ICICI Bank Q1 Results: Profit jumps 40% YoY, beats estimate

ICICI Bank reported an all-time high quarterly standalone net profit of ₹9,648 crore in first quarter (Q1FY24) on the back of healthy growth in net interest income and non-interest income.

Net profit in the reporting quarter is up 40 per cent year-on-year against ₹6,905 crore in the year-ago period.

The profitability comes despite an increase in operating expenses and net provisions.

The private lender’s consolidated net profit is up 44 per cent to ₹10,636 crore (₹7,385 crore).

Consolidated net profit includes the numbers of principal subsidiaries/associates such as ICICI Securities, ICICI Prudential Asset Management Company, ICICI Home Finance, ICICI Prudential Life, among others

Standalone performance

In the reporting quarter, net interest income (the difference between interest earned and interest expended) rose by 38 per cent to ₹18,226 crore (₹13,210 crore).

Other income, which includes fee income, dividend income from subsidiaries/associates, profit/(loss) on sale of investments and miscellaneous income, increased 16.5 per cent to ₹5,435 crore.

Net interest margin (NIM) improved to 4.78 per cent in Q1FY24 compared with 4.01 per cent in Q1FY23. However, this is lower compared with preceding quarter’s 4.90 per cent.

Re-pricing deposits

Sandeep Batra, Executive Director, said: “Term deposit rates have increased significantly over the last six to nine months...So, the sequential decline in NIM reflects the lagged impact of re-pricing of deposits, which is partly offset by increase in yields on loans and investments.

“We do expect re-pricing of deposits over the next couple of quarters. The overall decline in NIM is in line with our expectations. Going forward, we do expect some moderation in NIM to continue...”

Operating expenses rose about 26 per cent yoy to ₹9,523 crore (₹7,566 crore). Net provisions rose about 13 per cent to ₹1,292 crore (₹1,144 crore).

The gross non-performing assets (NPA) to gross advances position improved a shade to 2.76 per cent as at June-end 2023, against 2.81 per cent as at March-end 2023. The net NPA to net advances position was unchanged at 0.48 per cent.

Business growth

Total deposits increased by 17.9 per cent to ₹ 12,38,737 crore as on June-end 2023. The average current account, savings account (CASA) deposits declined to 42.6 per cent as at June-end 2023 against 43.6 per cent as at March-end 2023.

Total advances rose by 18.1 per cent to ₹10,57,583 crore, with domestic advances growing 20.6 per cent and overseas advances declining 29.5 per cent.

Within domestic advances, business banking reported the highest growth of 30.4 per cent, followed by SME business (28.5 per cent), retail loans (21.9 per cent), corporate loans (19.3 per cent) and rural (17.6 per cent).

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Kotak Mahindra Bank Q1 Results: Net Profit Rises 66.6%

 

Private lender Kotak Mahindra Bank has declared its first quarter results for the financial year 2023-24. The Board of Directors of Kotak Mahindra Bank has approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023, at the Board meeting held in Mumbai, today.

Beating the market estimates, Kotak Mahindra Bank reported PAT (Profit After Tax) for Q1FY24 stood at ₹3,452 crore, up 67 per cent YoY from ₹2,071 crore in Q1FY23. CASA ratio of the private lender as on June 30, 2023 stood at 49.0 per cent.

Net Interest Income (NII) for Q1FY24 increased to ₹6,234 crore, from ₹4,697 crore in Q1FY23, up 33 per cent YoY. Net Interest Margin (NIM) was 5.57 per cent for Q1FY24.

At the consolidated level, the Return on Assets (ROA) for Q1FY24 (annualized) was 2.63 per cent (2.04 per cent for Q1FY23). Return on Equity (ROE) for Q1FY24 (annualized) was 14.62per cent (11.22 per cent for Q1FY23).

Consolidated Capital Adequacy Ratio as per Base III as on June 30, 2023 was 23.3 per cent and CET I ratio was 22.3 per cent (including unaudited profits).

