Bank of India(BoI) Q4 net profit rises 142.3%

Public sector lender Bank of India’s (BOI) net profit rose by 142.3 per cent to Rs 606 crore in Q4FY22, on improvement in net interest margins

It posted a net profit of Rs 250 crore in Q4FY21, the bank said in a statement.

For FY22, the net profit rose by 57.6 per cent to Rs 3,405 crore from Rs 2,160 crore in FY21.

The board recommended a dividend of Rs 2 per equity share (of face value of Rs 10) for 2021-22 subject to shareholders' nod. The bank's share was trading 2.48 per cent higher at Rs 47.6 per cent on BSE.

The Mumbai-based lender’s net interest income (NII) expanded by 35.77 per cent to Rs 3,986 crore in Q4FY22 from Rs 2,936 crore in Q4FY21. The net interest margin (NIM) improved to 2.58 per cent for Q4FY22 as against 2.01 per cent for Q4FY21.

Non-interest income declined from Rs 1,829 crore in Q4FY21 to Rs 1,587 crore in Q4FY22.

Advances increased by 11.35 per cent YoY to Rs 4.57 trillion as of March 2022. The retail, agriculture and MSME (RAM) loan portfolio increased 15.7 per cent YoY to Rs 2.16 trillion as of March 2022, BOI added.

The deposits rose by 0.12 per cent to Rs 6.27 trillion in March 2022. The share of low cost deposits – Current Account and Savings Account (CASA) – in domestic deposits stood at 45.02 per cent as at March 31, 2022, up from 41.27 per cent in March 2021.

The asset quality profile improved with Gross Non-Performing Assets (NPAs) declining to 9.98 per cent as at March 31, 2022 from 13.77 per cent in March 202. Its Net NPA stood at 2.34 per cent at end of March 2022 down from 3.35 per cent a year ago.

The provision coverage ratio (PCR) for bad loans improved to 87.76 per cent in March 2022 from 86.24 per cent a year ago.

The capital adequacy ratio of the Bank, as per Basel III, was 17.04 per cent as at March 31, 2022, up from 14.93 per cent a year ago.

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Central Bank of India reports ₹310 cr net profit in Q4FY22

 

Central Bank of India reported a standalone net profit of ₹310 crore in the fourth quarter against a net loss of ₹1,349 crore in the year-ago quarter.

The bottom line improved on the back of healthy growth in net interest income (NII), sharp decline in loan loss provisions and write-back in standard asset provisions.

The public sector bank reported a net profit of ₹1,045 crore in FY22 against a net loss of ₹888 crore in FY21.

In the reporting quarter, NII (difference between interest earned and interest expended) jumped 59 per cent year-on-year (yoy) to ₹2,416 crore (₹1,516 crore in the year-ago quarter).

Non-interest income, comprising fee-based income, trading income, recovery in written-off accounts, and others, declined about 26 per cent yoy to ₹632 crore (₹851 crore).

Provisions towards non-performing assets (NPAs) declined about 73 per cent yoy to ₹893 crore (₹3,259 crore). Write-back in standard asset provisions was at ₹293 crore.

Net interest margin improved to 3.26 per cent in the reporting quarter against 2.04 per cent in the year ago quarter.

Total advances up 7.23 per cent yoy

Gross NPAs declined to 14.84 per cent of gross advances as at March-end 2022 against 16.55 per cent as at March-end 2021. Net NPAs declined to 3.97 per cent of net NPAs against 5.77 per cent.

Total advances increased by 7.23 per cent yoy to stand at ₹1,89,712 crore as at March-end 2022. Within total advances, RAM (retail, agriculture and MSME) advances were up 5.90 per cent yoy and corporate advances rose 9.70 per cent.

Deposits were up 3.85 per cent yoy to stand at ₹3,42,692 crore as at March-end 2022. The proportion of low-cost current account, savings account (CASA) deposits increased to 50.58 per cent as at March-end 2022 against 49.24 per cent as at March-end 2021.

