Indian Bank Q2 Net profit rises 61%

 

Public sector lender Indian Bank has reported a 61 per cent rise in net profit during the second quarter of the financial year FY24 to Rs 2,068.49 crore, compared to Rs 1,287.39 crore during the same period last financial year. The improved net profit is mainly due to a 23 per cent increase in net interest income (NII) for the quarter.

The total income of the Chennai-based bank also rose by 25 per cent during the quarter, reaching Rs 15,929.4 crore compared to Rs 12,714.2 crore in the same quarter of the FY23. "Indian Bank is strategically expanding its business with a major focus on retail, agriculture, and MSME sectors, targeting 10-12 per cent credit growth in FY24. Adopting digital banking as our core focus, we are committed to fostering financial growth and prosperity for individuals and businesses across diverse sectors of society. Through constant innovation, we aim to simplify processes, enabling quick and convenient banking," the bank said in a statement on Thursday. The bank's NII, the difference between interest earned and interest expended, stood at Rs 5,741 crore, compared to Rs 4,684 crore during the second quarter of the previous financial year.

The bank's gross non-performing assets (NPA) for the quarter under review stood at 4.97 per cent of gross advances, a decrease from 7.30 per cent in the corresponding period of the previous year. Similarly, the net NPA improved from 1.5 per cent at the end of September 2022 to 0.60 per cent as of September this year.

The provision coverage ratio also improved to 95.64 per cent from 91.08 per cent at the end of September 2022. The bank's return on average assets increased to 1.06 per cent in the second quarter of FY24, up from 0.71 per cent in the second quarter of FY23. Its return on equity also rose to 19.90 per cent from 13.83 per cent in September 2022.

The total business of the bank recorded year-on-year growth of 10 per cent, reaching Rs 1,13,3091 crore in September 2023, from Rs 1,02,6801 crore in September 2022. Its advances increased by 12 per cent year-on-year to Rs 4,92,288 crore in September 2023 from Rs 4,37,941 crore in September 2022.

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ICICI Bank Q2 Net profit surges 36%

ICICI Bank on October 21 registered 35.7 percent year-on-year growth in standalone profit and a 24 percent rise in net interest income in the July-September quarter of the fiscal year 2023-24 (Q2), with a significant fall in bad loan provisions.

The standalone profit of the Mumbai-based bank jumped to Rs 10,261 crore for the quarter, rising from Rs 7,557.84 crore in the same period last year, the bank said in its BSE filing.

Net profit of Rs 10,261 crore (36 percent year-on-year growth) exceeded analysts' estimates of Rs 9,422 crore in Q2 (25 percent YoY growth).

According to an average estimate of five brokerages, ICICI Bank’s NII (Net Interest Income) was expected to increase 22 percent YoY to Rs 18,080 crore in Q2FY23-24, amid strong pick-up in loan growth, and lower provisions. Loan-loss provisions are expected to drop 6 percent YoY, to Rs 1,550 crore.

The total income in the second quarter of the current fiscal rose to Rs 40,697 crore from Rs 31,088 crore in the same period a year ago, ICICI Bank said in a regulatory filing. Interest earned by the bank improved to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter. Interest earned by the bank improved to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter.

Its net interest income (NII) increased by 24 per cent year-on-year to Rs 18,308 crore in the quarter against Rs 14,787 crore in the corresponding quarter a year ago. At the same time, the net interest margin rose to 4.53 per cent compared to 4.31 per cent in the same period a year ago. At the same time, the net interest margin rose to 4.53 per cent compared to 4.31 per cent in the same period a year ago.

The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.48 per cent of gross advances at the end of the September quarter from 2.76 per cent a year ago. Similarly, its net NPAs or bad loans declined to 0.43 per cent against 0.61 per cent in the year-ago period. Similarly, its net NPAs or bad loans declined to 0.43 per cent against 0.61 per cent in the year-ago period.

However, the bank's capital adequacy ratio decreased to 16 per cent from 16.93 per cent at the end of September 2022. On a consolidated basis, the bank's profit increased by 36 per cent to Rs 10,896 crore in the quarter from Rs 8,007 crore a year ago. On a consolidated basis, the bank's profit increased by 36 per cent to Rs 10,896 crore in the quarter from Rs 8,007 crore a year ago.

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Yes Bank Q2 earnings : Net profit rises over 47%

 

Yes Bank of October 21 reported a 47.4 percent rise in its net profit to Rs 225.21 crore in the second quarter of the current financial year. In the previous quarter last year, net profit of the bank stood at Rs 152.82 crore.

On sequential basis, net profit falls over 34 percent. The asset quality of the bank in the reporting quarter improved, with gross non-performing asset (NPA) ratio stood at 2 percent, and Net NPA ratio stood at 0.9 percent.

In absolute terms, gross NPA stood at Rs 4319.03 crore as on September 30, and net NPA stood at Rs 27419.11 crore as on September 30.

In the reporting quarter, provisions and contingencies fell 14.1 percent on-year to Rs 500.38 crore. In the similar period last year, it stood at Rs 582.81 crore. Provision Coverage Ratio (PCR) of the bank stood at 56.4 percent, as against 48.4 percent last quarter. Including Technical  write-off, PCR stood at 72.1 percent, as compared to 67.8 percent.

Yes Bank, the private sector lender has reported deposits growth of 17.2 percent on-year, which is up 6.8 percent on-quarter to Rs 2.34 lakh crore, while its advances increased by 9.5 percent on-year and 5.2 percent on-quarter to Rs 2.20 lakh crore as detailed in the filing with BSE dated October 3.