Bank deposits grows in Q1FY24

Average Current deposits of Kotak Mahindra Bank grew to ₹59,431 crore during April to June 2023 quarter compared to ₹55,081 crore for Q1FY23, logging YoY gain of 8 per cent. Average Savings deposits stood at ₹119,817 crore as on June 30, 2023 ( ₹121,521 crore as at June 30, 2022). Average Term deposit up 40 per cent from ₹130,035 crore for Q1FY23 to ₹182,047 crore for Q1FY24.

Total assets managed / advised by the Group as at June 30, 2023 were ₹4,66,878 crore up 23 per cent YoY over ₹3,78,474 crore as at June 30, 2022. The Alternate Assets’ AUM (includes undrawn commitments, wherever applicable) increased by 90 per cent YoY to ₹46,443 crore as at June 30, 2023.

Advances (incl. IBPC & BRDS) increased 19 per cent YoY to ₹3,37, 031 crore as at June 30, 2023 from ₹282,665 crore as at June 30, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18 per cent YoY to ₹3,62,204 crore as at June 30, 2023 from ₹3,06,123 crore as at June 30, 2022.

Fees and services of the private lender for Q1FY24 increased to ₹1,827 crore from s 1,528 crore in Q1FY23, up 20 per cent YoY.

Operating profit of the private bank for Q1FY24 was ₹4,950 crore, up 78 per cent YoY (Q1FY23: ₹2,783 crore).

Customers as at June 30, 2023 were 4.35 crore (3.45 crore as at June 30, 2022). Unsecured retail advances (incl. Retail Micro Finance) as a percentage of net advances stood at 10.7 per cent as at June 30, 2023. (7.9 per cent as at June 30, 2022).

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YES Bank Q1 Results: Profit rises 10% YoY ; NII up 8% 6 hours ago

 Private sector lender Yes Bank on July 22 reported a 10.26 percent year-on-year (YoY) rise in net profit to Rs 342.5 crore in the first quarter of the current financial year, up from Rs 314.3 crore in the year-ago period.

The bank's asset quality saw a healthy improvement for the quarter. The lender's gross non-performing assets (GNPAs) stood at 2 percent compared with 13.4 percent in the corresponding quarter of the previous fiscal.

The net non-performing assets (NNPA) for the quarter stood at 1 percent compared with 4.2 percent in the year-ago quarter.

Prashant Kumar, Managing Director and CEO, Yes Bank said, “Q1FY24 was a steady quarter where we have demonstrated significant progress in line with our strategic objectives. While the balance sheet granularity momentum continued, we also delivered strong growth in our fee income while containing our operating and credit costs."

"With the focus of the bank now firmly aligned towards improving the profitability of the franchise, over the coming quarters, we will continue to work on levers that further accelerate this momentum such as improvement in NIMs and CASA ratio, reducing the drag from legacy PSL requirements, further cross-sell and product penetration," Kumar added.

The lender's net interest margin (NIM) for the June quarter stood at 2.5 percent up nearly 10 basis points YoY, while its non-interest income (NII) was at Rs 1,141 crore, up 54 percent YoY and 13.7 percent QoQ.

The bank's gross slippages for Q1FY24 were reported at Rs 1,430 crore compared to Rs 1,072 crore in the same period in the last financial year, and Rs 1,196 crore in the fourth quarter of FY23.

Total deposits for the quarter stood at Rs 219,369 crore, up 13.5 percent YoY and 0.9 percent QoQ. The bank's CASA ratio (ratio of deposits in current, and saving accounts to total deposits) was at 29.4 percent compared to 30.8 percent in Q1FY23 and Q4FY23. The lender opened 3,55,000 new CASA accounts in Q1FY24. Its retail and small business deposits (gross LCR definition) grew 17.9 percent YoY.

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Union Bank Of India Q1 Results: Profit more than Doubles, Provisions Drop

 

Union Bank of India on July 20 reported a more than 107 percent on-year rise in its standalone net profit to Rs 3,236.44 crore in the first quarter of the current financial year.

This is on the back of improvement in the asset quality, lower provisions and increase in net interest income.

In the similar period last year, the state-owned lender reported Rs 1,558.46 crore profit.

On a sequential basis, net profit rose 16.32 percent, Union Bank of India said in an exchange filing.

In the reporting quarter, the net interest income of the lender increased 16.59 percent on-year to Rs 8,840 crore. Similarly, on the sequential basis, it rose 7.14 percent.

