UCO Bank Q2 result, net loss at Rs 384.83 crore

UCO Bank   today reported a net loss of Rs 384.83 crore for the quarter ended September 30, 2016, on account of higher provisions for bad loans. 

The Bank had registered a net profit of Rs 156.2 crore in the July-September period of previous fiscal 2015-16. 

Total income of the bank decreased by 6.90 percent to Rs 4,941.41 crore during the quarter under review, from Rs 5,308.08 crore over the same period of 2014-15. 

For quarter under review, UCO Bank's provision for bad loans and contingencies jumped by 62.96 percent to Rs 1,488.34 crore as against Rs 913.27 crore a year ago. 

Asset quality slipped further during the period with gross non-performing assets (NPAs) rising to 16.51 percent of gross advances as of September 2015, up from 8.51 percent a year ago. Net NPAs or bad loans too increased to 8.83 percent during the second quarter, up from 5.15 percent a year ago.

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OBC Q2 result, net profit dips 49% to Rs 153 cr

State-owned Oriental Bank of Commerce   (OBC) today reported 49.1 per cent dip in net profit to Rs 153.27 crore for second quarter ended September 30, 2016-17, on higher provisioning for bad loans. The bank's net profit stood at Rs 301.31 crore in the July-September quarter of 2015-16. 

"Total income has decreased from to Rs 5,278.71 crore for the quarter ended September 30, 2016 as against Rs 5,454.13 crore in the same quarter of previous fiscal," the bank said in a regulatory filing. 

Provisioning, a bulk of which is reserved to cover bad loans and contingencies, was raised to Rs 774.54 crore during the quarter, from Rs 589.42 crore parked aside by the bank in the same period of 2015-16. 

The lender's asset quality slipped further with gross non-performing assets (NPAs) rising to 12.36 per cent of the gross advances as on September 2016 from 5.70 per cent a year ago. 

Net NPAs or bad loans as a percentage of net advances as on September 2016, rose to 8.93 per cent as against 3.55 per cent. In absolute terms, gross NPAs amounted to Rs 18,382.53 crore from Rs 8,557.96 crore. Net NPAs were Rs 12,748.16 crore, up from Rs 5,189.10 crore.

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United Bank Q2 result, profit down 30%

United Bank of India (UBI) on Monday reported a 30% fall in its net profit for the September quarter due to higher provisions against the bad loans and lower net interest income.

The bank reported a net profit of Rs.43.53 crore in the quarter, down from Rs.61.86 crore a year ago.

Net interest income (NII), or the core income a bank earns by giving loans, fell 41.07% to Rs.376.40 crore in the September quarter from Rs.638.72 crore a year ago.

Non-interest income increased 76.7% to Rs.661.20 crore from Rs.374.19 crore a year ago. The bank reported a tax writeback of Rs.7.97 crore against tax expenses of Rs.58.69 crore a year ago. Employee costs fell 26.6% to Rs.384 crore.

Gross non-performing assets (NPAs) at United Bank rose 10.07% to Rs.11,134.47 crore at the end of the September quarter from Rs.10,116.13 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 82.17%. As a percentage of total loans, gross NPAs stood at 16.26% at the end of the September quarter as compared to 14.29% in the previous quarter and 8.9% in the year-ago quarter.

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ICICI Bank Q2 result, net profit up

ICICI Bank Ltd, India’s biggest private-sector lender by assets, reported a 2.4% rise in second-quarter net profit on Monday, due to lower tax expenses while its provisions surged more than seven times.

Standalone net profit rose to Rs3,102 crore ($465 million) for the three months to 30 September from Rs3,030 crore a year earlier, well above the Rs2,565 crore average of 26 analyst estimates, according to Thomson Reuters data.

Bad loans as a percentage of outstanding loans rose to 6.82% at the end of September from 5.87% at the end of June.

Indian banks were saddled with $138 billion of stressed loans as of the end of June. While state-owned lenders account for bulk, ICICI has the highest proportion among private sector banks.

The amount of bad loans has surged this year after an asset quality review ordered by the Reserve Bank of India uncovered more than previously calculated.

The central bank has set a March 2017 deadline for the sector to fully disclose and make provisions for those.

ICICI’s provisions, which include charges for bad loans, jumped to Rs7,083 crore in the September quarter from Rs2,515 crore three months earlier and more than seven times higher than a year earlier.

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Bank of Maharashtra Q2 result, posts loss at Rs337.15 crore on higher provisions

Bank of Maharashtra on Saturday reported a net loss of Rs.337.15 crore for the September quarter due to higher provisions against the bad loans. This was the third consecutive quarter when the bank reported a loss.

The bank reported a net loss of Rs.337.15 crore in the quarter against a net profit of Rs.72.03 crore from a year ago.

Net interest income (NII), or the core income a bank earns by giving loans, fell 12.8% to Rs.844.64 crore in the September quarter from Rs.969.12 crore a year ago.

Other income increased 15.03% to Rs.283.48 crore fromRs.246.45 crore in the year-ago period.

