IDBI Bank Q1 results: Net profit rises

 

The private sector IDBI Bank on Wednesday reported a 318 percent YoY rise in net profit at Rs 603.3 crore during the quarter ended June 30, 2021. In the corresponding quarter last year, the bank had posted a net profit of Rs 144.4 crore.

In the first quarter of the current fiscal, its profit before tax (PBT) improved by 134 percent for Q1 2022. It has improved by 18 percent against Rs 512 crore reported a quarter ago.Its operating profit registered a growth of 109 percent YoY as it grew to Rs 2,776 crore.

The bank's net interest income (NII) grew 41.4 percent YoY to Rs 2,506 crore in Q1 FY22. And its net interest margin (NIM) improved by 125 bps to 4.06 percent for the quarter under review, as compared to 2.81 percent YoY.The bank's gross NPA ratio improved to 22.71 percent during the quarter under review, as against 26.81 percent in Q1 FY21. Gross NPA stood at 22.37 percent in Q4 FY21.

The bank's net NPA also improved to 1.67 percent during the quarter under review. While its net NPA was 3.55 percent in Q1 FY21, it was 1.97 percent in Q4 FY21.Its provision coverage ratio, including technical write-offs, improved to 97.42 percent in Q1 FY22 from 94.71 percent in Q1 FY21 and 96.90 percent in Q4 FY21.

The bank's CASA (current account savings account) increased 12 percent to Rs 1,16,609 crore during the quarter under review. As of June 30, 2020, it had reported CASA of Rs 1,04,315 and on March 31, 2021, it was Rs 1,16,491.The share of CASA in total deposits improved to 52.44 percent as of June 30, 2021, against 47.55 percent a year ago and 50.45 percent a quarter ago.

The bank's composition of advances portfolio, corporate versus retail was realigned to 38:62 in the quarter under review, as against 43:57 a year ago.The shareholders' funds of the bank decreased 3 percent QoQ and stood at Rs 1,56,698. crore. Under Basel III, the capital adequacy ratio (CAR) and CET I ratios were 16.23 and 13.64 percent, respectively.

As of June 30, 2021, the bank had COVID-19 provisions worth Rs 863 crore, more than the minimum amount required by the Reserve Bank of India (RBI).

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Bandhan Bank Q1 results: Net profit slips 32%

 

Private sector lender Bandhan Bank reported a 32.1 per cent decline on annual basis in its net profit for the quarter ended June 30, 2021 at Rs.373.1 crore. The bank had posted a net profit of Rs.549.8 crore in the year-ago period, it said in a regulatory filing on Friday.

The decline in net profit came on the back of rise in provisions on bad loans, which grew by 62 per cent during the quarter under review. Provisions and contingencies (other than taxes) grew to Rs.1,374.9 crore during June quarter this fiscal, compared to Rs.849.1 crore in the corresponding quarter last fiscal.

"Bank have made accelerated provision on NPA accounts of Rs.751 crore, resulting in PCR of 62 per cent as against 50 per cent in Q4 FY21. In addition to this, Bank is also carrying additional standard assets provision amounting to Rs.323 crore and provision on restructured assets amounting to Rs.529 crore," Bandhan Bank said in its filing.

The bank reported a net interest income (NII), the difference between interest earned and interest expended, at Rs.2,114.1 crore for Q1 FY22, up 16.7 per cent from ₹1,811.5 crore in Q1 FY21. Net interest margin increased to 8.5 per cent, against 8.2 per cent as on June 30, 2020. Operating Profit for the quarter increased by 18.1 per cent to Rs.1,871.1 crore against Rs.1,584.2 crore in the corresponding quarter of the previous year.

Total advances, including on book, off book, TLTRO and PTC, grew by 8.1 per cent to ₹80,356.9 crore as on June 30, 2021 against Rs.74,330.5 crore as on June 30, 2020. Total deposits in June quarter increased by 27.6 per cent to Rs.77,335.5 crore, as compared to Rs.60,610 crore in year-ago period.

CASA ratio increased to 42.9 per cent in Q1 FY22 from 37.1 per cent in Q1 FY21. Capital Adequacy Ratio (CRAR) was at 24.8 per cent, lower compared to 26.5 per cent in Q1 FY21. Tier I capital ratio was at 23.8 per cent, while CRAR (including profit) was 25.3 per cent for the period under review.

Gross non-performing assets, as on June 30, 2021, stood at Rs.6,440.4 crore, or 8.2 per cent of gross advances. The bank had reported gross NPAs to the tune of Rs.1,006.6 crore or 1.43 of gross advances as on June 30, 2020.

Net NPAs also grew to Rs.2,457.9 crore during June quarter from Rs.335.8 crore crore in year-ago period. Net NPA ratio increased to 3.3 per cent from 0.5 per cent.

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Union Bank of India Profit jumps 255% in Q1

 

Public sector lender Union Bank of India has reported a 255 percent year-on-year growth in Q1FY22 standalone profit, beating estimates, driven by pre-provision operating profit and other income.