While, the non-interest income of the bank rose 38.57 percent on-year in April-June quarter to Rs 3,903 crore. However, it fell sharply over 25 percent on-quarter.

The net interest margins of the bank increased to 3.13 percent in June quarter, which is up 13 basis points (Bps) on-year, and 15 bps on-quarter.

In the similar quarter last year, the state-owned lender reported net interest margins of 3.00 percent. One basis point is one hundredth of percentage point.

Net interest margins is a measure of difference between interest earned by the lender and interest it pays out to its lenders.

Asset quality

In April-June quarter, Union Bank of India reported an improvement in the asset quality, with gross non-performing asset (NPA) ratio improved by 288 bps and net NPA decreased by 173 bps compared to year ago period.

According to the press release, gross NPA of the bank fell to 7.34 percent as on June 30, as compared to 7.53 percent in the previous quarter, and 10.22 percent in a year ago period.

Similarly, net NPA of the bank decreased to 1.58 percent in April-June quarter, as against 1.70 percent quarter ago.

In absolute terms, gross NPA stood at Rs 60,104 crore, down 19.32 percent on-year, and net NPA stood at Rs 12,138 crore, down 45.79 percent, as per press release.

Provision coverage ratio of the bank also increased by 611 bps to 90.86 percent in the reporting quarter.

The total provisions of the bank in first quarter of the current financial year rose marginally by 1.38 percent on-year to Rs 3,943 crore.

Advances & Deposit

The global and domestic advances of the state-owned lender increased 12.33 percent and 11.77 percent on-year, respectively in June quarter.

According to the press release, global advances stood at Rs 8.19 lakh crore and domestic advances stood at 7.94 lakh crore in April-June.

Deposits rose 13.63 percent 0n-year to Rs 11.28 lakh crore.

However, retail term deposit less than Rs 2 crore fell 0.58 percent on-year to Rs 4.36 lakh crore. On sequential basis, it fell 0.43 percent.

Financial inclusion schemes

During the quarter ending June 30, Union Bank of India done new enrollment of 4.63 lakhs Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Similarly, accounts opened by banks under Pradhan Mantri Jan Dhan Yojana (PMJDY) increased 14.06 percent on-year to 2.84 Crores accounts under the Scheme with balance of Rs. 9,002 crore during the quarter ending June 30.

In the corresponding quarter last year, the figure was 2.49 crores account with balance of Rs 7,827 crore.

Under Union Nari Shakti Scheme for Women Entrepreneurs, the bank sanctioned 6,538 applications for Rs 617 crore during Q1 FY24.

In the reporting quarter, the bank sanctioned Rs 10,939 crore towards renewable energy sector and Rs 260 crore towards Union Green Mills.

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Bank of Maharashtra(BoM) Q1 Results: Net profit surges 95%, maintains healthy asset quality

 

Public sector lender Bank of Maharashtra on July 19 reported a 95 percent jump in net profit at Rs 882 crore for the April-June FY24 quarter, compared to Rs 451 crore in the corresponding quarter last year.

Net interest income (NII) of the bank stood at Rs 2340 crores, compared to Rs 1686 crores last year. The bank recorded steady improvement in its net interest margin (NIM). For the April-June FY24 quarter, the lender's NIM stood at 3.86 percent, compared to 3.28 percent last year.

The bank's gross non-performing asset (NPA) stood at 2.28 percent, down from 3.74 percent recorded in the same quarter last year. For the June quarter, total GNPA stood at Rs 4006 crores compared Rs 5259 crores a year ago. On the other hand, net NPA of the lender for the quarter stood at 0.24 percent, improving from 0.88 percent on a year-on-year basis. The lender's total NNPA stood at Rs 413 crores, compared to 1206 crores in the corresponding period last year.

On deposits front, the bank recorded a 25 percent growth taking the total deposits to Rs 2.44 lakh crores from Rs 1.96 lakh crores in the previous year. Current account and savings account (CASA) deposits improved to Rs 1.24 lakh crores from Rs 1.09 lakh crores with current account deposits recording 30 percent growth and savings account deposits recording 9 percent growth.

