Vijaya Bank Q2 result, Profit jumps 34% at Rs154.55 crore

State-owned Vijaya Bank reported 34.1$ increase in net profit to Rs154.55 crore in the second quarter of the current fiscal despite higher provisioning for bad loans.

The bank’s net profit in the July-September quarter of 2015-16 was Rs115.29 crore. Its total income rose to Rs3,516.57 crore during the second quarter of 2016-17 as against Rs3,202.89 crore from the same period a year ago, Vijaya Bank said in a regulatory filing.

Provisions for bad loans and contingencies were increased by the bank to Rs389.82 crore for the quarter under review, 42.5% higher than Rs273.47 crore in the same period a year ago.

Asset quality of the bank slipped as gross non-performing assets (NPAs) or the bad loans rose to 7.07% of the gross advances as of September 2016, as against 3.98% a year earlier. Likewise, net NPAs too increased to 5.10% of the net advances, from 2.84%. 

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Canara Bank Q2 result, Profit tanks 32% to Rs 357 cr

Public sector lender Canara Bank's second quarter earnings met analysts' expectations on Wednesday. Performance on yearly basis continued to be weak but the bank improved it on sequential basis. 

Profit fell 32.5 percent year-on-year to Rs 356.91 crore on higher provisions but increased 56 percent quarter-on-quarter. Net interest income during the quarter declined 7.7 percent to Rs 2,442.35 crore compared with year-ago period but was up 5.8 percent compared with previous quarter. 

Worst is almost over and the bank should control NPA at 9 percent by March 2017, Rakesh Sharma, MD and CEO said in an interview with CNBC-TV18. Non-interest income jumped 47.2 percent to Rs 1,781.77 crore and operating profit grew by 10.1 percent to Rs 2,140.77 crore on yearly basis. 

According to analysts polled by CNBC-TV18, profit was expected at Rs 320 crore and net interest income at Rs 2,452.7 crore for the quarter. Asset quality was steady during the quarter with net non-performing assets remained unchanged at 6.69 percent on sequential basis, though gross NPA increased marginally to 9.82 percent from 9.71 percent QoQ. 

In absolute terms, gross NPAs stood at Rs 33,315 crore in July-September quarter, higher by 3 percent over previous quarter and net NPA grew by 1.8 percent to Rs 21,887 crore QoQ. 

Provisions for bad loans jumped 30.8 percent year-on-year and 6.2 percent quarter-on-quarter to Rs 1,586 crore in the quarter ended September 2016.

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Syndicate Bank Q2 result, Profit drops 75%

Syndicate Bank on Wednesday reported 75.2% decline in its net profit for the September quarter due to higher provisioning towards bad loans. Fall in net profit was also due to drop in net interest income and rise in employee cost.

Net profit for the quarter was Rs.82.42 crore as compared to Rs.332.37 crore a year ago. According to estimates of two Bloomberg analysts, the bank was expected to post a net profit of Rs.157.40 crore.

Net interest income (NII), or the core income a bank earns by giving loans, fell 3.2% to Rs.1,544.48 crore in the September quarter from Rs.1,594.75 crore last year.

Other income increased 28.84% to Rs.791.87 crore fromRs.614.61 crore in the same period last year. Employee cost rose 46.7% from a year ago to Rs.878.28 crore.

Gross non-performing assets (NPAs) at Syndicate Bank rose 4.03% to Rs.16,056.73 crore at the end of the September quarter from Rs.15,434.26 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 107.60% fromRs.7,734.41 crore. As a percentage of total loans, gross NPAs were at 7.72% at the end of the September quarter as compared to 7.53% in the previous quarter and 3.72% in the year-ago quarter.

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HDFC Bank Q2 result, Profit rises 20% to Rs 3455cr

India's second largest private sector lender HDFC Bank   's second quarter profit met analysts' expectations, rising 20.4 percent year-on-year to Rs 3,455.3 crore. 

Net interest income, other income, operating profit and lower provisions boosted profitability while asset quality remained stable, though net interest margin declined sequentially. Net interest income, the difference between interest earned and interest expended, grew by 19.6 percent YoY to Rs 7,993 crore in July-September quarter, which missed estimates due to lower-than-expected loan growth. 

Loan growth for the quarter stood at 18.1 percent against analysts' estimates of 22-23 percent. Net interest margin remained steady at 4.2 percent on yearly basis but sequentially declined 20 basis points from 4.4 percent. 

According to analysts polled by CNBC-TV18, profit was estimated at Rs 3,443 crore and net interest income at Rs 8,214.8 crore for the quarter. Provisions for bad loans dropped 13.5 percent year-on-year to Rs 749 crore in Q2 but sequentially increased 10 percent. 