The standalone profit increased to Rs 1,181 crore in the quarter ended June 2021, from Rs 332.7 crore in corresponding period last fiscal.Net interest income grew by 9.5 percent year-on-year to Rs 7,013.4 crore in Q1FY22, the bank said in its BSE filing.

Profit was estimated at Rs 701.7 crore and net interest income at Rs 5,891.3 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.Non-interest income in Q1FY22 shot up 98.4 percent to Rs 2,901 crore and pre-provision operating profit rose 31.4 percent to Rs 5,302.81 crore compared to year-ago period.

Provisions and contingencies remained at elevated levels though declined marginally, falling 0.9 percent year-on-year and 9.7 percent quarter-on-quarter to Rs 3,523.81 crore in the quarter ended June 2021.

On the asset quality front, gross non-performing assets as a percentage of gross advances fell 14 bps sequentially to 13.60 percent and net NPA as a percentage of net advances increased 7 bps QoQ to 4.69 percent during the quarter.

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UCO Bank Q1 results: Net profit jumps over 4-fold

State-owned UCO Bank on Tuesday posted over four-fold jump in its net profit to Rs 101.81 crore for the first quarter ended June 30, as bad loans fell significantly.The bank had reported a net profit of Rs 21.46 crore in the same quarter of the previous fiscal.

Sequentially, the net profit rose 27 per cent from Rs 80.03 crore in the March 2021 quarter.The total income during Q1 FY22 increased to Rs 4,539.08 crore, against Rs 4,436.57 crore in Q1 FY21, UCO Bank said in a regulatory filing.However, it was down from Rs 4,936.75 crore in the preceding March quarter.

Interest income during the quarter fell 2.5 per cent to Rs 3,569.57 crore, while income from other sources rose 25.3 per cent to Rs 969.51 crore.The Kolkata-headquartered lender trimmed its gross non-performing assets (NPAs or bad loans) significantly to 9.37 per cent of the gross advances as of June 30, 2021, as against 14.38 per cent at June-end 2020.

In value terms, the gross NPAs fell to Rs 11,321.76 crore from Rs 16,576.43 crore.Net NPAs were down at 3.85 per cent (Rs 4,387.25 crore) from 4.95 per cent (Rs 5,138.18 crore).The bank's provisions for bad loans and contingencies were, however, up at Rs 1,127.11 crore in the reported quarter from Rs 931.67 crore in the year-ago period.

Of this, the provisions for NPAs stood at Rs 844.76 crore, up from Rs 564.78 crore.Further, UCO Bank said it has kept the account of Delhi Airport Metro Express Pvt Ltd (DAMEPL) as standard, as per the Supreme Court order and RBI guidelines.

The bank said it has not treated an amount of Rs 194.14 crore towards DAMEPL as NPA. As required, the provision held against this outstanding is Rs 100.95 crore, it noted.Also, for accounts covered under the provisions of the Insolvency and Bankruptcy Code (IBC), the bank is holding a 100 per cent provision (including technical write-off) against a total outstanding of Rs 4,730.28 crore as of June 30, 2021, it added.

Besides, outstanding worth Rs 278.17 crore stands as restructured advances as of June 30, 2021, relating to a total of 1,724 MSME (micro, small and medium enterprises) sector accounts.Among others, the bank said it has exposure with two borrower's accounts belonging to the same group, and as per the NCLT Kolkata order, it has not declared these accounts as NPAs."Bank has filed an appeal against the order of NCLT, Kolkata Bench," it added.

On the COVID-19 induced moratorium related refund of interest on interest (or compound interest), UCO Bank said it has created a provision of Rs 35.35 crore as of March 31, 2021, towards interest relief.The same is yet to be refunded or adjusted, it added.The total COVID-19 related provisions held by the lender is Rs 500 crore.

UCO Bank also reported nine borrowal accounts as fraud during the quarter, involving a total amount of Rs 429.21 crore."During the current quarter, the bank has appropriated its entire accumulated losses of Rs 12,657.03 crore as of March 31, 2021, by utilising the balance standing to the credit of share premium account of the bank," it said.

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Central Bank of India Q1 results: reports 53% jump in net profit

 

State-run Central Bank of India posted a 53 per cent jump year-on-year in its net profit to Rs 206 crore in the April-June quarter of this fiscal. The bank had reported a net profit of Rs 135 crore in April-June 2020. It had reported a loss of Rs 1,349 crore in the preceding quarter ended in March 2021.

Total income declined to Rs 6,245.54 crore in the first quarter of 2021-22 from Rs 6,726.68 crore in Q1FY21, the bank said in a regulatory filing.Net interest income remained almost flat at Rs 2,135 crore in the quarter against Rs 2,146 crore in the year-ago quarter.

Gross non-performing assets (NPAs or bad loans) fell to 15.92 per cent of the gross advances by end of June this year from 18.10 per cent by year ago same period, it said.Net NPAs improved to 5.09 per cent from 6.76 per cent.Provision coverage ratio improved to 84.28 per cent as of June 30, 2021 from 79.12 per cent.

