was at 7.98%, against 7.73% during the January-March quarter and 10.58% in the year-ago quarter.
Indian bank Q1 result, net profit up 74%
Indian Bank on Monday posted a 74.55 per cent jump in its net profits for the April-June quarter. According to a top official, it recorded a net profit of Rs 365.37 crore.
Indian bank recorded net profits at Rs 209.31 crore during the corresponding quarter the previous year.
For the year ending March 31, 2019 the net profits were at Rs 321.95 crore.
Declaring the financial performance, Indian Bank managing director and Chief Executive Officer (CEO) Padmaja Chunduru said it is one quarter posting strong results.
“The bank has posted a healthy growth in all segments,” she told reporters.
On the total income for the April-June quarter, she said it grew to Rs 5,832.11 crore from Rs 5,131.96 crore registered the same period last year.
For the year ending March 31, 2019 total income of the bank was at Rs 21,067.70 crore.
On the 74.55 per cent jump in the net profits, Chunduru said they have been the highest strong point of this quarter.
“There is a 75 per cent increase (in net profits). This is because of arrest in fresh slippages, increase in recovery.
I think, we are back on track. We have been working on arresting fresh slippages,” she said.
According to her, the slippages were Rs 1,035 crore for the quarter under review period.
She said the bank has set a target of bringing down the slippages to around Rs 800-Rs 900 crore in the coming quarters.
“There is growth in RAM (retail, agriculture and micro, small and medium enterprises segments) with 25 per cent in retail, 25 per cent in agriculture and 10 per cent in micro, small and medium enterprises (MSMEs).
The overall capital adequacy ratio is at 13.62 per cent. This is what gives us more comfort and confidence. We are building assets in a very prudent way”, she said.
Noting that the bank witnessed over 300 per cent rise in transactions made through mobile banking, she said the bank planned to ramp up transactions made through the digital platform.
Jammu & Kashmir Bank reports 58% fall in Q1 net profit
Jammu & Kashmir Bank on Saturday reported a 58 per cent fall in its net profit to Rs 21.87 crore in the first quarter of 2019-20 due to a rise in provisions for bad loans.
The bank had posted a net profit of Rs 52.59 crore in the April-June quarter of the previous fiscal.
Total income during the first quarter of 2019-20 rose to Rs 2,256.25 crore from Rs 1,897.24 crore in the same period of 2018-19, the bank said in a release.
On asset front, gross non performing assets fell to 8.48 per cent of gross advances as on June 2019, as against 9.83 per cent by June end 2018.
Net NPAs also came down to Rs 4.36 per cent from 4.46 per cent a year ago.
However, the provisioning for bad loans and contingencies moved up to Rs 293.21 crore in the June quarter from Rs 255.01 crore in the same quarter of previous fiscal.
Corporation bank Q1 result, net profit up
Corporation Bank registered a net profit of ₹103.27 crore in the first quarter of 2019-20 as against a profit of ₹84.96 crore in the corresponding period of the previous fiscal, recording a growth of 21.55 per cent.
The gross NPA (non-performing asset) of the bank stood at 15.44 per cent (17.44 per cent), and net NPA at 5.69 per cent (11.46 per cent) during the period.
The amount of gross NPA came down to ₹20,913.07 crore (₹21,753.21 crore), and net NPA slipped to ₹6,907.51 crore (₹13,333.27 crore) during the first quarter of 2019-20.
The provisions (other than tax) and contingencies stood at ₹729.53 crore (₹1,611.93 crore). Of this, the provisions for NPAs stood at ₹715.98 crore (₹1,508.42 crore) during the quarter.
The bank registered a net interest income of ₹1,298.67 crore (₹1,564.21 crore) and the other income of ₹432.32 crore (₹787.33 crore) during the period.
Andhra bank Q1 result, returned in to profit
State-owned Andhra Bank returned to profit in the first quarter ended June 30, by recording a standalone net profit of Rs 51.56 crore as provisions for bad loans came down.
The bank had registered a net loss of Rs 539.83 crore in the corresponding quarter of the previous financial year 2018-19. Sequentially, it had posted a net loss of Rs 1,233.61 crore in the quarter ended March 2019.
The lender''s total income, however, increased to Rs 5,437.03 crore in three months to June 2019 as compared with Rs 5,092.08 crore in the year-ago period, Andhra Bank said in a regulatory filing on Friday.
There was a slight improvement in bad asset ratio, as the gross non-performing assets (NPAs) stood at 16.44 per cent of the gross advances as on June 30, compared with 16.69 per cent a year ago and 16.21 per cent by the end of March 2019.
Net NPAs were 5.67 per cent as compared with 7.96 per cent at the end of June 2018. It was at 5.73 per cent by the end of March 2019.
