Punjab National Bank(PNB) Q4 Net profit zooms 160%

Punjab National Bank on May 9 reported a 160 percent surge in its net profit to Rs 3,010.27 crore in the fourth quarter of the financial year 2023-24.

On a sequential basis, the state-run lender's net profit zoomed 35 percent.

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In the reporting quarter, the bank's gross non-performing assets (NPA) ratio stood at 5.73 percent, as against 6.24 percent a quarter ago, and 8.74 percent last year.

Its net NPA stood at 0.73 percent as on March 31, 2024, as against 0.96 percent in the previous quarter and 2.72 percent in the year-ago period.

In absolute terms, gross NPA declined by Rs 20,985 crore to Rs 56,343 crore as on March 2024 from Rs 77,328 crore as on March 2023. Net NPA declined by Rs 15,786 crore from March 2023 to Rs 6,799 crore as on March 2024.

Provision Coverage Ratio (including TWO) improved by 849 basis points (bps) on-year to 95.39 percent as on March 2024. Provision Coverage Ratio (Excluding TWO) improved by 171 bps to 87.9 percent from 70.8 percent in March 2023.

Slippage ratio improved on-year by 159 bps to 0.72 percent in FY24 from 2.31 percent in FY23.

Savings Deposits increased to Rs 4.80 lakh crore registering a on-year growth of 3.5 percent. Current Deposits grew by Rs 3,565 crore as on March 2024 to Rs 72,201 crore on Quarter-on-Quarter basis.

CASA Deposits increased to Rs 5.53 lakh crore recording a on-year growth of 2.7 percent.

Total Retail credit increased by 12.6 percent to Rs 2.23 lakh crore in March 2024.

The bank grew impressively under Core Retail recording a on-year growth of 15.2 percent.

Within Core Retail Credit, Housing Loan grew by 14.5 percent to Rs 93,694 crore, vehicle loan posted a growth of 25.6 percent to reach Rs 20,692 crore, and personal loan increased by 14.4 percent to Rs 20,766 crore.

Agriculture Advances grew by 11.3 percent on-year to Rs 1.58 lakh crore and MSME Advances increased on-year by 7.0 percent to Rs 1.39 lakh crore in March 2024.

Domestic Net Interest Margin stands at 3.25 percent in Q4 FY24.

Global Yield on Advances improved on-year by 50 bps to 8.44 percent in Q4 FY24 and by 112 bps to 8.28 percent in FY24.

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State Bank of India(SBI) Q4 net profit rises 24%

State Bank of India (SBI), the country’s largest lender, on May 9 reported 24 percent rise in net profit at Rs 20,698 crore for the quarter ended March 31, 2024, aided by strong loan demand. SBI reported net profit of Rs 16,695 crore in the year-ago period.

The profit surpassed estimates of Rs 13,400 crore by analysts.

The public lender declared dividend of Rs 13.7o per share for FY24.

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At 1410 hours on May 9, SBI's shares were trading nearly 3 percent higher at Rs 834.40 apiece.

The bank's asset quality improved in March quarter. The gross non-performing asset (GNPA) of SBI came in at 2.24 percent as against 2.78 percent last year, while net NPA came in at 0.57 percent compared to 0.67 percent last year.

SBI loan growth remained strong in the March quarter and it clocked one of the best growth in over eight quarters. The bank also saw an impressive 36-quarter low in terms of ratio between gross and net NPAs.

SBI's interest earned grew 19 percent to Rs 1.11 lakh crore in the reported quarter as against Rs 92,951 crore a year ago.

"Credit growth is at 15.24 percent YoY with domestic advances growing by 16.26 percent YoY. Corporate advances and agri advances cross Rs 11 lakh crore and Rs 3 lakh crore, respectively," said SBI in a stock exchange filing.

In Q4FY24, total income rose to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the year-ago period, while operating expenses grew at a relatively slower rate at Rs 30,276 crore from the year-ago period's Rs 29,732 crore.

The overall provisions nearly halved to Rs 1,609 crore from Rs 3,315 crore in the year-ago period.

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Canara Bank Q4 net profit rises 18.4%, asset quality improves; declares declared

Public sector lender Canara Bank on Wednesday reported its March 2024 quarter net profit at ₹3,757 crore, up 18% year-on-year (YoY). The figure was in line with CNBC-TV18's estimate of ₹3,753.6 crore. The same was ₹3,174.7 crore in the same quarter last year.

The bank's net interest income (NII), the difference between interest earned and interest expended, grew 11% YoY to ₹9,580 crore for the reporting quarter. It was ₹8,616.8 crore in the corresponding quarter of last year.

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Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 4.23% in the quarter under review, as against 4.39% in a quarter ago period, and 5.35% in a year ago period.

The lender's net NPA ratio stood at 1.27% as on March 31, 2024, compared to 1.32% in the last quarter and 1.73% in a year-ago period.

The provision coverage ratio (PCR) stood at 89.10% as of March 2024 as against 89.01% as of December 2023, 87.31% as of March 2023.

Canara Bank's loan growth was weak. Its guidance for loan growth is weaker for FY25 as against FY24 loan growth.