Gross advances of the bank grew by 25 percent on a year-on-year basis and stood at Rs 1.75 lakh crores compared to Rs 1.40 lakh crores in the year ago quarter.

Looking at the bank's segment wise advances growth, retail sector recorded advances of Rs 44, 952 crores compared to Rs 36,117 crores in the April-June FY23 quarter. Advances to agriculture sector stood at Rs 23,637 crores compared to Rs 19,336 crores last year. Micro small and medium enterprises recorded advances of Rs 33,740 crores for the April-June FY24 quarter compared to Rs 26,121 crores in the corresponding period last year.

The revenue for the bank's treasury operations stood at Rs 1169 crores, growing from Rs 938 crores last year.

Corporate and wholesale operations recorded a revenue of Rs 2028 crores in the April-June FY24 quarter compared to Rs 1217 crores in the same period last year.

Whereas the revenue of the lender's retail operations stood at Rs 2174 crores compared to Rs 1557 crores.

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IndusInd Bank Q1 Results: Net profit jumps 33% YoY

Private sector lender IndusInd Bank on July 18 reported a net profit of Rs 2,124 crore for the April-June quarter, which marks a 33 percent jump as compared to Rs 1,631 crore clocked in the year-ago period.

The net profit, at Rs 2,124 crore, is almost in line with the CNBC TV-18 poll estimate of Rs 2,127 crore.

Total income for Q1FY24 rose by 28 percent on-year to Rs 12,939 crore. This includes a net interest income (NII) of Rs 5,863 crore, which increased by 18 percent as compared to Rs 4,125 crore reported in the corresponding quarter of the previous fiscal.

The NII, at Rs 5,863 crore, is 21 percent higher as against the CNBC TV-18 poll estimate of Rs 4,821.7 crore.

The bank's gross non-performing asset (NPA) stood at 1.94 percent, down from 2.35 percent recorded in the same quarter last year. On the other hand, net NPA of IndusInd Bank for the quarter stood at 0.58 percent, improving from 0.67 percent on a year-on-year basis.

In absolute terms, the gross NPA at the end of Q1FY24 stood at Rs 5,941 crore, which is 2 percent higher as against Rs 5,826 crore in Q4FY23. Similarly, the net NPA at Rs 1,747 crore is 1.9 percent higher than Rs 1,715 crore reported in the last quarter.

IndusInd Bank's operating profit, without taking into account provisions and contingencies, came in at Rs 3,830 crore, which is 13 percent higher on-year. Provisions for the quarter under review stood at Rs 992 crore, which is lower than Rs 1,251 crore in Q1FY23.

The lender's capital adequacy ratio, as per the Basel III norms, came in at 18.04 percent in the first quarter, as compared to 17.86 percent in the fourth quarter of the last fiscal.

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HDFC Bank Q1 Results: Net profit jumps 30%, maintains healthy asset quality

HDFC Bank on July 17 reported a net profit of Rs 11,951 crore for the April-June quarter FY24, a jump from Rs 9,196 crore in the quarter ended June 30, 2022. The net profit slightly exceeded the market expectations. At least four brokerages had predicted a net profit of Rs 11,581 crores whereas HDFC Bank reported a net profit of Rs 11,951 crore.

The country's largest private sector bank's net interest income (NII) grew by 21.1 percent to Rs 23,599 crore from Rs 19,481 crore for the quarter ended June 30, 2022. Core net interest margin was at 4.1 percent on total assets, and 4.3 percent based on interest earning assets.

The lender's gross non-performing assets (GNPA) ratio stood at 1.17 percent, improving from 1.28 percent in the corresponding period a year ago.

Similarly, its net NPA (NNPA) stood at 0.30 percent from 0.35 percent last year. The lender's net profit jumped from Rs 9,196 crores in the corresponding quarter last year to Rs 11,951 crores in Q1FY24.

On the deposit side, total deposit of the bank stood at Rs 19.13 lakh crores, jumping by 19.2 percent on a year-on-year basis.

Current account and savings account (CASA) grew by 10.7 percent where total current account deposits stood at Rs 2.52 lakh crores and savings account deposits stood at Rs 5.6 lakh crores. Whereas time deposits of the bank stood at Rs 11 lakh crores, improving by 26.4 percent.