The bank''s provisions for bad loans reduced to Rs 922.96 crore for the quarter from Rs 1,387.87 crore a year ago. Overall provisions and contingencies were down at Rs 1,041.04 crore during the quarter, against Rs 1,707.50 crore a year ago.
Provision coverage ratio as on June 30 was 74.45 per cent, Andhra Bank said.
On a consolidated basis, the bank posted a net profit of Rs 39.49 crore, compared with a net loss of Rs 536.80 crore a year earlier. Total income for the year was up at Rs 5,723.60 crore, against Rs 5,315.56 crore a year ago.
The lender posted losses in the all the four quarters of the previous fiscal year 2018-19, registering a collective loss of Rs 2,786.13 crore during the year.
Union Bank of India Q1 result, profit rises 73%
Union Bank of India today posted a jump of 73.3 per cent in standalone net profit at Rs 224.43 crore for the quarter ended June 30, 2019.
The lender’s profit in the year-ago period stood at Rs 129.54 crore. In the previous March quarter 2019, there was a net loss of Rs 3,369.23 crore.
Total income fell to Rs 9,887.14 crore during the June quarter 2019, as against Rs 9,908.76 crore in the year-ago period, the public sector lender said in a regulatory filing.
The bank’s consolidated net profit was Rs 230.12 crore during the quarter, compared with Rs 140.50 crore a year ago. Income rose to Rs 10,053.68 crore from Rs 10,042.29 crore.
It witnessed an improvement in asset quality as gross non-performing assets (NPAs) fell to 15.18 per cent of gross advances as on June 30, 2019 from 16 per cent by end of June 2018.
Net NPAs were down at 7.23 per cent from 8.70 per cent a year earlier. In value terms, gross NPAs or bad loans were Rs 48,841.88 crore by end-June this year, as against Rs 50,972.64 crore a year ago. Net NPAs stood at Rs 21,230.89 crore, down from Rs 25,508.46 crore earlier.
Thus, provision for bad loans fell to Rs 1,431.10 crore during April-June 2019, from Rs 1,803.17 crore in the year- ago same quarter.
Overall provisions and contingencies in the three months to June 2019 were down at Rs 1,519.34 crore, as against Rs 2,289.07 crore a year earlier.
State bank of India(SBI) Q1 result, posts profit as high income
Country's largest lender State Bank of India has reported a standalone profit of Rs 2,312.20 crore for the quarter ended June 2019, aided by lower provisioning with stable asset quality.
Higher other income and operating income also boosted profitability, though tepid NII growth limited profits.
The bank had reported a loss of Rs 4,875.85 crore in the corresponding period last fiscal. On a quarter-on-quarter basis, it reported a whopping 176 percent jump in profit against Rs 838.40 crore in March quarter.
Net interest income grew by 5.2 percent year-on-year to Rs 22,938.8 crore in June quarter 2019.
Asset quality was stable with gross non-performing assets as a percentage of gross advances flat at 7.53 percent in Q1 compared to previous quarter, though net NPA as a percentage of net advances inched up by 6bps sequentially to 3.07 percent in June quarter.
Provisions for bad loans fell significantly by 32.80 percent quarter-on-quarter to Rs 11,648.5 crore in Q1. The same declined 10.65 percent YoY. Provision coverage ratio also improved to 79.34 percent at the end of June 2019, from 78.7 percent in March 2019.
Provisions and contingencies were lower by 44 percent sequentially and 52.2 percent year-on-year to Rs 9,183 crore, the bank said.
The lender further said it has been holding provision of Rs 3,553 crore for accounts covered under Insolvency & Bankruptcy Code and made provision of Rs 996 crore for arrears of wages.
Non-interest income (other income) during the quarter grew by 20 percent to Rs 8,015.4 crore compared to year-ago and operating profit increased 10.6 percent to Rs 13,246.2 crore YoY.
Allahabad Bank Q1 result, posts a net profit
Allahabad Bank reported a net profit of Rs 128 crore in Q1 June 2019 as compared to a net loss of Rs 1944.37 crore in Q1 June 2018.
Bank's gross non-performing assets (NPAs) stood at Rs 28,703.47 crore as on 30 June 2019 as against Rs 28,704.78 crore as on 31 March 2019 and Rs 25,067.55 crore as on 30 June 2018.
The ratio of gross NPAs to gross advances stood at 17.43% as on 30 June 2019 as against 17.55% as on 31 March 2019 and 15.97% as on 30 June 2018.
The ratio of net NPAs to net advances stood at 5.71% as on 30 June 2019 as against 5.22% as on 31 March 2019 and 7.32% as on 30 June 2018.
