Bank of Maharashtra Q4 Results: Net Profit Jumps 45% , Rs 1.40 Dividend Declared

Public sector lender Bank of Maharashtra on April 26 reported a net profit of Rs 1,218 crore for fiscal fourth quarter, a 45 percent jump from the year-ago period.

The bank had reported net profit of Rs 840 crore last year.The PSU lender also said that its board approved the proposal to raise up to Rs 7,500 crore through various modes.

"Board approved raising of Capital up to Rs 7,500 crore through Follow-on Public Offer (FPO) / Rights issue / Qualified Institutional Placement (QIP) issue, Preferential issue, ESPS or any other mode or combination thereof and / or through issue of BASEL III Compliant Tier I and Tier II Bonds or such other securities as may be permitted under applicable laws etc., ubject to the necessary approvals," said Bank of Maharashtra in a stock exchange filing.

The net interest income (NII) of the lender was up 18.2 percent YoY and stood at Rs 2,584 crore versus Rs 2,187 crore.

The GNPA of the lender stood at 1.88 percent versus 2.47 percent last year and NNPA stood at 0.20 percent versus 0.25 percent last year.

The lender also declared a dividend of Rs 1.4 per equity share of Rs 10 face value. The provision coverage ratio of the bank stood at 98.34 percent.

Net interest margin of the bank stood at 3.97 percent versus 3.78 percent last year.

On advances side, the bank witnessed a growth of 16.30 percent and total advances stood at Rs 2.03 lakh crore versus Rs 1.75 lakh crore last year. Deposits of the bank increased 15.66 percent and stood at Rs 2.7 lakh crore versus Rs 2.34 lakh crore last year.

Total branches of the bank increased to 2489 branches in March 2024 from 2203 branches in March 2o23.

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Axis Bank Q4 Results: Lender back in black, NII jumps 22% YoY

The country’s third largest private sector lender, Axis Bank, on Wednesday reported net profit of Rs 7,129.67 crore in the quarter ended March 31 as compared to a net loss of Rs 5,728.42 crore in the same period of the previous year, despite an increase in loan loss provision.

The numbers are not comparable as the consumer business of Citi India was merged with Axis in the fourth quarter of FY23.

Net interest income grew 11 per cent year-on-year (Y-o-Y) to Rs 13,089 crore while fee income grew by 23 per cent to Rs 5,637 crore. The trading income gain for the quarter stood at Rs 1,021 crore.

Net interest margin for the quarter was 4.06 per cent, up 5 bps sequentially.

Provision for the quarter was Rs 1,185.31 crore as compared to Rs 305.77 crore mainly due to rise in provision for non-performing assets which went up from Rs 270 crore in the Q4 of FY23 to Rs 832 crore. Fresh slippages during the quarter was Rs 3,471 crore. Provision coverage ratio was at 79 per cent.

“The bank has not utilised Covid provisions during the quarter and these are reclassified to other provisions,” Axis Bank said.

The bank’s reported Gross NPA and Net NPA levels were 1.43% and 0.31% respectively on 31 March as against 1.58% and 0.36% as on 31st December 2023.

The total deposits grew 13% Y-o-Y while the current and savings account deposits were 43 per cent of the total deposits.

Advances grew 14% Y-o-Y to Rs 9.65 trillion mainly due to 20 per cent growth in retail loans which are 60 per cent of the bank’s net advances.

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HDFC Bank Q4 results: Profit jumps 37%, NII up 24.5%

HDFC Bank on April 20 reported a net profit of Rs 16,511 crore for the January-March quarter of the financial year 2023-24, marking a 0.84 percent jump compared to Rs 16,373 crore clocked in the previous quarter. The net profit is almost in line the market estimates of Rs 16,576 crore.

The bank’s year-on-year financial results are not comparable due to the merger with the parent entity HDFC Ltd during the year.

The net interest income (NII) of Rs 29,007 crore jumped from Rs 28,470 crore reported in the previous quarter. The NII is slightly lower as against the market estimates of Rs 29,172 crore.