Total advances of the bank grew by 15.8 percent on a year-on-year basis and stood at Rs 16.15 lakh crores.

Domestic retail loans grew by 20 percent, commercial and rural banking loans grew by 29.1 percent and corporate and other wholesale loans grew by 11.2 percent.

The lender's treasury segment reported a revenue of Rs 10,537 crores, jumping from Rs 7,379 crores in the corresponding quarter last year.

Retail banking, which formed the bank's major revenue, stood at Rs 42,939 crores compared to Rs 31,685 crores last year. Whereas the lender's wholesale banking stood at Rs 28,332 crores, jumping from Rs 18,642 crores.

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Central Bank of India Q1 results: Net profit jumps

 

Public sector lender Central Bank of India on July 17 reported a net profit of Rs 418.4 crore for the April-June 2023 quarter, a jump from Rs 235 crore in the corresponding period last year.

The bank's gross non-performing asset (GNPA) also improved to 4.95 percent from 8.44 percent last year. The lender's net NPA stood at 1.75 percent, improving from 1.77 percent in the corresponding quarter last year. This is the on back of improvements in asset quality and increase in net interest margins of the bank.

The gross NPA of the bank in absolute terms fell to Rs 10,891 crore by end of June quarter, as against Rs 29,002 crore in the same quarter last year.

The net NPA, in absolute terms, stood at Rs 3,718 crore as on June 30, as compared to Rs 6,785 crore in the previous year.

The provision coverage ratio of the bank stood at 92.23 percent, which saw on improvement of 562 basis points on-year. One basis point is one hundredth of percentage point.

The net interest income (NII) grew by 48.27 percent to Rs 3,176 crore in Q1FY24 as against Rs 2,142 crore for Q1FY23, whereas, the total income (NII plus other Income) improved by 28.74 percent to Rs 8,184 crore from Rs 6,357 crore in the year-ago period.

The return on assets (ROA) improved to 0.43 percent during as against 0.27 percent in Q1FY23, and the return on equity (ROE) also improved to 1.63 percent for Q1FY24 as against 0.98 percent in the corresponding quarter of the last fiscal.

The total BASEL III Capital Adequacy Ratio improved to 14.42 percent in June 2023 as compared to 13.33 percent the same month last year. The Common Equity Tier 1 ratio came in at 12.13 percent in Q1FY24, registering an improvement of 109 bps.

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State Bank of India (SBI) Q4 result: Net profit climbs 83%

 

State Bank of India (SBI) on May 18 reported a standalone profit of Rs 16,694.51 crore for the March quarter, up 83.18 percent from Rs 9,113.53 crore in the same quarter of the previous.

India's largest lender's net interest income came in at Rs 40,392.50 crore, rising 29.5 percent from Rs 31,197 crore in the corresponding quarter of the previous year.

State Bank of India was expected to post a 68 percent rise in profit over the last year, according to a Moneycontrol poll of brokerages. Whereas net interest income (NII) was expected to increase 25.8 percent.

The board of the bank recommended a dividend of Rs 11.30 per equity share for FY23. It will be paid on June 14, 2023, the bank said.

The lender said bank’s return on assets (ROA) and return on equity (ROE) for the financial year 2o23 stood at 0.96 percent and 19.43 percent, respectively. ROA at 1.23 percent for the quarter improved by 49 bps YoY.

Domestic net interest margin (NIM) for Q4FY23 increased by 44 basis points YoY to 3.84 percent.

SBI said its Gross NPA ratio was at 2.78 percent down by 119 bps YoY. Net NPA ratio was at 0.67 percent, down by 35 bps YoY. Provision Coverage Ratio (PCR) was at 76.39 percent, improving by 135 bps YoY. Slippage Ratio for FY23 improved by 34 bps YoY and stood at 0.65 percent, while Slippage Ratio for Q4FY23 was at 0.41 percent.

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Bank of Baroda(BoB) Q4 Results: Profit zooms 168% YoY

State-run Bank of Baroda on Tuesday reported a standalone net profit of Rs 4,775 crore, up 168% year-on-year (YoY) for the fourth quarter ended March 2023. In the same quarter of last year, it posted a net profit of Rs 1,779 crore.