The Bank expects to grow its deposits and advances by 8-10 per cent and 10-12 per cent, respectively, in FY23. Further, it has set a target to bring down the percentage of global GNPAs and NNPAs to below 10 per cent and less than 3.50 per cent, respectively.

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UCO Bank Q4 results: Net profit jumps three-fold to Rs 312 cr

 

State-owned UCO Bank on Friday posted an over three-fold jump in net profit at Rs 312.18 crore for the quarter ended March 2022 as a fall in bad loans lowered the provisioning requirement.

The lender had posted a net profit of Rs 80 crore in the corresponding quarter a year ago.

Total income during the fourth quarter of 2021-22 was, however, down at Rs 4,362 crore, as against Rs 4,637 crore in the year-ago period, UCO Bank said in a regulatory filing.

For the full fiscal FY22, the bank's net profit grew more than five times to Rs 930 crore from Rs 167 crore in FY21.

Total income during the year was at Rs 18,082 crore, up from Rs 17,870 crore in the preceding fiscal.

The lender brought down its bad assets portion significantly as the gross non-performing assets (NPAs) came in at 7.89 per cent by end of March 2022, as against 9.59 per cent by end of March 2021.

Value-wise, the gross NPAs fell to Rs 10,237 crore from Rs 11,352 crore.

Similarly, the net NPAs were down at 2.70 per cent (Rs 3,316 crore) from 3.94 per cent (Rs 4,390 crore).

Thus, the provisioning for tax and other contingencies also fell to Rs 466 crore in Q4 FY22 from Rs 982 crore earlier.

Besides, the Kolkata-headquartered lender said it is holding Rs 4,707.36 crore provisions (including technical write-offs) -- 100 per cent of the requirement for accounts covered under the Insolvency and Bankruptcy Code (IBC).

On prudential framework of resolution of stressed assets, the bank holds additional provision of Rs 702.32 crore in nine accounts, it added.

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Union Bank of India Q4 Results: Firm reports 8% rise in net profit, proposes 19% dividend

  

State-owned Union Bank of India reported an 8.3% year-on-year (YoY) rise in net profit for the quarter ended March 31 backed by robust net interest income.

The net profit for the quarter stood at Rs 1,440 crore against Rs 1,330 crore in the year-ago period.

Net interest margin (NIM), a key profitability ratio, improved 37 basis points to 2.75% in the reporting quarter. Net interest income rose 25.3% at Rs 6,769 crore.

"We endeavour to maintain NIM at around 3%," managing director Rajkiran Rai said.The lender's operating profit rose 11.3% to 5530 crore. Total provision was 12.4% higher at Rs 4,081 crore.

Its asset quality improved with the gross non-performing assets ratio falling to 11.11% at the end of March as compared with 13.74% a year back. The net NPA ratio improved to 3.68% against 4.62%. The capital adequacy ratio stood at 14.52%.

The bank's advances grew 9.6% year-on-year to Rs 7.16 lakh crore while deposits rose 11.75% to Rs 10.3 lakh crore.

"Our guidance is to grow advances by 10-12% this year," Rai said. He said that a 50-100 basis point rise in rates would not impact long-term credit demand although corporates may look for alternate sources for short-term loans.

The bank has Rs 2700 crore exposure to the Future Group and Rs 2492 crore exposure to Srei. Rai said the risks are covered by 58% provision and 86% provision respectively.

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SBI net profit rises 41% in Q4 ,misses estimate

 

State Bank  of India on May 13 reported a 41 percent year-on-year rise in net profit at Rs 9,113.5 crore for the quarter ended March 2022 (Q4FY22), which was below Street's estimate of Rs 9,927.6 crore.

SBI's net profit for Q4FY22 was its highest ever but it still underwhelmed the Street as expectations were on the higher side. The bank's shares slipped a little over 1 percent in response to the quarterly results.

The net profit growth was on the back of a 15.3 percent growth in net interest income which stood at Rs 31,198 crore. This too was lower marginally versus analysts' expectations of Rs 31,570 crore.

Non-interest income disappointed, slipping 27 percent year-on-year. But on a sequential basis, non-interest income jumped 37 percent while NII growth was a mere 1.6 percent.

