Punjab & Sind Bank Q3 result, profit up 10% at Rs 77.5 cr

State-owned Punjab & Sind Bank today reported a rise of 10.2 percent in net profit at Rs 77.51 crore for the third quarter ended December 2016, on lower provisioning for bad assets. 

The bank had registered a net profit of Rs 70.32 crore in the corresponding October-December period of previous fiscal. Total income of the bank, however, fell to Rs 2,158.01 crore during the quarter under review from Rs 2,260.56 crore a year ago, the bank said in a regulatory filing. 

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Union Bank of India Q3 result, profit rises 32% to Rs104 crore

Union Bank of India on Wednesday reported a 32% increase in net profit in the December quarter on increase in other income.

Net profit for the quarter increased to Rs104 crore compared with Rs78.54 crore a year ago. According to estimates of 14 Bloomberg analysts, the bank was expected to post a net profit of Rs227.40 crore.

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United Bank of India Q3 result, posts net profit of Rs64.10 crore

United Bank of India on Friday said it registered a net profit of Rs64.10 crore in the December quarter against Rs17 crore a year ago, thanks to higher income and a substantial tax credit.

Net interest income (NII), or the core income a bank earns by giving loans, rose 68.45% to Rs608.09 crore in from Rs360.98 crore last year. Other income more than doubled to Rs814.08 crore from Rs357.21 crore. The bank also reported a tax credit of Rs122.49 crore.

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IDBI Bank Q3 result, posts net loss of Rs2,255 crore

IDBI Bank on Tuesday said its net loss for the December quarter widened from a year ago as bad loans continued to mount amid a sharp fall in net interest income (NII).

The bank reported a loss of Rs2,254.96 crore in the December quarter against Rs2,183.68 crore a year ago. According to Bloomberg analyst estimates, the bank expected to post a net profit of Rs24.40 crore.

NII or the core income a bank earns by giving loans fell 45.33% to Rs850.38 crore from Rs1,555.54 crore last year. Other income declined 4.7% to Rs551.15 crore from Rs578.30 crore in the same period last year.Provisions and contingencies slumped 13.9% to Rs3,205.52 crore in the quarter from Rs3,722.67 crore a year ago. On quarter-on-quarter basis, it soured 137.6% from Rs1349.09 crore.

Gross non-performing assets (NPAs) rose 17% to Rs35,245.33 crore at the end of the December quarter from Rs30,133.96 crore in the September quarter. On year-on-year basis, it jumped 79.7% from Rs19,615.22 crore.As a percentage of total loans, gross NPAs were 15.16% at the end of the December quarter as compared to 13.05% in the previous quarter and 8.94% in the year-ago quarter.

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Punjab National Bank(PNB) Q3 result, posts net profit of Rs207 crore

Punjab National Bank (PNB), India’s fifth-biggest lender by assets, reported on Tuesday a surge in third-quarter profit on lower provisions for bad loans, but the profit fell short of analysts’ expectations.

Net profit rose to Rs207 crore for the three months to 31 December from Rs51 crore a year ago, the state-run lender said in a stock exchange filing.

Analysts on average had expected a net profit of Rs6.29 billion, according to data compiled by Thomson Reuters. Gross bad loans as a percentage of total loans were 13.7% in the December quarter, little changed from 13.63% in September, but far higher than 8.47% a year earlier.

Banks such as PNB have seen a surge in their bad loans in the past one year after an asset-quality review ordered by the regulator in a bid to clean up the sector.

Provisions for bad loans were Rs3,363 crore in the December quarter, lower than Rs3,767 crore a year earlier, but higher than Rs2,218 crore reported in the September quarter.

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Central Bank of India Q3 result, posts loss of Rs605.70 crore

Central Bank of India on Saturday reported a net loss of Rs605.70 crore for the quarter ended December 2016 on persisting bad loans.

The bank trimmed its losses for the quarter against a Rs836.62 crore in the corresponding period of the previous fiscal. “Total income has decreased to Rs 6,787.87 crore during the quarter against Rs 6,911.620 crore in the same quarter of the previous fiscal,” the bank said in a regulatory filing.

On asset quality, the bank’s gross non-performing assets (NPA) grew to 14.14% of gross advances during the quarter against 8.95% in the year-ago period. Net NPA stood at 8.54% of net advances, up from 5.30% a year ago. The provisioning for bad loans and contingencies was at Rs1,486 crore during the quarter, slightly down from Rs1,499.05 crore year ago.

Central Bank of India also said it allotted over 1.71 crore shares to Life Insurance Corporation of India on a preferential basis for Rs139.65 crore.

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Jammu and Kashmir(J&K) Bank Q3 result, post net loss at Rs498 crore

Jammu and Kashmir Bank on Saturday reported a net loss at Rs498.47 crore for the third quarter ended December 2016, mainly due to sharp jump in provisions for bad loans.

The bank had reported a net profit of Rs117.68 crore in the year-ago period. Its total income also decreased to Rs1,770.2 crore from Rs1,806.08 crore in the same period last fiscal, the bank said in a BSE filing.

The total provisions excluding income tax increased over threefold to Rs726.28 crore, as against Rs239.67 crore in the year-ago period. Gross NPA (non-performing assets) as a percentage of total advances rose significantly to 11.84%, from 6.81% a year earlier. The bank’s net NPA stood at 5.99%, from 2.60% at the end of December 2015.

In a separate filing, Jammu and Kashmir Bank said its board of directors have approved the proposal for further issue of equity shares of the bank up to a maximum of Rs250 crore (including the premium amount) on a preferential allotment basis to the government of Jammu and Kashmir, the promoter and majority shareholder of the bank, subject to approvals.

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Oriental Bank of Commerce(OBC) Q3 result, post net loss of Rs130 crore

Public lender Oriental Bank of Commerce’s net loss for the December quarter narrowed to Rs130 crore from Rs 424.70 crore in the year-ago period.

  

Total income has increased to Rs5,415.97 crore during the quarter ended 31 December 2016 from Rs5,350.48 crore in the same quarter a year ago, the bank said in a BSE filing.

The bank’s interest income also fell to Rs4,438.62 crore during October-December period as against Rs4,955.96 crore a year ago.

The asset quality of the bank deteriorated further, with gross non-performing assets (NPAs) rising to 13.80% of the gross advances during the quarter as against 7.75% a year earlier.

In absolute terms, the gross NPAs stood at Rs20,492.18 crore as against Rs11,824.90 crore year earlier. Net NPAs or bad loans soared to 9.68% of the net advances during the period from 4.99% during the October-December quarter last fiscal.

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