Its net interest income (NII) for the quarter grew 33.8% at Rs 11,525 crore. Meanwhile, NII registered a growth of 26.8% YoY for FY23 to Rs 41,3

55 crore.

Global NIM stood at 3.53% in Q4FY23, an increase of 45 bps YoY. NIM for FY23 stood at 3.31 % against 3.03% for FY22. Domestic NIM stood at 3.65% in Q4FY23, a rise of 51 bps YoY. NIM for FY23 stood at 3.42% as compared 3.09% for FY22.

The bank reported a strong quarter on the asset quality front with both gross non-performing assets (NPAs) and net NPAs on the downward trend. The gross NPA of the bank fell to 3.79% in the January-March period, compared with 6.61% in the year-ago quarter.

Meanwhile, net NPAs too were at a record low of 0.89% in Q4 FY23 as against 1.72% in Q4 FY22.

"The Bank has recommended a dividend at Rs 5.50 per equity share (Face Value Rs.2/- each fully paid up) for the FY2022-23 subject to declaration/approval at the ensuing 27th Annual General Meeting," Bank of Baroda said in an exchange filing.

The Board of Directors of Bank of Baroda have fixed July 1, 2023 to July 7, 2023 (both days inclusive) as Book Closure dates for the purpose of 27th AGM and dividend payment. Hence, shareholders having shares as on cut-off date i.e. 30th June 2023 shall be eligible for dividend.

Global advances of the Bank increased to Rs 9,69,548 crore, up 18.5% YoY, led by robust retail loan book growth. Meanwhile, domestic advances of the Bank increased to Rs 7,95,560 crore, up 16.3% YoY. International advances grew by 6.3% sequentially in Q4FY23 and stood at Rs 1,73,988 crore.

It's organic retail advances grew by 26.8%, driven by growth in high-focus areas such as Auto Loan (24.4%), Home Loan (19.5%), Personal Loan (101.5%), Mortgage Loan (18.0%), Education Loan (21.8%).

Global deposits of the bank surged by 15.1% YoY to Rs 12,03,688 crore. Domestic deposits increased by 13% YoY to Rs 10,47,375 crore in March 2023.

The bank's operating income grew 34.6% YoY during the Q4 FY23 to Rs 6,823 crore, while operating profit for the March quarter stood at Rs 8,073 crore, up 43.3% YoY.

Return on Assets for FY23 stood at 1.03%, up by 43 bps YoY, while Return on Equity for FY23 increased by 648 bps YoY to 18.34%.

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Indian Overseas Bank(IOB) Q4 profit rises 18%

Indian Overseas Bank has reported 17.12% rise in net profit to Rs 650 cr for the quarter ended march 2023 as against Rs 555 crore for December 2022 quarter.

The year on year net profit of the bank has surged by 22.75% to Rs 2,099 cr from Rs 1,710 crore as reported in the financial year 2021-22 on the back of strong growth in net interest income and improvement in asset quality.

On the asset quality side, the bank has seen decrease in both gross NPA and net NPA. The bank’s gross NPA has gone down to Rs 14,072 cr (7.44%) as on 31.03.2023 from Rs 14,333 crore (8.19%) as reported on 31.03.2022.

Similarly, the net NPA of the bank has decreased to Rs 3,266 cr (1.83%) from Rs 4,000 cr (2.43%) for the above said period.

The provision requirement for NPA has decreased by 26.52% to Rs 2,499 cr as on 31.03.2023 as against Rs 3401 cr reported in the previous year due to improvement in the asset quality.

The credit cost of the bank has reduced to 1.70% as of 31.03.2023 as against 2.35% reported in the last year.

The net interest margin of the bank stood at 3.20% as on the quarter ended March 2023. The return on asset of the bank also increased to 0.83% as on the quarter ended March 2023 as against 0.73% in the previous quarter.

The capital adequacy ratio has improved to 16.10% as of 31.03.2023 as against 15.16% as of 31.12.2022 and as against 13.83% as of 31.03.2022.

The net interest income of the bank has increased by 30.82% to Rs 8,256 crore as of 31.03.2023 from Rs 6,311 crore reported in the previous financial year on the back of strong credit growth. The credit growth of the bank has increased by 21.31% (YoY) to Rs 1,89,009 crore as on March 31, 2023.