The lender's operating profit was flat year-on-year and showed modest growth of 6.4 percent sequentially. This could be attributed to an increase in operating costs for the bank. The lender expects to reduce some of its costs in the coming quarter, chairman Dinesh Khara said in a press meet post the release of the results.

Notwithstanding the modest operating metrics, the bank's loan book grew at a decent 11 percent. Khara said that the loan book growth is broad based with both retail and corporate showing strong growth. "We should continue to see the loan growth we have seen in the past both in retail and corporate," he said. SBI's retail loan book growth continued to outpace that of its corporate loan book. Retail loans showed a growth of 15.11 percent, driven by home loans while corporate loans showed a growth of 6.3 percent from the year-ago period.

Even as the bank reported an improvement in loan growth, SBI's strong point was its asset quality in Q4FY22.

The lender continued to see sequential improvement in asset quality as the gross non-performing assets ratio declined to 3.97 percent from 4.5 percent in the previous quarter. Similarly, the bank's net NPA ratio fell to 1.02 percent in the reported quarter from 1.34 percent in the previous quarter.

What's more is that fresh slippages were just Rs 2,845 crore for the quarter, down by 12.4 percent from the year-ago period. The bank had guided for the slippage ratio to be brought down to 2 percent and Khara indicated that this would be achieved easily.

When asked about the bank's exposure to troubled accounts such as Future Group, Khara said that all stressed exposures have been adequately provided for. He refrained from detailing the extent of SBI's exposure to troubled accounts.

SBI's restructured loan accounts were roughly Rs 30,000 crore or 1.1 percent of its total loan book. The book is fully provided for, the bank said.

Given the reduced stress, the bank's provisions for the quarter fell 67 percent year-on-year, another boost for profits.

The lender's board also recommended a dividend of Rs 7.1 per share for the financial year ended March 31, 2022.

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Punjab National Bank(PNB) Q4 Net profit declines 66%

  

Punjab National Bank (PNB) reported a 66 percent decline in standalone net profit at Rs 202 crore for the fourth quarter of financial year 2021-22 on higher amounts parked towards provisioning, even as its NPA levels declined.

The PNB reported a net profit of Rs 586 crore in the corresponding quarter a year ago. The total standalone income during the January-March quarter stood at Rs 21,095 crore, down from Rs 21,386 crore in the corresponding period last year.

For the entire fiscal 2021-22, the bank's standalone net profit rose to Rs 3,456.96 crore, compared to Rs 2,021.62 crore in FY21, according to a regulatory filing by PNB to the stock exchanges.

The asset quality of the lender improved, with the gross non-performing assets (GNPAs) dropping to 11.78 percent of the gross advances as of March 2022, from 14.12 percent a year ago. PNB's net non-performing assets (NPAs) or bad loans also declined to 4.8 percent from 5.73 percent

The lender kept a higher provision for bad loans and contingencies for the January-March quarter at Rs 4,851.47 crore, compared to Rs 3,540.32 crore earlier.

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RBL Bank reports net profit of Rs 197.8 crore in Q4 as asset quality improves

 

Private sector lender RBL Bank on Thursday reported a net profit of Rs 197.8 crore for the fourth quarter ended March 31, 2022.

In the corresponding quarter last year, the bank posted a net profit of Rs 75.3 crore. CNBC-TV18 Polls had predicted a profit of Rs 218.1 crore for the quarter under review. 

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, grew 24.9 percent YoY to Rs 1,131.4 crore against Rs 906 crore in the same period previous fiscal.

Gross NPA stood at 4.40 percent in the March quarter against 4.84 percent in the December quarter. Net NPA came at 1.34 percent against 1.95 percent quarter-on-quarter.

In monetary terms, gross NPA stood at Rs 2,728.4 crore against Rs 2,901.9 crore quarter-on-quarter (QoQ), whereas Net NPA came at Rs 806.6 crore against Rs 1,075.5 crore (QoQ).