Gross non-performing assets (NPAs) at the bank rose 10.69% to Rs.14,433.90 crore at the end of the September quarter fromRs.13,039.63 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 80.73% from Rs.7,986.34 crore. As a percentage of total loans, gross NPAs stood at 14.08% at the end of the September quarter as compared to 12.64% in the previous quarter and 7.98% in the year-ago period.

Provisions and contingencies fell 15.86% to Rs.708.86 crore in the quarter from Rs.842.50 crore a quarter ago. On a year-on-year basis, provisions jumped 69.19% from Rs.418.98 crore. Net NPAs were at 9.94% in the September quarter compared to 8.73% in the previous quarter and 5.59% in the year-ago period.

Total deposit rose 2.83% from a year ago to Rs.1.30 trillion while total advances rose 0.32% to Rs.9,768 crore.

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Dena Bank Q2 result, Posts net loss Rs 44.32 crore

Dena Bank on Saturday reported a net loss in the September quarter due to higher provisions against the bad loans. However, the loss was restricted due to higher other income and a tax write back.

This was the fourth consecutive quarter when the bank reported a net loss. The bank reported a net loss of Rs 44.32 crore in the quarter from a net profit of Rs 38.76 crore a year ago.

Other income increased 38.79% to Rs306.77 crore from Rs221.03 crore a quarter ago. On year on year basis, other income jumped 60% from Rs191.76 crore. The bank reported a tax write back of Rs107.59 crore against Rs39.45 crore a year ago.

Net interest income (NII), or the core income a bank earns by giving loans, rose marginally 2.2% to Rs671.49 crore in the September quarter from Rs656.90 crore last year. A quarter ago, the bank reported 8.15% rise in NII from Rs620.88 crore.

Gross non-performing assets (NPAs) at Dena Bank rose 12.33% to Rs10824.50 crore at the end of the September quarter from Rs9636.32 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 104.91% from Rs5282.62 crore. As a percentage of total loans, gross NPAs stood at 13.79% at the end of the September quarter as compared to 11.88% in the previous quarter and 6.84% in the year-ago quarter.

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Allahabad Bank Q2 result, profit down 63% Rs 65 cr

Allahabad Bank   's net profit fell over 63 per cent to Rs 65.03 crore for the September quarter as the lender parked aside a significant amount to meet bad loans and contingencies, while income decreased. 

The Kolkata-headquartered bank had registered a net profit of Rs 177.10 crore in the July-September quarter of the previo

us financial year, 2015-16. Its total income decreased to Rs 5,051.61 crore during the second quarter of 2016-17 as against Rs 5,317.06 crore in the same period a year ago, the state-owned bank said in a regulatory filing.

As per RBI's guidelines on cleaning-up bad assets, lenders have been keeping aside higher amounts towards non-performing assets (NPAs) or bad loans, which is mainly responsible for majority of the public sector banks reporting lower profits or losses.

"In compliance with RBI directives on asset quality review (AQR), Bank has made incremental quarterly provision of Rs 41.46 crore (Rs 87.80 crore in the half year at 5 per cent of the outstanding amount) in CDR restructured standard accounts for the quarter ended September 30, 2016," it said. For quarter under review, Allahabad Bank's provision for bad loans and contingencies was up at Rs 814.40 crore, as against Rs 703.10 crore a year ago. 

Gross NPAs rose to 12.28 per cent of gross advances as on September 30, 2016, up from 5.26 per cent a year earlier. Net NPAs soared to 8.59 per cent of net loans, from 3.61 per cent year ago. In absolute terms, gross NPAs were at Rs 19,094.53 crore against Rs 7,985.75 crore. While, net NPAs were at Rs 12,800.45 crore, up from Rs 5,359.90 crore.

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PNB Q2 result, Profit down 11% at Rs549 crore as bad loans rise

State-owned lender Punjab National Bank on Saturday reported a net profit of Rs549 crore in the second quarter of the current fiscal, a fall of 11% from the Rs621 crore profit recorded in the corresponding year ago period.

Asset quality pressures persisted in the quarter with gross non performing assets (NPA) zooming to 13.63% from 6.36% in the year ago period. Net NPAs also rose to 9.10% in the September ended quarter as against 3.99%.

However, both on terms of absolute numbers and percentages, the asset quality of the bank has improved when compared to the immediate preceding quarter. The bank had reported a gross NPA of 13.75% and a net NPA of 9.16% in the quarter ended June.

Indian banks have reported huge losses and surge in bad debts in the last couple of quarters after the Reserve Bank of India (RBI) asked banks to recognize more loans as non performing and set aside more funds as provisions after an asset quality review. State run banks that have reported their results so far this quarter continue to face asset quality pressures that is impacting their profitability.

Total provisions made by the bank in the September ended quarter rose to Rs2,533 crore from Rs1,882 crore in the same period last year. Of this, provision for NPAs also rose to Rs2,217 crore from Rs2,031 crore.

Net interest income also declined 10% to Rs3,880 crore from Rs4,322 crore. Other income, however, rose 76% to Rs2,388 crore from Rs1,357 crore.

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