Syndicate Bank Q4 loss at Rs 2158 cr, provisions jump 3-fold

Public sector lender Syndicate Bank has posted a loss of Rs 2,158.2 crore in January-March quarter against profit of Rs 416.92 crore in year-ago period, hit by sharp increase in provisions and exceptional loss.

The stock rallied more than 8 percent intra day after the bank said balance sheet has been cleaned up. Net interest income, the difference between interest earned and interest expended, grew by 2.7 percent to Rs 1,461.82 crore in Q4 compared to Rs 1,423.05 crore in corresponding quarter of last fiscal. 

"Global net interest margin declined to 2.14 percent in Q4 compared to 2.29 percent in year-ago period and domestic net interest margin fell to 2.5 percent from 2.6 percent in same period," the bank said. 

Provisions increased significantly by 237.2 percent year-on-year and 175.6 percent quarter-on-quarter to Rs 2,411.83 crore in quarter gone by. Syndicate Bank said exceptional loss of Rs 882.65 crore was on account of major fraud discovered at three branches of the bank in Jaipur region. 

Other income (non-interest income) rose 6 percent to Rs 842.28 crore while operating profit declined 15.5 percent to Rs 1,015.35 crore compared to same quarter last fiscal. 

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PNB reports Q4 loss of Rs 5,367 crore, biggest in Indian banking history

State-run Punjab National Bank (PNB) has posted net loss of Rs 5,367.14 crore in January-March quarter, which is the highest ever loss reported by an Indian Bank, against profit of Rs 306.56 crore in year-ago period. 

Sharp surge in provisions and weak asset quality hit profitability despite higher other income and big tax write-back. A 4.6 percent intraday rally in the stock could be on the view that the worst in terms of bad asset quality may be over for the time being. 

Net interest income, the difference between interest earned and interest expended, plunged 27 percent to Rs 2,767.7 crore while other income (non-interest income) grew sharply by 35.8 percent to Rs 2,452.16 crore compared to corresponding period of last fiscal. Operating profit saw marginal increase at Rs 3,227.85 crore during the quarter compared to Rs 3,202.7 crore in same period last fiscal. 

The country's second largest public sector lender disappointed on earnings front. Loss was expected at Rs 53 crore and net interest income was estimated at Rs 4,177 crore for the quarter, according to CNBC-TV18's consensus estimates. 

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Corporation Bank posts Rs 511 crore loss for Q4 as bad loans rise

State-owned Corporation Bank on Wednesday posted a net loss of Rs.510.9 crore for the last quarter of 2015-16 fiscal due to rise in provisions for bad loans. The bank had a net profit of Rs.45 crore in the January-March quarter of 2014-15, Corporation Bank said in a statement.

The bank’s provision during the quarter doubled to Rs.1,960.20 crore as against Rs.926.49 crore in the same period a year ago. Total income of the bank declined to Rs.5,218.62 crore in the January-March quarter, as against Rs.5,385.28 crore in the year-ago period.

For the entire 2015-16, the bank recorded a loss of Rs.506.48 crore, compared to Rs. 584.25 crore profit in the previous fiscal. However, total income rose to Rs.21,146.39 crore in the last financial year from Rs.21,038.09 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 9.98% from 4.81% in the same quarter a year ago. Its net NPAs also increased to 6.53%, from 3.08% at the end of March 2015

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United Bank of India faces Rs 413 crore loss in Q4

Higher non-performing assets and provisioning pulled Kolkata-based United Bank of India into red, as the bank posted a net loss of about Rs 413.04 crore for Q4 of FY16, against a profit of around Rs 105.52 crore in the same period last year. Notably, in Q3 of the present financial year, the bank had posted a net profit of Rs 17 crore.

The bank's non performing assets (NPA) rose sharply in the last quarter. The bank's net NPA in the last quarter was 9.04 per cent (6.22 per cent in Q3 of FY15) while the gross NPA was 13.26 per cent ((9.49 per cent in Q4FY15).