During the quarter, the bank earned an operating profit of Rs 657 crore and for FY22, it was Rs 2,745 crore. The Provision Coverage Ratio improved 750bps sequentially to 70.4 percent against 62.9 percent as of December 31, 2021.

Commenting on the performance, Rajeev Ahuja, MD and CEO (interim), RBL Bank, said, \"This quarter has been one of stable business performance and we continued to improve in both profitability and asset quality

"We are entering the new fiscal with a relatively clean slate on asset quality, remain well capitalised and our business operating rhythm holds us in good stead to grow meaningfully in our chosen segments with improved profitability metrics,\" he added.

As of March 31, 2022, the bank has 502 bank branches and 1,418 business correspondent branches, of which 289 are banking outlets

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IDBI Bank Q4 net profit rises 35%

IDBI Bank on Monday posted 35 per cent rise in net profit at Rs 691 crore for the quarter ended March 2022 due to fall in bad loan provisions as NPA came down.The bank had posted a net profit of Rs 512 crore for the same quarter of 2020-21.

Total income during January-March period of 2021-22, however, was lower at Rs 5,444.08 crore from Rs 6,894.86 crore in the year-ago period, IDBI Bank said in a regulatory filing.

The bank's core interest income during the period was down at Rs 4,599.67 crore as against Rs 5,781.48 crore a year ago. Income from other sources was also lower at Rs 844 crore from Rs 1,113 crore.

The proportion of gross bad loans or non-performing assets (NPAs) of the bank fell to 19.14 per cent of gross loans at March-end 2022 as against 22.37 per cent by March 2021.

In value terms, gross NPAs stood at Rs 34,115 crore as against Rs 36,212 crore.

Likewise, net NPAs came down to 1.27 per cent (Rs 1,856 crore) from 1.97 per cent (Rs 2,519 crore).

Thus, provisions for bad loans and contingencies for the quarter were trimmed to Rs 669.23 crore as against Rs 2,393.36 crore parked aside by the bank for March quarter of 2020-21.

Of this, provisions for bad loans stood at Rs 300.61 crore, as against Rs 1,119.65 crore

For the full year, the bank's net profit grew 79 per cent to Rs 2,439 crore from Rs 1,359 crore in 2020-21.

Total income during the year was down at Rs 22,985 crore from Rs 24,497 crore mainly on account of fall in interest income as well as those from other sources.

The bank said its gross advances stood at Rs 1,78,207 crore by March 31, 2022, registering a yearly growth of 10.07 per cent.

IDBI Bank said during March quarter of previous fiscal year, it had received interest of Rs 1,313 crore on income tax refund.

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Canara Bank Q4 Net profit more than doubles

 

Canara Bank on Friday reported a 65 percent jump in its standalone net profit at Rs 1,666.22 crore for the quarter ended March 2022.

The Bengaluru-headquartered bank had posted a net profit of Rs 1,010.87 crore in the same quarter a year ago.

Total income of the bank in the January-March period of 2021-22 rose to Rs 22,323.11 crore, from Rs 21,040.63 crore in the same period of 2020-21, Canara Bank said in a regulatory filing.

On the asset quality front, the bank's gross non-performing assets (NPAs) or bad loans fell to 7.51 percent of the gross advances at the end of March 2022, as against 8.93 percent at the end of March 2021.

In value terms, the gross NPAs were worth Rs 55,651.58 crore, down from Rs 60,287.84 crore.

Net NPAs also got better at 2.65 percent (Rs 18,668.02 crore) in the quarter under review, from 3.82 percent (Rs 24,442.07 crore).

Provisions and contingencies for the quarter were higher at Rs 3,708.68 crore, as against Rs 3,652.18 crore put aside for the year-ago period. Of this, the provision for bad loans stood at Rs 2,129.73 crore for Q4FY22.

For full-year FY22, the bank reported a more than doubling of its standalone net profit at Rs 5,678.42 crore, as against Rs 2,557.58 crore in FY21.

Total income during the year grew to Rs 85,907.15 crore, from Rs 84,204.78 crore.