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Federal Bank Q2 result, Profit up 24.78% to Rs201.24 crore

Federal Bank on Tuesday reported 24.78% increase in its net profit for the September quarter on higher net interest income and other income.

Net profit for the quarter stood at Rs.201.24 crore as compared to Rs.161.28 crore a year ago. According to estimates of 16 Bloomberg analysts, the bank was expected to post a net profit of Rs.183.20 crore.

Net interest income (NII), or the core income a bank earns by giving loans, rose 19% to Rs.726.19 crore in the September quarter from Rs.610.68 crore last year.

Other income increased 45.41% to Rs.261.64 crore from Rs.179.93 crore in the same period last year.

Gross non-performing assets (NPAs) at Federal Bank rose 4.14% to Rs.1,819.72 crore at the end of the September quarter from Rs.1,747.31 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 21.42% from Rs.1,498.73 crore. As a percentage of total loans, gross NPAs were at 2.78% at the end of the September quarter as compared to 2.92% in the previous quarter and 2.9% in the year-ago quarter.

Provisions and contingencies fell 0.05% to Rs.168.40 crore in the quarter from Rs.168.48 crore a quarter ago. On a year-on-year basis, provisions jumped 93% from Rs.87.28 crore. Net NPAs were at 1.61% in the September quarter compared to 1.68% in the previous quarter and 1.33% in the same quarter last year.

Total deposits rose 17% from a year earlier to Rs.8,630 crore, while total advances rose 27.17% to Rs.5,087 crore.

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IDBI Bank Q2 result, Profit tanks 53% to Rs 119 cr

Public sector lender IDBI Bank   disappointed analysts with its second quarter earnings on Tuesday. Profit during July-September quarter plunged 53.5 percent year-on-year to Rs 55.5 crore on higher provisions and low net interest income despite strong other income growth. 

Net interest income during the quarter declined 0.4 percent to Rs 1,606 crore crore compared with year-ago period. 

Asset quality deteriorated in the quarter ended September 2016 as gross non-performing assets (NPA) jumped to 13.05 percent from 11.92 percent and net NPA rose to 8.32 percent from 7.47 percent on sequential basis. In absolute terms, gross NPA climbed 10.5 percent quarter-on-quarter to Rs 30,134 crore and net NPA spiked 12 percent to Rs 18,195 crore in Q2. 

Provisions for non-performing assets increased sharply by 38 percent year-on-year and 20 percent quarter-on-quarter to Rs 920.5 crore in the quarter ended September 2016, with provision coverage ratio of 54.91 percent at the end of Q2FY17. 

Other income (non-interest income) in Q2 jumped 65.3 percent to Rs 1,394.40 crore and operating profit was up 1.4 percent at Rs 1,539.6 crore compared with year-ago period.

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Axis Bank Q2 result, Profit plunges 83% to Rs319 crore

Private sector Axis Bank on Tuesday reported 83% plunge in net profit for the July-September quarter at Rs319 crore mainly due to higher provisioning for bad loans. The bank had posted a net profit of Rs1,915.64 crore for the July-September period of  FY 2015-16.

Axis Bank in a regulatory filing said that net profit in the first half of the current fiscal declined by 52% to Rs1,875 crore.

“The Bank has posted a net profit of Rs3,190.80 million for the quarter ended 30 September 2016 as compared to Rs19,156.40 million for the quarter ended on 30 September 2015,” the filing said.

Total Income increased to Rs13,698.7 crore in the period under review from Rs12,001 crore for the quarter ended 30 September 2015.

The Bank said its Gross NPAs and Net NPAs rose to 4.17% and 2.02% respectively in the second quarter of 2016-17 fiscal.

“As on 30 September 2016 loans outstanding on the Bank’s Watch List reduced 32% over the previous quarter and stood at Rs13,789 crore. “The reduction in the Watch List primarily represents slippages to NPAs amounting to Rs7,288 crore, which comprises 89% of the total corporate credit slippages,” Axis Bank said.

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Kotak Mahindra Bank Q2 result, Profit rises 27.66% to Rs1,194.96 crore

Private sector lender Kotak Mahindra Bank   has reported a whopping 42.8 percent growth in second quarter standalone profit at Rs 813.3 crore compared with year-ago period. 

The growth was driven by strong net interest income, other income and operating profit. Net interest income grew by 18.9 percent year-on-year to Rs 1,995.3 crore in July-September quarter, which was in-line with estimates. 

Net interest margin expanded to 4.47 percent from 4.3 percent YoY. "Advances were up 13 percent YoY to Rs 1.26 lakh crore while saving accounts deposits grew by 35 percent to Rs 30,678 crore and current accounts increased by 28 percent to Rs 19,273 crore," the bank said in its filing. 