In the reporting quarter, CASA Ratio remained stable on sequential basis, at 29.4 percent despite challenging environment. 3.91 lakh CASA Accounts opened during the quarter, release said.

The net interest income of the bank stood at Rs 1,925 crore, which was 3.3 percent up on-year. Net interest margins (NIM) for Q2FY24 at 2.3 percent down by nearly 30 basis points (Bps) on-year and 20 bps on-quarter.

In Q2FY24, Non-Interest Income at Rs 1,210 crore, up 38.4 percent on-year and 6.0 percent on-quarter.

YES Bank in July-September quarter reported interest expanded at Rs 4785.61 crore, as compared to Rs 3483.02 crore in a similar period last year.

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Kotak Mahindra Bank Q2 Net profit rises 24%

Kotak Mahindra Bank on Saturday reported a 24 per cent rise in its standalone net profit to Rs.3,191 crore for the quarter ended September 30, mainly on the back of improvement in the core income and lower bad loans.

The private sector lender had posted a net profit of Rs.2,581 crore in the same quarter of the previous fiscal year.

Its total income during the July-September period grew to Rs.13,507 crore against Rs.9,925 crore in the year-ago quarter, Kotak Mahindra Bank said in a regulatory filing.

The net interest income increased 23 per cent to Rs.6,297 crore from Rs.5,099 crore a year ago. Its net interest margin for the quarter rose to 5.22 per cent against 5.17 per cent in the corresponding period of the previous financial year.

On the assets quality front, the bank also witnessed an improvement, with gross non-performing assets (or bad loans) declining to 1.72 per cent of gross advances at the end of September 2023 compared to 2.08 per cent a year ago.

Similarly, the net NPAs dropped to 0.37 per cent from 0.55 per cent in the same quarter a year ago. The bank's capital adequacy ratio stood at 21.7 per cent as of September 30, 2023.

On a consolidated basis, the bank reported a 24 per cent rise in its net profit to Rs.4,461 crore in the September quarter compared to Rs.3,608 crore in the same period of the previous fiscal. Its total income on a consolidated basis increased to Rs.21,560 crore against Rs.17,435 crore in the year-ago quarter.

3,191 crore for the quarter ended September 30, mainly on the back of improvement in the core income and lower bad loans.

The private sector lender had posted a net profit of Rs.2,581 crore in the same quarter of the previous fiscal year.

Its total income during the July-September period grew to Rs.13,507 crore against Rs.9,925 crore in the year-ago quarter, Kotak Mahindra Bank said in a regulatory filing.

The net interest income increased 23 per cent to Rs.6,297 crore from Rs.5,099 crore a year ago. Its net interest margin for the quarter rose to 5.22 per cent against 5.17 per cent in the corresponding period of the previous financial year.

On the assets quality front, the bank also witnessed an improvement, with gross non-performing assets (or bad loans) declining to 1.72 per cent of gross advances at the end of September 2023 compared to 2.08 per cent a year ago.

Similarly, the net NPAs dropped to 0.37 per cent from 0.55 per cent in the same quarter a year ago. The bank's capital adequacy ratio stood at 21.7 per cent as of September 30, 2023.

On a consolidated basis, the bank reported a 24 per cent rise in its net profit to Rs.4,461 crore in the September quarter compared to Rs.3,608 crore in the same period of the previous fiscal. Its total income on a consolidated basis increased to Rs.21,560 crore against Rs.17,435 crore in the year-ago quarter.

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Central Bank of India Q2 results: Net profit jumps 90%

 

Public sector lender Central Bank of India on October 20, reported a net profit of Rs 605.4 crore for the July–September quarter of this fiscal year.

The bank's gross non-performing asset (GNPA) also improved to 4.62 percent from 4.95 percent Q1FY24. The lender's net NPA stood at 1.64 percent, improving from 1.75 percent in the last quarter.

Central Bank of India's total business grew by 11.51 percent to Rs 602284 crore (Q2FY24), vis-à-vis Rs 540130 (Q2FY23). However, total Deposits were up by 8.21 percent to Rs 371252 crore (Q2FY24), vis-à-vis Rs 343081 (Q2FY23).

Notably, the Provision Coverage Ratio (PCR) has improved to 92.54 (Q2FY24) from 89.20 (Q2FY23), registering an improvement of 334 bps.

The Operating Profit improved by 13.47 percent to Rs 3369 crore (as against, Rs 2969 crore Q2FY23), on half yearly basis, though it dipped marginally by 12.47 percent to Rs 1530 crore (as against, Rs 1748 crore Q2FY23), on quarterly basis, due to increasing in non-staff operating expenses.

Net Interest Income (NII) increased by 10.23 percent to Rs 3028 crore as against Rs 2747 crore Q2FY23. The same is increased by 26.90 percent to Rs 6204 crore (as against, Rs 4889 crore Q2FY23), on half yearly basis.

Net Interest Margin (NIM) improved to 3.53 percent as against 3.12 percent Q2FY23, 41 bps, on half yearly basis, though reduced marginally to 3.43 percent as against 3.44 percent Q2FY23, quarterly basis, due to increase in interest pay-out on deposits. Central Bank of India has a Bank network of 4489 branches with 65.22 percent (2928 branches) in rural & semi-urban areas, 4044 ATMs and 10962 BC Points with total 19495 Touch Points as on September ’23.

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