The board of the bank has recommended a dividend of Rs 6.50 per equity share for the year 2021-22, the lender said. It is subject to the approval of shareholders at the bank's ensuing annual general meeting.

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Bank of Maharashtra Q4 profit increase two fold

 

 Bank of Maharashtra on Thursday reported an over two-fold increase in its consolidated net profit at Rs 355 crore in the quarter ended March, helped by a fall in the bad loan proportions, thus requiring lesser provisioning.

The Pune-based lender had posted a net profit of Rs 165.23 crore in the year-ago period.

Total income of the bank, however, was down at Rs 3,948.48 crore in the January-March quarter of 2021-22, as against Rs 4,334.98 crore in the same quarter of 2020-21, Bank of Maharashtra said in a regulatory filing.

For the full year 2021-22, the bank's consolidated net profit doubled to Rs 1,151.64 crore, as against Rs 551.41 crore in 2020-21.

Total income was higher at Rs 15,672.17 crore during the year, from Rs 14,497.56 crore in the previous fiscal 2020-21.

Bank's provisioning for bad loans and contingencies for Q4FY22 came down to Rs 365.38 crore, from Rs 1,341.26 crore parked aside in the year-ago period.

On the asset quality, there was a significant improvement with Gross Non-Performing Assets (NPAs) falling to 3.94 per cent of the gross advances as of March 31, 2022 from 7.23 per cent by March end 2021.

Net NPAs or bad loans shrank to 0.97 per cent as against 2.48 per cent.

In value terms, the gross NPAs were worth Rs 5,327.21 crore, down from Rs 7,779.68 crore. Net NPAs were of the value of Rs 1,276.57 crore, down from Rs 2,544.32 crore.

The consolidated financial results of the bank include results of the holding company --Bank of Maharashtra, subsidiary company The Maharashtra Executor and Trustee Company Pvt Ltd and the associate company Maharashtra Gramin Bank.

Provision coverage ratio of the bank stood at 94.79 per cent as of March 31, 2022.

The lender said that with effect from assessment year 2021-22, it has opted for the new regime of tax under Income Tax Act, 1961.

"Consequently, during the current year, the bank has remeasured its deferred tax assets and deferred tax liabilities as on December 31, 2021 and reversed the amount of Rs 716.87 crore by debiting from profit and loss account," it said.

The board members of the bank also approved raising of Rs 5,000 crore capital through follow-on public offer, rights issue, qualified institutional placement, preferential issue or any other mode or combination thereof or through issue of Basel III compliant bonds or any other such securities.

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ICICI Bank Q4 profit surges 59.4% YoY, beats estimate

ICICI Bank on Saturday reported a standalone net profit of Rs 7,018.71 crore in the fourth quarter of the previous financial year, up 59.42 per cent from Rs 4,402.61 crore the same period a year ago.

Sequentially, the net profit rose 13.32 per cent from Rs 6,193.81 crore.

Analysts had estimated 45-65 per cent growth in year-on-year net profit for the private lender in January-March.

India’s second largest private bank‘s net interest income registered a 21 per cent on-year rise to Rs 12,605 crore in Jan-Mar from Rs 10,431 crore a year ago.

The net interest income is the difference between interest earned and interest expended. In the fourth quarter of the previous year, the private bank’s net interest margin was at 4 per cent compared to 3.84 per cent a year ago and 3.96 per cent in the quarter ended December 31.

The growth in net interest income falls short of Street estimates as analysts had projected a 22-27 per cent growth in net interest income (NII) while they estimate profit growth in the range of 46-65 per cent YoY.

For the previous financial year as a whole, ICICI Bank’s profit after tax grew 44 per cent on-year to Rs 23,339 crore.

The private bank reported an improvement in asset quality in the quarter gone by with ratios for both gross and net non-performing assets declining on a year-on-year as well as sequential basis.

As on March 31, the bank’s gross NPA ratio was at 3.60 per cent as against 4.13 per cent a quarter ago and 4.96 per cent a year ago.

The net NPA ratio was at 0.76 per cent as on March 31 versus 0.85 per cent on December 31 and 1.14 per cent a year ago.