Standalone operations include only core banking business while consolidated earnings comprise of banking as well as brokerage, mutual fund etc. Profit beat analysts’ estimates, which was expected at Rs 777.5 crore and net interest income estimated at Rs 1,970 crore for the quarter, according to analysts polled by CNBC-TV18. 

Asset quality was stable during the quarter with standalone gross non-performing assets (NPA) at 2.49 percent against 2.50 percent and net NPA at 1.2 percent against 1.21 percent on sequential basis but in absolute terms, it weakened a bit. In absolute terms, gross NPA increased 4 percent quarter-on-quarter to Rs 3,180.6 crore and net NPA rose 3.4 percent to Rs 1,516.7 crore in Q2. 

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SBBJ Q2 result, Posts loss of Rs210.10 crore as NPAs jumps

State Bank of Bikaner and Jaipur (SBBJ) on Friday posted a net loss for the September quarter due to higher provisioning towards bad loans. The bank may have posted an even bigger loss if there was no ta

x write-back. This was the second consecutive quarter when the bank posted a loss.

Net loss for the quarter stood at Rs210.10 crore as compared to net profit of Rs180.63 crore a year ago. The bank posted a net loss of Rs221.56 crore in the June quarter

Tax write-back for the quarter stood at Rs116.51 crore as against tax expenses of Rs93.12 crore.

Net interest income (NII), or the core income a bank earns by giving loans, fell 5.07% to Rs776.60 crore in the September quarter from Rs818.05 crore last year.

Other income increased 37.09% to Rs287.69 crore from Rs209.86 crore in the same period last year.

Gross non-performing assets (NPAs) at SBBJ rose 67% to Rs7669.21 crore at the end of the September quarter from Rs4592.87 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 161.25% from Rs2,935.62 crore. As a percentage of total loans, gross NPAs stood at 10.5% at the end of the September quarter as compared to 4.2% in the previous quarter and 6.2% in the year-ago quarter.

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RBL Bank Q2 result, Profit rises 34% to Rs90 crore

RBL Bank Ltd Wednesday said fiscal second-quarter profit rose 34% from a year ago on account of higher interest income.

Net profit increased to Rs.89.89 crore in the three months ended 30 September from Rs.66.93 crore a year ago.

Net interest income (NII), or the core income a bank earns by giving loans, rose 62.81% to Rs302.94 crore from Rs189.93 crore a year ago. Cost-to-income ratio for the September quarter stood at 54.36% compared with 60.93% a year ago.

Advances increased by 44% to Rs24,875 crore for the second quarter, against Rs17,279 crore a year ago. “We are targeting 30%-35% growth in advances over the next four years,” said Rajeev Ahuja, head strategy of RBL Bank.

Gross non-performing assets (NPAs) edged up to Rs274.65 crore from Rs161.61 crore a year ago. As a percentage of total loans, gross NPAs were 1.1% at the end of the September quarter, compared to 1.13% in the previous quarter and 0.93% in the year-ago quarter. Net NPAs stood at 0.55% for the first quarter compared to 0.66% in the last quarter and 0.48% a year ago.

Provision coverage ratio stood at 60.34% for the second quarter. Capital adequacy ratio was 14.55%.

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Lakshmi Vilas Bank Q2 result, Profit rises 45%, asset quality weakens

Private sector lender Lakshmi Vilas Bank   's profit in July-September quarter grew by 44.6 percent to Rs 64.85 crore, driven by other income and operating profit despite higher provisions. 

Net interest income, the difference between interest earned and interest expended, increased 16.4 percent to Rs 186.6 crore in same period. Other income (non-interest income) during the quarter jumped 107 percent to Rs 131.9 crore and operating profit surged 70 percent to Rs 158.4 crore on yearly basis. 

Asset quality weakened further in the quarter ended September 2016 as gross non-performing assets (NPA) as a percentage of gross advances climbed to 2.7 percent from 2.14 percent and net NPA rose 1.87 percent to 1.3 percent on sequential basis. 

In absolute terms, gross NPA increased 26.4 percent to Rs 546.1 crore and net NPA jumped 44.5 percent to Rs 376 crore compared to preceding period. Provisions for bad loans shot up 78 percent quarter-on-quarter and 86.4 percent year-on-year to Rs 62.57 crore during July-September quarter.

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Yes Bank Q2 result, Profit up 31%; NII jumps 30%

Private sector lender Yes Bank's second quarter earnings surpassed analysts' expectations on Thursday, with the profit rising 31.3 percent year-on-year to Rs 801.5 crore despite higher provisions. 

Sequential growth was 9.5 percent. Net interest income, the difference between interest earned and interest expended, during the quarter grew by 30.5 percent to Rs 1,446.2 crore year-on-year on the back of robust growth in advances and CASA. 