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Indian Bank Q4 net profit up 48% as NII rises 29%

 

State run Indian Bank posted a 48 per cent rise in consolidated net profit at Rs 1,520 crore in Q4 FY23, compared to Rs 1,024 crore in the same period in FY22 and helped by a rise in income and improved asset quality.

The Chennai-based lender’s total income during the quarter under review picked up by 25 per cent to Rs 14,416 crore as against Rs 11,556 crore in Q4 FY22. As on March 31, 2023, the company’s gross non-performing assets (NPA) were 5.95 per cent of the gross advances, as compared to 8.47 per cent during the same period in 2022. Similarly, net NPA was seen at 0.90 per cent of gross advances as on March 31, 2023 as compared to 2.27 per cent during the same period in 2021-22.

Net interest income (NII), which is the difference between interest earned and interest expended, was seen at Rs 5,519 crore in Q4 FY23, increasing 29 per cent when compared to Rs 4,271 crore during the same period in FY22.

Indian Bank's board recommended a dividend of Rs 8.60 per equity share (86 per cent of paid up equity capital of the bank) for FY23. The lender reported an earning per share (EPS) of Rs 12.20 for the period compared to Rs 8.22 for the period ended March 31, 2022.

In Q4 FY23, the bank’s return on average assets was seen up at 0.89 per cent from 0.62  per cent in the Q4 of FY22. Its total capital adequacy ratio (CAR) during the quarter remained the same as Q4FY22 at 16.84 per cent.  

During the entire financial year 2022-23, the bank’s net profit increased by 35 per cent to Rs 5,572 crore as against Rs 4,142 crore in 2021-22. Its total income during the year under review was up by 14 per cent to Rs 52,790 crore as against Rs 46,268 crore in 2021-22.

The bank board has also cleared a plan to raise equity capital aggregating up to Rs 4,000 crore through various modes, including follow-on public offer (FPO), rights issue, qualified institutional placement (QIP) or combination in 2023-24.

The board approved raising around Rs 3,000 crore through the issuance of Basel III Compliant AT 1 Perpetual Bond or Tier-2 Bond in one or more tranches during the current or subsequent financial years based on requirement.

The bank’s cost-to-income ratio improved to 46.47 per cent in March 2023 from 53.03 per cent in March 2022. Its domestic NIM improved to 3.59 per cent during the period from 2.87 per cent last year, advances too increased by 14 per cent YoY to Rs 4,73,586 crore in March 2023 from Rs 4,15,625 crore in March 2022.

RAM (Retail, Agriculture and MSME) advances grew by 12 per cent YoY to Rs 2,72,679 crore from Rs 242,700 crore last year. RAM contribution to gross domestic advances was 61 per cent with retail, agri and MSME advances growing by 13 per cent, 16 per cent and 7 per cent YoY respectively.

Home Loan (Including mortgage) grew by 11 per cent YoY, auto loan by 28 per cent and Personal Loan by 46 per cent during the period. The bank’s deposits increased by 5 per cent YoY and reached Rs 621,166 crore in March 2023. Its CASA ratio stood at 42 per cent. 

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Canara Bank Q4 Results: Net profit zooms 90% YoY

 

Canara Bank on Monday reported March quarter net profit at Rs 3,175 crore, up 90% year-on-year (YoY). The figure stood at Rs 1,666 crore in the same quarter last year.

Net interest income (NII), the difference between interest earned and interest expended, grew 23% YoY to Rs 8,616 crore for the fourth quarter under review. It was Rs 7,006 crore in the corresponding quarter of last year.

The lender's operating profit stood at Rs 7,252 crore during the March quarter, registering a growth of 17% YoY.

Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 5.35% in the March quarter, down from 5.89% at the end of March 2022.

Net non-performing assets (NNPA) ratio has also declined to 1.73% as of March 2023 from 2.65% as of March 2022.

The bank's provision coverage ratio (PCR) stood at 87.31% at the end of March quarter as against 84.17% in the last year quarter.

On the operational front, the global business increased by 12% YoY to Rs 20.41 lakh crore as at March 2023 with global deposits at Rs 11.79 lakh crore.