As on March 31, the bank’s Basel III Capital Adequacy Ratio stood at 19.16 per cent as against 17.91 per cent a quarter ago and 19.12 per cent a year ago.

Provision coverage ratio on non-performing assets was 79.2 per cent at March 31, 2022.

“Recoveries and upgrades of NPAs, excluding write-offs and sale increased to 4,693 crore (US$ 619 million) in Q4-2022 from 4,209 crore (US$ 555 million) in Q3-2022. The gross NPAs written-off in Q4-2022 were Rs 2,644 crore (US$ 349 million),” the bank said in an exchange filing.

As on March 31, ICICI Bank’s total advances registered a growth of 17 per cent year-on-year to Rs 859,020 crore. Sequentially, the

growth in domestic advances was 6 per cent.

For the period under review, ICICI Bank’s retail loan portfolio excluding rural loans grew 20 per cent on-year and 6 per cent sequentially, comprising 52.8 per cent of the total loan portfolio as on March 31.

The business banking portfolio grew by 43 per cent year-on-year and 10 per cent sequentially as on March 31, the bank informed exchanges.

The small and medium enterprises business, which comprises borrowers with a turnover of less than Rs 250 crore, grew 34 per cent on-year and 11 per cent quarter-on-quarter.

The SME business, comprising borrowers with a turnover of less than Rs 250 crore (US$ 33 million), grew by 34% year-on-year and 11% sequentially at March 31, 2022.

Growth in the domestic wholesale banking portfolio was 10 per cent year-on-year at March 31, 2022.

As on March 31, ICICI Bank’s total deposits grew 14 per cent year-on-year to Rs 1,064,572 crore. The sequential growth in deposits was 5 per cent.

Average current account savings account deposits increased 23 per cent on-year in January-March.

Total term deposits increased by 9 per cent year-on-year to Rs 546,135 crore (US$ 72.1 billion) at March 31, 2022.

For the quarter under review, ICICI Bank’s provisions excluding provision for tax declined by a large 63 per cent on-year to Rs 1,069

crore from Rs 2,883 crore the same time a year ago.

The provisions for the fourth quarter of the previous financial year included contingency provision of Rs 1,025 crore made on a

prudent basis, the bank informed exchanges.

“The bank continues to carry Covid-19 related provision of Rs 6,425 crore (US$ 848 million) at March 31, 2022 as contingency provisions at March 31, 2022," the bank said.

“Currently, while the number of new Covid-19 cases have reduced significantly and the Government of India has withdrawn most of the Covid-19 related restrictions, the future trajectory of the pandemic may have an impact on the results of the Bank and the Group.”

In the last quarter of 2021-22 (Apr-Mar), ICICI Bank’s profit before tax registered a growth of 63 per cent year-on-year to Rs 9,224

crore from Rs 5,657 crore the same time a year ago.

The bank’s board has recommended a dividend of Rs 5 per share and the record/book closure dates will be announced in due course, according to the exchange filing.

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Bandhan Bank Q4 update: Total advances up 16%, deposits rise 24%

 

Private sector lender Bandhan Bank on Tuesday said its loans and advances grew 16 per cent year-on-year (YoY) to Rs 1,01,359 crore at the end of January-March quarter of financial year 2021-22.

 

Sequentially, loans and advances rose 15 per cent from Rs 87,998 crore as of December 31, 2021.

 

Total deposits grew 24 per cent YoY and 14 per cent quarter-on-quarter (QoQ) to Rs 96,331 crore, while current account and saving account (CASA) deposits rose 18 per cent YoY and 4 per cent QoQ to Rs 40,072 crore.

 

However, CASA ratio declined to 41.6 per cent from 43.4 per cent a year ago and 45.6 per cent at the end of preceding December quarter.

 

The share of retail to total deposits stood at 77 per cent as against 79 per cent a year ago and 85 per cent a quarter ago.

 

Bandhan Bank said its collection efficiency was at about 96 per cent during March 2022, while liquidity coverage ratio (LCR) was at about 129 per cent as of March 31, 2022.