The provisions and contingencies declined 63.48% to Rs 1008.80 crore in Q1 June 2019 from Rs 2762.82 crore in Q1 June 2018. Provision coverage ratio of the bank was at 78.58% as on Q1 June 2019.
Bank's capital adequacy ratio (Basel III) rose to 12.55% in Q1 June 2019 from 6.88% in Q1 June 2018.
The Government of India holds 92.1% stake in Allahabad Bank as of 30 June 2019.
Allahabad Bank is a leading public sector commercial banks in India, offering banking products and services to corporate and commercial customers and retail customers.
Axis Bank Q1 net profit jumps 95% YoY
Axis Bank
on Tuesday said its net profit climbed 95 per cent YoY to Rs 1,370
crore for the June quarter against Rs 701 crore in the same quarter last
year.
The numbers failed to meet poll ET Now poll projection of Rs 1,850 crore by a wide margin.
The bank said it downgraded Rs 2,242 crore into the BB pool during
the quarter, mostly from groups that have shown new signs of stress in
recent months. Post the action, the bank’s BB and below rated book
remained largely stable QoQ and stood at Rs 7,504 crore. This is 1.3 per
cent of the bank’s gross customer assets, significantly down from 7.3
per cent at peak, the private bank said.
Net Interest Income (NII) for the quarter rose 13 per cent YOY to Rs
5,844 crore from Rs 5,167 crore in the corresponding quarter last year.
Net interest margin for Q1FY20 stood at 3.40 per cent, the private bank
said in a BSE filing. Non-interest income, which comprises of fee,
trading profit and miscellaneous income, jumped 32 per cent YOY to Rs 3,869 crore against Rs 2,925 crore in the corresponding quarter last year. Fee income rose 26 per cent YOY to Rs 2,663 crore.
The key driver of fee income growth was retail fee, which grew 28
per cent YOY and constituted 62 per cent of the bank’s total fee income.
Card Fees rose 28 per cent YOY. Transaction banking fees rose 7 per
cent YoY and constituted 16 per cent of the total fee income of the
bank.
Asset quality remained stable with the bank’s gross NPA and net NPA
coming at 5.25 per cent and 2.04 per cent respectively, against 5.26 per
cent and 2.06 per cent, respectively as on March 31.
United Bank of India Q1 result, posts profit as NPAs decline
United Bank of India on Tuesday reported a net profit of Rs 105 crore for the June quarter on the back of a rise in core income and fall in non-performing assets. The Kolkata-headquartered lender had registered a net loss of Rs 388.68 crore during the April-June quarter of the previous fiscal year.
Total income in the first quarter rose to Rs 3,003.13 crore from Rs 2,549.71 crore in the year-ago quarter, United Bank of India said in a regulatory filing.During the quarter, the bank's interest income increased to Rs 2,374.39 crore from Rs 2,155.02 crore while income from other sources jumped to Rs 628.74 crore from Rs 394.69 crore in the year-ago quarter.
Net interest margin (NIM) increased by 47 basis points to 2.83 per cent in the first quarter from 2.36 per cent year ago, the bank said. Net interest income for the quarter rose to Rs 727.47 crore from Rs 545.30 crore year earlier.
The bank brought down its bad assets substantially as the gross non-performing assets (NPAs) fell to 15.89 per cent of gross advances as on June 30, 2019, from 22.73 per cent of gross advances as at end of June 2018. The net NPAs were nearly halved to 8.19 per cent from 15.17 per cent.
In value terms, gross NPAs or bad loans stood at Rs 11,639.74 crore as on June 30, 2019, as against Rs 15,169.21 crore a year ago. Net NPAs were at Rs 5,496.09 crore, down from Rs 9,232.61 crore.
Thus, the overall provisioning and contingencies for June quarter of 2019-20 came down to Rs 571.65 crore from Rs 856.30 crore in the same period of 2018-19.
"Provision for non-performing loans in June quarter declined by 40.60 per cent on the year. Stressed assets position showed continuous improvement," United Bank of India said.
The return on assets as of June 30, 2019, was 0.28 per cent against (-) 1.08 per cent at the end of June 2018.
Total business stood at Rs 2.06 lakh crore with deposits at Rs 1.32 lakh crore and advances at Rs 73,249 crore. Deposits grew by about 3 per cent, advances increased by 9.75 per cent and total business improved by 5.29 per cent on a year-on-year basis, the bank said in a release.
Provision Coverage Ratio (PCR) improved to 74.38 per cent as on June 30, 2019, against 56.91 per cent as on June 30, 2018. The bank said it is focussing on RAM (retail-agriculture-MSME), for which the credit portfolio is expected to reach 60 per cent, in order to achieve sustained growth and profitability.
