AU Small Finance Bank Q4 Profit falls 13%

 

AU Small Finance Bank on Wednesday reported a 12.7 per cent fall in profit at Rs 371 crore in March quarter due to increased provisions and a one-time expense for acquisition of Fincare. The bank's net profit was Rs 425 crore in the year-ago quarter.Net profit, excluding exceptional items, stood at Rs 428 crore in the fourth quarter of FY24, up 1 per cent compared to Rs 425 crore in the corresponding period a year ago.

The net profit of the bank in the full financial year 2023-24 rose by 7.4 per cent to Rs 1,535 crore as against Rs 1,428 crore in the previous fiscal.During the latest fourth quarter, the bank's total income increased to Rs 3,385 crore as compared to Rs 2,608 crore in Q4 of FY23, AU Small Finance Bank said in a regulatory filing.Net Interest Income (NII) grew 10 per cent to Rs 1,337 crore compared to Rs 1,213 crore in Q4 FY23, it said.

The bank declared a dividend of Rs 1 per share for FY24 subject to shareholders' approval.
Bank's asset quality witnessed a marginal deterioration with gross NPA (non-performing asset) at 1.67 per cent in March 2024 as against 1.66 per cent in March 2023.

Net NPA stood at 0.55 per cent of net advances in March 2024 as against 0.42 per cent in the year-ago period.As a result, provisions and contingency increased to Rs 132 crore from Rs 40 crore in the fourth quarter of preceding fiscal.

Besides, there was a one-time exceptional expenditure during the quarter. The expense amounting to Rs 76.80 crore, including stamp duty, has been incurred in relation to the acquisition and merger of Fincare Small Finance Bank, it said.

Considering the size, nature or incidence of these expenses, the same has been disclosed as exceptional item in the balance sheet, it added.During the reporting quarter, former RBI Deputy Governor H R Khan was appointed as chairman of the AU Small Finance Bank.The bank, during the quarter, started offering products and services to customers under the Authorized Dealer Category I (AD Cat-I) licence.

Sanjay Agarwal, founder, MD & CEO, of AU Small Finance Bank, said, "Our performance in the current quarter has remained absolutely on track with deposit growth outpacing advances growth, margins broadly remaining within our guided range and asset quality continuing to be robust." 

The merger with Fincare has received all regulatory approvals in record time, and from April 1, the merged entity has been operational as per the RBI's direction, he said.

The focus now shifts to ensuring a smooth and seamless integration within the next 9-12 months and delivering exceptional banking services and value to the customers, he said.

To ensure seamless transition and minimal customer disruption due to the merger, both the tech-led banks with their strong customer orientation have established a dedicated task force and equipped their call centres to answer all customer queries, he added.

AU Small Finance Bank (AU SFB) last month amalgamated Fincare Small Finance Bank (Fincare SFB), marking the first such consolidation in the sector.In an all-stock merger deal first announced on October 29, 2023, where the shareholders of Fincare SFB received 579 equity shares in AU SFB for every 2,000 equity shares held in Fincare SFB, the merger received final approval from RBI on March 4, 2024, with the effective date of April 1, 2024.With the merger, the bank now has 2,383 physical touchpoints across India.

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IDFC First Bank Q4 results: Net profit falls 10%

IDFC FIRST Bank on Saturday reported 10 per cent decline in net profit at Rs 724 crore for the fourth quarter ended March 2024 due to substantial jump in provisions.

The lender had earned a net profit of Rs 803 crore in the year-ago period.

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Total income rose to Rs 9,861 crore from Rs 7,822 crore a year ago, IDFC FIRST Bank said in a regulatory filing. Interest income grew to Rs 8,219 crore during the period under review, from Rs 6,424 crore in the corresponding quarter a year ago.Net Interest Income (NII) grew 24 per cent from Rs 3,597 crore in Q4FY23 to Rs 4,469 crore in Q4FY24, it said.

ALSO READ: RBL Bank Q4 results: PAT jumps 30% to Rs 353 crore

On the asset quality side, the bank's gross Non-Performing Assets (NPAs) reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.51 per cent by the end of March 2023.Net NPAs also came down to 0.60 per cent of the advances from 0.86 per cent at the end of 2024.

However, provisions and contingencies increased by 50 per cent to Rs 722 crore in Q4FY24 as compared with Rs 482 crore a year ago.The bank did not declare any dividend for FY24 and FY23.

The capital adequacy ratio of the bank declined to 16.11 per cent from 16.82 per cent at the end of previous fiscal.

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RBL Bank posts net profit of ₹352.5 crore in Q4

RBL Bank on Saturday, April 27, reported its fourth quarter results. It's net profit came in at Rs.352.5 crore, which was more than estimates.

The lender's net profit in the March quarter was also 30.1% more than the Rs.271.1 crore net profit it reported in the corresponding period in the previous fiscal.

RBL Bank's net interest income (NII) of Rs.1,599.8 crore in the fourth quarter was lower than Street estimates of Rs.1,604.7 crore. However, it was 17.9% higher than the fourth quarter of the previous fiscal's Rs.1,357.3 crore.