The bank's gross non-performing asset (NPA) stood at 1.24 percent, down from 1.26 percent in the last quarter. On the other hand, net NPA for the quarter stood at 0.33 percent compared to 0.31 percent.

The net revenue of the lender grew to Rs 47,240 crore including transaction gains of Rs 7340 crore from the stake sale in subsidiary HDFC Credila Financial Services during the quarter.

The board of directors recommended a dividend of Rs 19.5 per equity share of Rs 1 for the year ended March 31, 2024, the bank said in a press release. Provisions and contingencies for the quarter were Rs 13,500 crore which included floating provisions of Rs 10,900 crore, the bank said. For FY24, the total profit of the bank stood at Rs 64,060 crore.

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State Bank of India (SBI) Q4 result: Net profit climbs 83%

 

State Bank of India (SBI) on May 18 reported a standalone profit of Rs 16,694.51 crore for the March quarter, up 83.18 percent from Rs 9,113.53 crore in the same quarter of the previous.

India's largest lender's net interest income came in at Rs 40,392.50 crore, rising 29.5 percent from Rs 31,197 crore in the corresponding quarter of the previous year.

State Bank of India was expected to post a 68 percent rise in profit over the last year, according to a Moneycontrol poll of brokerages. Whereas net interest income (NII) was expected to increase 25.8 percent.

The board of the bank recommended a dividend of Rs 11.30 per equity share for FY23. It will be paid on June 14, 2023, the bank said.

The lender said bank’s return on assets (ROA) and return on equity (ROE) for the financial year 2o23 stood at 0.96 percent and 19.43 percent, respectively. ROA at 1.23 percent for the quarter improved by 49 bps YoY.

Domestic net interest margin (NIM) for Q4FY23 increased by 44 basis points YoY to 3.84 percent.

SBI said its Gross NPA ratio was at 2.78 percent down by 119 bps YoY. Net NPA ratio was at 0.67 percent, down by 35 bps YoY. Provision Coverage Ratio (PCR) was at 76.39 percent, improving by 135 bps YoY. Slippage Ratio for FY23 improved by 34 bps YoY and stood at 0.65 percent, while Slippage Ratio for Q4FY23 was at 0.41 percent.

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Bank of Baroda(BoB) Q4 Results: Profit zooms 168% YoY

State-run Bank of Baroda on Tuesday reported a standalone net profit of Rs 4,775 crore, up 168% year-on-year (YoY) for the fourth quarter ended March 2023. In the same quarter of last year, it posted a net profit of Rs 1,779 crore.

Its net interest income (NII) for the quarter grew 33.8% at Rs 11,525 crore. Meanwhile, NII registered a growth of 26.8% YoY for FY23 to Rs 41,3

55 crore.

Global NIM stood at 3.53% in Q4FY23, an increase of 45 bps YoY. NIM for FY23 stood at 3.31 % against 3.03% for FY22. Domestic NIM stood at 3.65% in Q4FY23, a rise of 51 bps YoY. NIM for FY23 stood at 3.42% as compared 3.09% for FY22.

The bank reported a strong quarter on the asset quality front with both gross non-performing assets (NPAs) and net NPAs on the downward trend. The gross NPA of the bank fell to 3.79% in the January-March period, compared with 6.61% in the year-ago quarter.

Meanwhile, net NPAs too were at a record low of 0.89% in Q4 FY23 as against 1.72% in Q4 FY22.

"The Bank has recommended a dividend at Rs 5.50 per equity share (Face Value Rs.2/- each fully paid up) for the FY2022-23 subject to declaration/approval at the ensuing 27th Annual General Meeting," Bank of Baroda said in an exchange filing.

The Board of Directors of Bank of Baroda have fixed July 1, 2023 to July 7, 2023 (both days inclusive) as Book Closure dates for the purpose of 27th AGM and dividend payment. Hence, shareholders having shares as on cut-off date i.e. 30th June 2023 shall be eligible for dividend.