Net interest margin inched up 10 basis points to 3.4 percent on yearly basis but on sequential basis, it was unchanged. Yes Bank said advances in Q2 registered a 37.7 percent growth year-on-year and 4 percent quarter-on-quarter while deposits grew by 28.9 percent and 4.4 percent in same periods. 

Corporate banking accounted for 67.9 percent of the advances portfolio, while retail & business banking constituted 32.1 percent during the quarter. Profit was estimated at Rs 770.1 crore and net interest income at Rs 1,379 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18. 

CASA (current-saving account) growth during the quarter was 53.2 percent YoY and 6.9 percent QoQ with CASA ratio crossing 30 percent mark for the first time to 30.3 percent (up 25.5 percent in Q2FY16), the bank said in its filing. Other income (non-interest income) shot up 43.6 percent to Rs 887.85 crore and operating profit rose by 36 percent to Rs 1,386 crore on yearly basis. 

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DCB Bank Q2 result, Net profit up 31% at Rs 48.9 cr

DCB Bank today posted a 31.30 per cent increase in net profit at Rs 48.9 crore for the quarter ended on September 30, 2016. 

The bank had recorded a net profit of Rs 36.9 crore in the corresponding quarter of last fiscal, DCB Bank said in a filing to BSE. 

Total income of the lender increased to Rs 567.8 crore during the quarter under review, as against Rs 464.8 crore over the corresponding period of 2015-16. 

The gross Non-performing Assets (NPAs) of the bank increased to 1.75 per cent of total advances, from 1.72 per cent at the end of second quarter of 2015-16. 

However, net NPAs reduced to 0.84 per cent from 0.87 per cent of the total assets. 

The bank set aside Rs 26.48 crore as provisions, against Rs 21.67 crore in the year-ago quarter. 

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Indusind Bank Q2 result, Profit rises 25.7% to Rs704.26 crore

IndusInd Bank has posted a steady July-September quarter. Its net profit rose 25.7 percent to Rs 704.26 crore in Q2 of FY17 from Rs 560 crore in corresponding quarter last fiscal. 

During the quarter, its net interest income (NII) was at Rs 1460.3 crore, up 33.5 percent on annual basis. Its other income also increased 23.9 percent at Rs 970.4 crore against Rs 783.5 crore (YoY). 

Net interest margin (NIM) in Q2 was 4 percent as against 3.88 percent YoY. In Q2, its net non-performing assets (NPA) was at 0.37 percent versus 0.38 percent while gross NPA was at 0.90 percent versus 0.91 percent (QoQ). In absolute terms, gross NPA was up 4.4 percent at Rs 899 crore versus Rs 860.6 crore (QoQ) while net NPA rose 3.8 percent at Rs 369.2 crore versus Rs 355.5 Crore (QoQ). 

Provisions, during the quarter, was at Rs 213.9 crore compared to Rs 158.1 crore on annual basis and Rs 230.5 crore on sequential basis. Return on asset in Q2 was at 1.93 percent against 1.94 percent (QoQ). 

Capital adequacy ratio-basel III in Q2 was at 15.32 percent compared to 15.42 percent (QoQ). Deposits were up 38.9 percent YoY at Rs 1.12 lakh crore as on September 30, 2016. In Q2 advances was up 26.4 percent (YoY) at Rs 98,949.1 crore as on September 30, 2016. Core fee income for the quarter was Rs  825.57 crore as against Rs 673.30 crore in the corresponding quarter of the previous year, marking a growth of 23 percent. Romesh Sobti, MD & CEO, IndusInd Bank said, “This quarter, the bank has registered positive growth across all vectors despite tepid global markets and not so buoyant domestic market. However, the overall industry sentiment looks optimistic with a gradual uptick in credit pickup likely in the coming quarters. Apart from steady financials, the bank continued its focus on digitizing products and strengthening online banking as well as improving services to customers.”

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South Indian Bank Q2 result, net profit rises 18.36%

South Indian Bank Ltd on Friday said its second-quarter net profit rose 18.36% on the back of higher other income.

Net profit rose to Rs110.52 crore for the three months ended 30 September from Rs93.38 crore in the same quarter last year.

Profit was higher than the Rs105.10 crore estimated by a Bloomberg poll of two analysts.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 14.63% to Rs445.18 crore from Rs388.35 crore in the corresponding period last year.

Other income, which includes core fee income, rose 20.37% to Rs145.90 crore in the three months ended 30 September from Rs121.21 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 3.96% in the quarter compared with 2.24% in the year-ago quarter.

Despite this, the bank increased provisions during the quarter to Rs128.33 crore as against Rs67.47 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs114.11 crore in provisions.

Post-provision, the net NPA ratio was at 2.77% against 1.39% in the year-ago period.

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