The lender's gross net performing assets decreased 11% to Rs.2,271 crore in the fourth quarter of the 2023-2024 fiscal, compared to the previous year's Rs.2,551 crore. RBL Bank's gross NPA % came down to 2.65% from the previous year's 3.12%

Its net NPA too witnessed a 2.6% decrease to Rs.619.3 crore in the March quarter from the previous year's Rs.635.6 crore. The lender's net NPA% was down 6 bps to 0.74% in the March quarter from the previous year's 0.8%.

Its net NPA too witnessed a 2.6% decrease to Rs.619.3 crore in the March quarter from the previous year's Rs.635.6 crore. The lender's net NPA% was down 6 bps to 0.74% in the March quarter from the previous year's 0.8%.

It's net interest margin (NIM) for the March quarter was 5.45%. In the previous quarter the same was 5.52% and in the fourth quarter in FY23 it was 5.62%.

RBL Bank in a media call stated it expects the first quarter margin for FY25 to be flattish and it expects the NIM to rise by the year-end. The lender added that it will do lateral hiring against deaprtment head resignations that have taken place.

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IndusInd Bank Q4 Results: Net Profit up by 15%

Private sector lender IndusInd Bank recorded a net profit of Rs 2,349 crore for the January-March quarter of fiscal year (FY) 2023-24, up 15 per cent from Rs 2,043 crore in the previous year. The net profit, at Rs 2,349 crore, exceeds the market forecast of Rs 2,261 crore.

In its quarterly statement earlier this month, the bank reported that net loans increased by 18 per cent, exceeding a 14 per cent increase in deposits.

The bank’s gross non-performing asset (NPA) ratio fell to 1.92 per cent from 1.98 per cent in the same period last year. In contrast, net NPA for the quarter was 0.57 per cent, up from 0.59 per cent the previous year.

Also Read |  ICICI Bank Q4 Net Profit Rises 17.4%

Net interest income, or the difference between interest collected and paid, increased 15 per cent to Rs 5,376 crore. The lender’s net interest margin was 4.26 percent, compared to 4.28 percent the previous year.

Sumant Kathpalia, Managing Director & Chief Executive Officer, IndusInd Bank said: “We are looking at growing our branches from the existing 2,800 to 3,500 in the next two years. Our operating expenses jumped in FY24 and we hired around 11,000 employees in FY24. Our total expense in IT is around 8-10 per cent of our total cost to income.”

Operating expenses for the quarter ended March 31, 2024 grew by 24 per cent to Rs 3,803 crores, compared to Rs 3,066 crore for the same quarter the previous year.

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ICICI Bank Q4 Net Profit Rises 17.4%

Private sector lender ICICI Bank on Saturday reported a 17.4 per cent year-on-year jump in its net profit to Rs 10,708 crore for the March 2024 quarter (Q4FY24). Its net interest income (NII) during January-March 2024 rose 8.1 per cent year-on-year to Rs 19,093 crore, compared with Rs 17,667 crore in the year-ago period.

ICICI Bank’s net NPA ratio declined to 0.42 per cent in the March 2024 quarter, from 0.44 per cent as on December 31, 2023, according to a BSE filing.

The board recommended a dividend of 10 per equity share of face value of 2 each, subject to requisite approvals. The dividend on equity shares, will be paid/despatched on or after the same is approved by the shareholders at the ensuing Annual General Meeting (AGM) of the bank.

Provisions (excluding provision for tax) were Rs 718 crore in Q4 FY24 compared to Rs 1,619 crore in Q4 FY23.

The net interest margin stood at 4.40 per cent in Q4-2024 compared to 4.43 per cent in Q3-2024 and 4.90 per cent in Q4 2023.

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Yes Bank Q4 Net profit jumps 123%

Private sector lender Yes Bank on April 27 reported a net profit of Rs 451 crore for the January-March quarter of financial year (FY) 2023-24, which marks a 123 percent jump as compared to Rs 202 crore clocked in the year-ago period.

The bank's gross non-performing asset (NPA) stood at 1.7 percent, down from 2.2 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.6 percent, improving from 0.80 percent on a year-on-year basis. Gross slippages for Q4FY24 stood at Rs 1,356 crore versus Rs 1,233 crore in Q3FY24.

The net interest income (NII) of the lender came in at Rs 2153 crore, increased marginally by 2 percent as compared to Rs 2105 crore reported in the corresponding quarter of the previous fiscal.

Net advances grew at 13.8 percent YoY and stood at Rs 2.27 lakh crore, aided by sustained growth momentum in SME and mid corporate advances and resumption of growth in corporate segment. Total deposits stood at Rs 2.6 lakh crore, up 22.5 percent. CASA ratio at 30.9 percent vs. 30.8 percent in Q4FY23.

The lender saw compression in net interest margin which dropped to 2.4 percent versus.2.8 percent in Q4FY23.

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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.

Read More - Quarterly Results of PSU Banks for Q4FY24

 

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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