FY25 guidance:

Deposit growth of 10% (11.3% in FY24)

Advances growth of 10% (11.34% in FY24)

CASA ratio at 33% vs 32.29% in FY24

NIM at 2.9% vs 3.05% in FY24

GNPA ratio at 3.5% vs 4.23% in FY24

NNPA ratio at 1.1% vs 1.27% in FY24

Slippage ratio at 1.3% vs 1.28% in FY24

Credit cost at 1.1% vs 0.96% in FY24

ROA at 1% vs 1.01% in FY24

ROE at 18% vs 22.06% in FY24

The bank has also recommended a dividend of ₹16.10 per equity share of face value of ₹10 each to the shareholders for the year 2023-24.

Record Date for payment of dividend will be Monday, June 17, 2024, the bank said.

This will result in a dividend payout of 161%, the lender said in a regulatory filing.

The dividend will be subject to the approval of shareholders at the ensuing Annual General Meeting of the bank.

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Indian Bank Q4 Net profit jumps 55%

Public sector lender Indian Bank reported a 55 per cent jump in net profit at Rs 2,247 crore in March quarter of 2023-24.

The bank had a net profit of Rs 1,447 crore in March quarter of the preceding fiscal.

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Total income increased to Rs 16,887 crore in March quarter of FY24, from Rs 14,238 crore in the fourth quarter of FY23.

Net Interest Income (NII) increased by 9 per cent YoY to Rs 6,015 crore in March quarter of FY24, from Rs 5,508 crore in March quarter of FY23.

For full 2023-24 fiscal, net profit went up by 53 per cent YoY to Rs 8,063 crore, from Rs 5,282 crore in FY23.

Total income for FY24 increased to Rs 63,482 crore, from Rs 52,085 crore in FY23.

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IDBI Bank's Q4 net profit surge 44%

IDBI Bank on Saturday posted a 44% increase in net profit at Rs 1,628 crore in Q4 of the financial year 2023-24 against Rs 1,133 crore in the same period a year ago.

The private lender's total income increased to Rs 7,887 crore from from Rs 7,014 crore in this period of the fiscal year 2022-23.

In 2022-23, its profit was at Rs 3,645 crore. Total income for fiscal year 2023-24 was at Rs 30,037 crore, up from Rs 24,942 crore in financial year 2022-23.

Net Interest Income of the bank increased by 12% in the March quarter to Rs 3,688 crore, as against Rs 3,280 crore in the fourth quarter of 2022-23.

Net non-performing assets (NPA) ratio was at 0.34 per cent as on March 31, 2024, against 0.92 which was a year ago.

The board of IDBI Bank following the announcement of the quarterly proposed a dividend of 15% subject to shareholders' approval.

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UCO Bank Q4 Standalone net profit down 9.5%

UCO Bank on Monday said that its board has approved the issuance of fresh equity shares with a face value of Rs 4,000 crore in the current fiscal year.

The Kolkata-based bank also reported a standalone net profit of Rs 525.77 crore for the fourth quarter ended March 2024, a decrease of 9.5 per cent compared to the corresponding period last year.

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Subject to shareholder approval, the lender will explore various methods like QIP (Qualified Institutional Placement), FPO (Follow-on Public Offer), etc, for issuing 400 crore equity shares of Rs 10 each, the bank informed bourses.  

This issuance may occur in multiple tranches during FY25. The capital infusion is expected to support the bank's growth plans.

UCO Bank's total income for the quarter grew by 17.44 per cent to Rs 6,984.61 crore. The bank also witnessed an improvement in asset quality, with gross NPA falling to 3.46 per cent compared to 4.78 per cent a year ago.

The lender further declared a dividend of Rs 0.28 per share for FY24.

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Central Bank of India Q4 Profit jumps 41%

Central Bank of India on Tuesday reported a standalone a 41.38 per cent jump in standalone profit at Rs 807.34 crore for the fourth quarter of the financial year 2023-24 (Q4 FY24). The bank had reported a net profit of Rs 571.03 crore for the same period last year. Sequentially this was a 12.46 per cent increase from Rs 717.86 crore in Q3.

The bank reported standalone total income at Rs 9,698.74 crore for Q4. This is a 13.2 per cent increase from Rs 8,567.45 crore reported during the year-ago period. Quarter-on-quarter (Q-o-Q) total income rose 6.12 per cent from Rs 9,138.93 crore. 

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The gross non-performing assets (NPA) ratio of the bank remained at 4.50 per cent in Q4, same ratio reported in Q3. This was down 8.44 per cent compared to the same period last year, but the same as the quarter-ago period.

Net Interest Income (NII) increased by 10.34 per cent year-on-year (Y-o-Y) to Rs 12,896 crore for 12 months period that ended on March 31, over corresponding period of last year.

Return on Assets (ROA) improved to 0.76 per cent for Q4FY24 as against 0.61 per cent for Q4FY23. ROA improved to 0.63 per cent at the end of FY24, compared to 0.44  per cent at the end of FY23.

Return on Equity (ROE) also improved to 2.92 per cent for Q4FY24 as against 2.27 per cent for Q4FY23. For the entire financial year, ROE improved to 9.53 per cent over  6.42 per cent at the end of FY23.

For the entire financial year, Central Bank of India reported a standalone net profit of  Rs 2,549.06 crore, a 61.1 per cent surge, compared to Rs 1,582.2 crore reported at the end of FY23.

Total income went up 19.6 per cent at Rs 35,433.51 crore for FY24, compared to Rs 29,625.6 crore reported at end of last year.

Provision Coverage Ratio stood at 93.58 per cent, with an improvement of 110 bps, on Y-o-Y basis, the bank said.

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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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