The bank said the slippage ratio during the quarter increased to 0.95 per cent from 0.02 per cent in year ago quarter as moratorium was granted by the RBI due to Covid-19 pandemic in June 2020 quarter.

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Dhanlaxmi Bank Q1 results: Net profit rises 11.5%

Private sector lender Dhanlaxmi Bank on Wednesday reported nearly 11.5 per cent rise in its net profit to Rs 6.79 crore for the first quarter ended June 30, mainly on account of lower provisioning. The bank had posted a net profit of Rs 6.09 crore in the year-ago period.

The total income fell more than 14 per cent to Rs 239.02 crore during Q1 FY22, against Rs 278.62 crore in Q1 FY21, Dhanlaxmi Bank said in a regulatory filing.The bank's interest income decreased to Rs 218.10 crore during the quarter, from Rs 236.65 crore. The income from other sources fell to Rs 20.92 crore from Rs 41.97 crore.

Even as revenues from retail banking grew by 7.9 per cent to Rs 107.36 crore, treasury income declined over 29 per cent to Rs 69.02 crore.The bank's asset quality worsened with the gross non-performing assets (NPAs or bad loans) rising to 9.27 per cent of the gross advances as of June 30, 2021, as against 6.89 per cent by June 2020.

In value terms, gross NPAs spiked to Rs 641.53 crore from Rs 464.45 crore.Net NPAs also rose to 4.58 per cent (Rs 300.86 crore) compared to 2.18 per cent (Rs 140.04 crore).However, provisions and contingencies fell to Rs 2.10 crore for the quarter, down significantly from Rs 37.02 crore in the year-ago quarter.

In accordance with the RBI's resolution plan for COVID-related stress, the lender said a total of 66 accounts have been given benefit under this window, with a total exposure of Rs 62.28 crore. The provisions against these accounts stood at Rs 6.21 crore.

The provision coverage ratio (including technical write off) as of June 30, 2021, is 75.66 per cent, Dhanlaxmi Bank said.The capital adequacy ratio improved to 14.57 per cent at the end of June 2021 from 13.94 per cent a year ago.

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IndusInd Bank Q1 results: Net profit almost double

IndusInd Bank on Tuesday reported a consolidated net profit of Rs.1,061 crore, showing a rise of 99.2% year-on-year for the quarter ended 30 June, 2021. The lender had posted a net profit of Rs.510 crore in the year-ago period.

The bank's net interest income (NII) also rose 8% year-on-year to Rs.3,563.7 crore from Rs.3,309 crore in Q1FY21, IndusInd Bank said in a regulatory filing.The lender's total income in 7% on-year to Rs.9,356 crore.

Moreover, IndusInd Bank's asset quality deteriorated as gross non-performing a(GNPA) ratio climbed to 2.88% in Q1FY22 from 2.67% in the previous quarter (Q4FY21). Additionally, the net NPA ratio rose to 0.84% from 0.69%.

The bank's consolidated financial statement comprises statements of IndusInd Bank, Bharat Financial Inclusion Ltd (fully owned subsidiary), and IndusInd Marketing and Financial Services Pvt Ltd (associate company).

On a standalone basis, the lender's net profit jumped over two times to Rs.974.95 crore in the June 2021 quarter, compared with Rs.460.64 crore in the year-ago period.Income rose to Rs.9,355.77 crore, from Rs.8,680.92 crore a year ago, the bank said.

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Canara Bank Q1 results: Net profit rises nearly three-fold

Public sector lender Canara Bank’s net profit nearly tripled to Rs 1,177 crore at the end of the June quarter on a sharp rise in fee income and treasury gains. The lender reported a net profit of Rs 406 crore in the year-ago period.Non-interest income, including fees and treasury gains, rose 67.5% year-on-year to Rs 4,438 crore.Net interest income was flat at Rs 6,147 from Rs 6,096 last year.

Asset quality improved with the gross NPA ratio at 8.5% during the quarter from 8.84% a year ago. The net NPA ratio stood at 3.46% from 3.95%. Total provisions rose nearly 18% year-on-year to Rs 4,574 crore at the end of the June quarter. This included a one-time income tax provision of Rs 845 crore. The bank also holds Covid-related provisions of Rs 842 crore.

The bank reported Rs 4,253 crore of fresh slippages, which fell sharply on a sequential basis. Around 19% of slippages came from the retail segment and 56% from MSMEs. Loans worth Rs 13,234 crore were restructured under the Covid 2.0 scheme, of which Rs 7,610 crore were from the retail sector and Rs 3,331 crore from MSMEs.

“For the retail and MSMEs borrowers who we have assisted with the Covid recast scheme a part of them have started to pre-pay and we are hopeful that as the business momentum recovers a large part of these accounts will normalise,” said LV Prabhakar, managing director, Canara Bank. “As of June 30, our collection efficiency is 91%.”

Net interest margin for the quarter fell to 2.71% from 2.84% a year ago. Total loans grew by 5.94% to Rs 6.6 lakh crore, of which retail loans grew at 9.57% while agriculture loans rose 17.03%. The bank said it is targeting an annual credit growth rate of 7-8%.

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