Global advances of the Bank increased to Rs 9,69,548 crore, up 18.5% YoY, led by robust retail loan book growth. Meanwhile, domestic advances of the Bank increased to Rs 7,95,560 crore, up 16.3% YoY. International advances grew by 6.3% sequentially in Q4FY23 and stood at Rs 1,73,988 crore.

It's organic retail advances grew by 26.8%, driven by growth in high-focus areas such as Auto Loan (24.4%), Home Loan (19.5%), Personal Loan (101.5%), Mortgage Loan (18.0%), Education Loan (21.8%).

Global deposits of the bank surged by 15.1% YoY to Rs 12,03,688 crore. Domestic deposits increased by 13% YoY to Rs 10,47,375 crore in March 2023.

The bank's operating income grew 34.6% YoY during the Q4 FY23 to Rs 6,823 crore, while operating profit for the March quarter stood at Rs 8,073 crore, up 43.3% YoY.

Return on Assets for FY23 stood at 1.03%, up by 43 bps YoY, while Return on Equity for FY23 increased by 648 bps YoY to 18.34%.

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Indian Overseas Bank(IOB) Q4 profit rises 18%

Indian Overseas Bank has reported 17.12% rise in net profit to Rs 650 cr for the quarter ended march 2023 as against Rs 555 crore for December 2022 quarter.

The year on year net profit of the bank has surged by 22.75% to Rs 2,099 cr from Rs 1,710 crore as reported in the financial year 2021-22 on the back of strong growth in net interest income and improvement in asset quality.

On the asset quality side, the bank has seen decrease in both gross NPA and net NPA. The bank’s gross NPA has gone down to Rs 14,072 cr (7.44%) as on 31.03.2023 from Rs 14,333 crore (8.19%) as reported on 31.03.2022.

Similarly, the net NPA of the bank has decreased to Rs 3,266 cr (1.83%) from Rs 4,000 cr (2.43%) for the above said period.

The provision requirement for NPA has decreased by 26.52% to Rs 2,499 cr as on 31.03.2023 as against Rs 3401 cr reported in the previous year due to improvement in the asset quality.

The credit cost of the bank has reduced to 1.70% as of 31.03.2023 as against 2.35% reported in the last year.

The net interest margin of the bank stood at 3.20% as on the quarter ended March 2023. The return on asset of the bank also increased to 0.83% as on the quarter ended March 2023 as against 0.73% in the previous quarter.

The capital adequacy ratio has improved to 16.10% as of 31.03.2023 as against 15.16% as of 31.12.2022 and as against 13.83% as of 31.03.2022.

The net interest income of the bank has increased by 30.82% to Rs 8,256 crore as of 31.03.2023 from Rs 6,311 crore reported in the previous financial year on the back of strong credit growth. The credit growth of the bank has increased by 21.31% (YoY) to Rs 1,89,009 crore as on March 31, 2023.

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Indian Bank Q4 net profit up 48% as NII rises 29%

 

State run Indian Bank posted a 48 per cent rise in consolidated net profit at Rs 1,520 crore in Q4 FY23, compared to Rs 1,024 crore in the same period in FY22 and helped by a rise in income and improved asset quality.

The Chennai-based lender’s total income during the quarter under review picked up by 25 per cent to Rs 14,416 crore as against Rs 11,556 crore in Q4 FY22. As on March 31, 2023, the company’s gross non-performing assets (NPA) were 5.95 per cent of the gross advances, as compared to 8.47 per cent during the same period in 2022. Similarly, net NPA was seen at 0.90 per cent of gross advances as on March 31, 2023 as compared to 2.27 per cent during the same period in 2021-22.

Net interest income (NII), which is the difference between interest earned and interest expended, was seen at Rs 5,519 crore in Q4 FY23, increasing 29 per cent when compared to Rs 4,271 crore during the same period in FY22.