 

The bank had reported a 35.7 per cent YoY increase in its net profit at Rs 859 crore for October-December quarter, while its net interest income (NII) grew 2.6 per cent to Rs 2,124.7 crore.

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HDFC Bank Q4 net profit jumps 23% YoY

HDFC Bank, the largest private sector lender in India, on April 16 reported a 23 percent year-on-year (YoY) growth in standalone net profit at Rs 10,055.2 crore for the quarter ended March 2022 as bad loans provisions declined 29 percent, with further improvement in asset quality. A year back, the standalone profit stood at Rs 8,186.51 crore.

Net interest income (NII), the difference between interest earned and interest expended, increased 10.2 percent YoY to Rs 18,872.7 crore in Q4, with credit growth of nearly 21 percent and 16.8 percent growth in deposits YoY. "Core net interest margin was at 4 percent on total assets, and 4.2 percent based on interest-earning assets, said the bank in its BSE filing on April 16.

HDFC Bank further said its advances grew by 20.8 percent YoY to Rs 13.69 lakh crore in the fourth quarter of FY22, with growth in retail loan book at 15 percent, commercial and rural banking loans at 30.5 percent, and corporate and other wholesale loans at 17.5 percent over the corresponding period last fiscal.

The bank recorded a 16.8 percent YoY growth in deposits at Rs 15.59 lakh crore as of March 2022, with retail deposits rising 18.5 percent, and wholesale deposits scaling 10 percent on-year.

The share of Current Account Savings Accounts (CASA) deposits stood at Rs 7.51 lakh crore as of March 2022, a growth of around 22 percent YoY, while the ratio of CASA deposits increased to 48 percent in the March 2022 quarter, compared to 46.1 percent in the corresponding period last fiscal, the bank said.

Provisions and contingencies fell sharply to Rs 3,312.4 crore at the end of the March 2022 quarter, down 29.4 percent compared to the year-ago period, but the same increased 10.6 percent on a sequential basis.

Total provisions for March 2022 quarter included contingent provisions of approximately Rs 1,000 crore, said the bank, adding the floating provisions were Rs 1,451 crore and contingent provisions at Rs 9,685 crore as of March 2022.

Asset quality improved further with the gross non-performing assets (as a percentage of gross advances) falling 9 bps QoQ to 1.17 percent and net NPAs (as a percentage of net advances) declining 5 bps sequentially to 0.32 percent at the end of the March quarter.

Non-interest income (or other income) grew by around half a percent to Rs 7,637 crore in Q4FY22 as there was a loss on sale or revaluation of investments during the quarter at Rs 40.3 crore (against income of Rs 655.1 crore in the same period last year, said the bank.

The fees and commissions segment, which contributed 74 percent to other income, grew by 12 percent to Rs 5,630.3 crore in the same period.

Pre-provision operating profit (PPoP) at Rs 16,357 crore registered a 5.3 percent YoY growth compared to the corresponding quarter of last fiscal as operating expenses increased by 10.6 percent YoY.

The bank said its total capital adequacy ratio (CAR) stood at 18.9 percent as of March 2022, up from 18.8 percent as of the same period last year, with Tier-I CAR at 17.9 percent increasing by 30 bps YoY.

During the quarter ended March 2022, the bank purchased loans aggregating Rs 8,117 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation (HDFC).

For the full financial year 2021-22, the bank reported a profit of Rs 36,961.3 crore, a growth of 18.8 percent over the previous year, and net interest income at Rs 72,009.6 crore - up 11 percent during the same period.

On April 4 this year, the board of directors approved the merger of HDFC with HDFC Bank. The combined entity in terms of market capitalisation would be the third-largest in India, which is subject to several requisite approvals, including that from the Reserve Bank of India, Competition Commission of India, National Housing Bank, and Insurance Regulatory and Development Authority of India. HDFC shareholders will get 42 equity shares of HDFC Bank for every 25 shares held by them.

The private sector lender added 563 branches during the March quarter, taking the network to 6,342 units as of the end of FY22.

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