Allahabad Bank posts Q4 net loss of Rs 581 cr

Public sector Allahabad Bank on May 13 reported a net loss of Rs 581.13 crore for the last quarter ended March 2016 as it substantially raised the amount towards bad loans provisioning in accordance with RBI's asset quality directives.

The Kolkata-headquartered lender had made a net profit of Rs 202.63 crore in the January-March quarter of 2014-15. The bank almost quadrupled the provisioning and contingencies amount to Rs 2,487.15 crore for the quarter ended March 2015-16, as against Rs 631.11 crore kept aside for the same period a year ago. 

Also, the total income of the bank fell to Rs 5,051.38 crore in the quarter to March 2015-16, from Rs 5,390.71 crore earned a year ago, it said in a regulatory filing. Bad loans problem also reflected on overall performance of the Bank, as it suffered a net loss of Rs 743.31 crore in 2015-16. 

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Union Bank of India Q4 profit falls 78.34% to Rs96.12 crore

Union Bank of India on Friday reported a 78.34% fall in net profit in the March quarter as it set apart more money to cover the risk of loan default and earned less interest and non-interest income.

The bank reported a profit of Rs.96.12 crore in the quarter, compared to Rs.443.77 crore a year ago.

Net interest income (NII), or the core income a bank earns by giving loans, fell 1.71% to Rs.2,084.69 crore from Rs.2,121.05 crore last year same quarter.

The bank benefited from a tax write-back of Rs.251.18 crore, which saved it from posting a net loss. In the year-ago quarter, it paid Rs.198.58 crore in tax.

Non-interest income fell 12.8% to Rs.996.39 crore from Rs.1,143.07 crore in the same period last year.

Gross non-performing assets (NPAs) rose 85.49% to Rs.24,170.89 crore at the end of the March quarter from Rs.13,030.87 crore a year ago. The bank reported gross NPA of Rs.18,495.16 a quarter ago.

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Central Bank of India posts Rs 898.04 crore loss in Q4

Central Bank of India on Friday reported a net loss of Rs.898.04 crore for the March quarter due to higher provisions for bad loans. The loss was restricted due to a tax write-back of Rs.1,448.86 crore in the quarter.

This was the second consecutive quarter that the bank has reported a net loss. In the third quarter, the bank had reported a loss of Rs.835.52 crore. The lender reported a profit of Rs.174.29 crore in the March 2015 quarter.

Gross non-performing assets (NPAs) surged to Rs.22,720.88 crore at the end of the March quarter from Rs.11,873.05 crore a year ago. The bank reported gross NPAs of Rs.17,563.83 in the December quarter.

Provisions and contingencies jumped to Rs.2,286.66 crore in the quarter from Rs.617.17 crore a year ago. For the December quarter the bank set aside Rs.1,499.05 crore as provisions against bad loans.

In December, the Reserve Bank of India (RBI) conducted an asset quality review across the banking sector, following which banks were asked to recognize visibly stressed assets as non-performing assets (NPAs).

RBI also asked banks to make adequate provisions for these stressed assets.

As a percentage of total loans, gross NPAs stood at 11.95% at the end of the March quarter as compared with 8.95% in the previous quarter and 6.09% in the year ago quarter.

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Bank of Maharashtra books Rs 120 cr loss in Q4

State-owned Bank of Maharashtra on May 12 posted a net loss of Rs 119.84 crore for the fourth quarter ended March 2016 due to rise in bad loans. 

The bank had a net profit of Rs 112.72 crore in the January-March quarter of 2014-15 fiscal, BoM said in a statement. 

Total income of the bank declined to Rs 3,566.68 crore in the January-March quarter, as against Rs 3,598.89 crore in the year-ago period. For the entire 2015-16, the bank's net profit slipped to Rs 100.69 crore, compared to Rs 450.69 crore in the previous fiscal.

However, the total income rose to Rs 14,072.27 crore from Rs 13,671.42 crore in 2014-l5. 

As far as asset quality of the bank is concerned, the gross NPAs as a percentage to total advances rose to 9.34 percent from 6.33 percent in the same quarter a year ago.

 Its net NPAs also increased to 6.35 percent, from 4.19 percent at the end of March 2015.