Indian Bank's board recommended a dividend of Rs 8.60 per equity share (86 per cent of paid up equity capital of the bank) for FY23. The lender reported an earning per share (EPS) of Rs 12.20 for the period compared to Rs 8.22 for the period ended March 31, 2022.

In Q4 FY23, the bank’s return on average assets was seen up at 0.89 per cent from 0.62  per cent in the Q4 of FY22. Its total capital adequacy ratio (CAR) during the quarter remained the same as Q4FY22 at 16.84 per cent.  

During the entire financial year 2022-23, the bank’s net profit increased by 35 per cent to Rs 5,572 crore as against Rs 4,142 crore in 2021-22. Its total income during the year under review was up by 14 per cent to Rs 52,790 crore as against Rs 46,268 crore in 2021-22.

The bank board has also cleared a plan to raise equity capital aggregating up to Rs 4,000 crore through various modes, including follow-on public offer (FPO), rights issue, qualified institutional placement (QIP) or combination in 2023-24.

The board approved raising around Rs 3,000 crore through the issuance of Basel III Compliant AT 1 Perpetual Bond or Tier-2 Bond in one or more tranches during the current or subsequent financial years based on requirement.

The bank’s cost-to-income ratio improved to 46.47 per cent in March 2023 from 53.03 per cent in March 2022. Its domestic NIM improved to 3.59 per cent during the period from 2.87 per cent last year, advances too increased by 14 per cent YoY to Rs 4,73,586 crore in March 2023 from Rs 4,15,625 crore in March 2022.

RAM (Retail, Agriculture and MSME) advances grew by 12 per cent YoY to Rs 2,72,679 crore from Rs 242,700 crore last year. RAM contribution to gross domestic advances was 61 per cent with retail, agri and MSME advances growing by 13 per cent, 16 per cent and 7 per cent YoY respectively.

Home Loan (Including mortgage) grew by 11 per cent YoY, auto loan by 28 per cent and Personal Loan by 46 per cent during the period. The bank’s deposits increased by 5 per cent YoY and reached Rs 621,166 crore in March 2023. Its CASA ratio stood at 42 per cent. 

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Canara Bank Q4 Results: Net profit zooms 90% YoY

 

Canara Bank on Monday reported March quarter net profit at Rs 3,175 crore, up 90% year-on-year (YoY). The figure stood at Rs 1,666 crore in the same quarter last year.

Net interest income (NII), the difference between interest earned and interest expended, grew 23% YoY to Rs 8,616 crore for the fourth quarter under review. It was Rs 7,006 crore in the corresponding quarter of last year.

The lender's operating profit stood at Rs 7,252 crore during the March quarter, registering a growth of 17% YoY.

Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 5.35% in the March quarter, down from 5.89% at the end of March 2022.

Net non-performing assets (NNPA) ratio has also declined to 1.73% as of March 2023 from 2.65% as of March 2022.

The bank's provision coverage ratio (PCR) stood at 87.31% at the end of March quarter as against 84.17% in the last year quarter.

On the operational front, the global business increased by 12% YoY to Rs 20.41 lakh crore as at March 2023 with global deposits at Rs 11.79 lakh crore.

Domestic deposits of the bank stood at Rs 10.94 lakh crore at the end of the quarter, showing a growth of 6% YoY.

While the retail lending portfolio increased by 11% YoY to Rs 1.4 lakh crore, housing loans jumped 14% YoY to Rs 84,364 crore.

The bank's capital adequacy was at 16.68% as of March 2023, including tier-I of 13.78%.

The lender's Board has recommended a dividend of Rs 12 per equity share (i.e., 120%) of face value of Rs 10 each to the shareholders for the financial year 2022-23.

The lender has 9,706 branches as of the March quarter, out of which 3048 are rural, 2742 semi-urban, 1991 urban and 1925 metro along with 10726 ATMs.

Considering the bank’s performance, the board has decided to pay 15 days' salary as performance-linked incentive (PLI) to the employees.

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