The bank said the higher NPAs were largely on account of asset quality review, as advised by RBI, along with economic slowdown during the quarter.

The provisions against NPA loans went up from about Rs 100 crore as on 31 March 2015 to about Rs 925 crore as on 31 March 2016. The total provisions (other than tax) and contingencies of the bank in Q4 of FY16 stood at Rs 1173 crore, against about Rs 676 crore in the corresponding period last year.

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Dena Bank posts Rs 326 cr loss as bad loans provision rise 200%

State-run Dena Bank on May 16 reported a net loss of Rs 326.39 crore in the quarter to March due to increase in provisions for bad loans which soared 200 percent to Rs 1,094 crore. 

The bank had reported a net profit of Rs 55.82 crore in the same period last year. In the December quarter, the mid-sized lender had reported a net loss of Rs 662.85 crore. "Losses are mainly due to increase in the provisions for NPAs on account of asset quality review and fresh slippages," bank's chairman and managing director Ashwani Kumar told reporters here today. 

Provisions for NPAs rose 200 percent to Rs 1,094.24 crore from Rs 365.93 crore in the year-ago quarter, while total provisions stood at Rs 560.08 crore as against Rs 321.98 crore. 

For the full year, the bank reported a net loss of Rs 935.32 crore as against a net profit of Rs 265.48. The bank's net interest margins slipped to 2.12 percent from 2.22 percent.

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Vijaya Bank Q4 Net Profit Falls 26% To Rs 71 Crore

State-owned Vijaya Bank on Thursday reported a 26 per cent decline in net profit to Rs 71.31 crore for the March quarter.

The bank had a net profit of Rs 96.80 crore in the January-March quarter of 2014-15 fiscal, Vijaya Bank said in a BSE filing.

Total income of the bank declined to Rs 3,228.48 crore in the January-March quarter of the 2015-16 fiscal as against Rs 3,408.12 crore in the year-ago period.

For entire 2015-16 fiscal, the bank's net profit slipped to Rs 381.80 crore compared with Rs 439.41 crore in the previous fiscal.

The total income also declined to Rs 12,957.44 crore during the fiscal from Rs 13,152.49 crore in 2014-l5.

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UCO Bank posts Rs 1,715 crore in Q4 loss as bad loans surge

UCO Bank on Friday reported a net loss of Rs.1,715.16 crore for the March quarter due to high provisions and low net interest income and other income.

This was the second consecutive quarter when the bank reported a net loss. The bank reported a profit of Rs.209.28 crore a year ago.

Net interest income (NII), or the core income a bank earns by giving loans, fell 26.85% to Rs.933.11 crore from Rs.1,275.67 crore in the same quarter last year. Non-interest income fell 41.47% to Rs.387.80 crore from Rs.662.55 crore in the same period last year.

Gross non-performing assets (NPAs) rose 103.68% to Rs.20,907.73 crore at the end of the March quarter from Rs.10,265.05 crore a year ago. The bank reported gross NPAs of Rs.14,931.80 a quarter ago.

Provisions and contingencies jumped 142.14% to Rs.2,344.80 crore in the quarter, from Rs.968.38 crore a year ago. In the December quarter, the bank reported provisions of Rs.2,360.84 crore.

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Punjab & Sind Bank logs Rs 98 cr profit in Q4

State-run Punjab & Sind Bank today reported a profit of Rs 98.12 crore for the March quarter despite increase in bad loans.

The bank had posted a loss of Rs 70.24 crore during the corresponding quarter of the previous fiscal.

Total income during the quarter rose to Rs 2,302.27 crore as against Rs 2,234.90 crore in the year-ago period.
Gross NPAs as a percentage of total advances surged to 6.48 per cent from 4.76 per cent a year ago.

The bank's net NPAs increased to 4.62 per cent compared with 3.55 per cent at the end of March 2015.

The bank, meanwhile, has recommended a dividend of Rs 1.65 per unit for 2015-16.

For entire fiscal, the bank's net profit rose threefold to Rs 336 crore compared with Rs 121 crore in the previous year.

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