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Bank of Baroda posts Rs3,230.14 crore loss in Q4 on higher provisions

Bank of Baroda has reported a net loss of Rs 3230 crore in January-March quarter from Rs 598.3 crore in corresponding quarter last fiscal. 

During the quarter, its net interest income (NII) rose 5 percent at Rs 3330.4 crore against Rs 3171.7 crore year-on-year. However, the lender had a marginal rise in its gross non-performing asset (NPA), but paid a higher provision in Q4. 

Its provision in Q4FY16 increased to Rs 6858 crore compared to Rs 6164.5 crore on sequential basis and Rs 1817.5 crore YoY. According to a CNBC-TV18 poll, net profit was expected to be fall 50.6 percent at Rs 295.4 crore in January-March quarter and NII was seen falling 4.4 percent to Rs 3032.6 crore. 

In the quarter gone by its gross NPA was up 4.1 percent at 9.99 percent versus 9.68 percent while net NPA was down 11 percent at 5.06 percent versus 5.67 percent quarter-on-quarter. In absolute terms, gross NPA at Rs 40521 crore versus Rs 38934 crore while net NPA was at Rs 19406 crore in Q4FY16 verus Rs 21806 crore (QoQ).

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Kotak Mahindra Bank’s Q4 profit rises 32% to Rs696 crore

Kotak Mahindra Bank on Wednesday reported a 32% rise in net profit for the quarter ended 31 March on account of a rise in net interest income and a largely stable asset quality. Net profit rose to Rs.695.78 crore from Rs.527.14 crore a year ago. 

The bank said that results for the quarter and the fiscal year cannot be compared with previous periods because of the merger of ING Vysya Bank on 1 April 2015.

NII, or the difference between interest earned on loans and paid on deposits, for the quarter stood at Rs.1,857.24 crore, an increase of 65% from Rs.1,123.17 crore a year ago. The increase in NII was primarily due to the merger of ING Vysya Bank with Kotak Mahindra Bank, which became effective 1 April 2015.

NII rose 5.15% from Rs.1,766 crore in the preceding quarter.

Total advances as on 31 March rose 79% to Rs.1.19 trillion from Rs.66,161 crore a year ago. It rose by nearly 3% on a quarter-on-quarter basis. Uday Kotak, executive vice-chairman and managing director, said the lender is targeting 20% growth in advances for the current fiscal year and hopes to get the growth in both corporate and retail book.

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OBC posts net profit of Rs 21.62 cr in Q4

Public sector lender Oriental Bank of Commerce (OBC) today reported a profit of Rs 21.62 crore in March quarter as against a net loss of Rs 178.44 crore in the corresponding period of 2014-15, on the account of tax gain. 

Total income declined 4.68 percent to Rs 5,451.6 crore during the quarter from Rs 5,719.39 crore in the same period last year. 

The bank's provisioning for bad loans during the quarter under review stood at Rs 1,026.11 crore during the quarter, up from Rs 1,106.57 crore in the March quarter of the previous fiscal. 

The bank has reported a tax gain of Rs 169 crore for the quarter. However, its gross non-performing assets (NPA) of the bank as a percentage to total advances rose to 9.57 percent at the end of fourth quarter from 5.18 percent a year ago. 

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Indian Bank Q4 net profit tanks 59% to Rs 84 cr

Indian Bank has posted a 59 per cent drop in its net profit to Rs 84.5 crore for the quarter ended March, from Rs 206.1 crore in the corresponding quarter last year.

Total income increased to Rs 4,513.6 crore, from Rs 4,410.5 crore for the quarter ended March 31, 2015.

The bank’s gross non-performing assets (NPAs) rose to Rs 8,827 crore, from Rs 5,670.4 crore. In percentage terms, it rose to nearly 6.6 per cent, from 4.4 per cent a year ago. Net NPA rose to Rs 5,419.4 crore from Rs 3,146.9 crore. In percentage terms, it was increased to 4.20 per cent from 2.50 per cent.

"There are additional provisions. The slippage is Rs 3,368 crore from the previous year figure, which was around Rs 800-900 crore. Obviously there was provision. But the important factor is operating profit, which has increased from the previous year figure," said Mahesh Kumar Jain, managing director and chief executive of Indian Bank.

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