Domestic deposits of the bank stood at Rs 10.94 lakh crore at the end of the quarter, showing a growth of 6% YoY.

While the retail lending portfolio increased by 11% YoY to Rs 1.4 lakh crore, housing loans jumped 14% YoY to Rs 84,364 crore.

The bank's capital adequacy was at 16.68% as of March 2023, including tier-I of 13.78%.

The lender's Board has recommended a dividend of Rs 12 per equity share (i.e., 120%) of face value of Rs 10 each to the shareholders for the financial year 2022-23.

The lender has 9,706 branches as of the March quarter, out of which 3048 are rural, 2742 semi-urban, 1991 urban and 1925 metro along with 10726 ATMs.

Considering the bank’s performance, the board has decided to pay 15 days' salary as performance-linked incentive (PLI) to the employees.

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Union Bank of India's Q4 net rises 93.3% on healthy growth in NII

Public sector lender Union Bank of India's net profit rose by 93.3 per cent year-on-year (YoY) to Rs 2,782 crore for the quarter ended March 2023 (Q4FY23) on healthy growth in Net Interest Income (NII) and non-interest income.

Sequentially, the profit rose from Rs 2,244 crore in Q3FY23.

For FY23, the bank's net profit grew 61.18 per cent to Rs 8,433 crore against Rs 5,232 crore in FY22.

The board of directors has recommended a dividend of Rs 3.0 per share (Rs 10 each) for FY23, subject to shareholders' approval, the Mumbai-based lender informed BSE.

Its capital adequacy ratio stood at 16.04 per cent with Common Equity Tier of 12.36 per cent at the end of March.

Union Bank’s NII, interest revenues minus interest expenses, grew by 21.9 per cent YoY to Rs 8,251 crore in Q4FY23 as against Rs 6,769 crore for Q4FY22. The net interest margin improved to 2.98 per cent in Q4FY23 from 2.75 per cent in Q4FY22.  

The non-interest income rose by 62.48 per cent YoY to Rs 5,269 crore in Q4FY23, the bank said a statement.

Its advances grew by 13.05 per cent YoY basis to Rs 8.09 trillion in FY23. Out of it, RAM advances – Retail, Agriculture and MSME (RAM)- increased at a higher pace of 14.94 per cent to Rs 4.36 trillion at the end of March 2023.

Total deposits increased by 8.26 per cent YoY to Rs 11.17 trillion. The share of low-cost deposits — current account and saving accounts (CASA) — stood at 35.62 per cent at the end of March 2023, down marginally from 36.54 per cent a year ago.

The asset quality profile improved with gross non-performing assets declining to 7.53 per cent in March from 11.11 per cent in the same month in 2022. The net NPAs also declined 1.7 per cent in March 2023 from 3.68 per cent a year ago. 

The provision coverage ratio improved to 90.34 per cent in March 2023 from 83.61 per cent a year ago.

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Bank of India(BoI) Q4 net more than doubles on improvement in NII

Public sector lender Bank of India’s (BoI) net profit more than doubled year-on-year (YoY) to Rs 1,350 crore for the quarter ended March 2023 (Q4FY23) on improvement in net interest income (NII). However, sequentially, the profit rose from Rs 1,151 crore in Q3FY23. For FY23, the bank's net profit grew 18.15 per cent to Rs 4,023 crore against Rs 3,405 crore in FY22.

The board of directors declared a dividend of Rs 2.0 per share (Rs 10 each) for FY23, subject to shareholders' approval, the bank informed BSE.

BOI's capital adequacy ratio stood at 16.28 per cent with the Common Equity Tier of 13.6 per cent at the end of March.

The bank's net interest income (NII), interest revenues minus interest expenses, grew by 37.77 per cent YoY to Rs 5,493 crore in Q4FY23 as against Rs 3,987 crore for Q4FY22. The net interest margin (NIM) improved to 3.15 per cent in Q4FY23 from 2.56 per cent in Q4FY22.

The bank in a statement said that the advances expanded by 12.87 per cent YoY basis to Rs 5.15 trillion in FY23. Total deposits increased by 6.64 per cent YoY to Rs 6.69 trillion. The share of low-cost deposits — current account and saving accounts (CASA) — stood at 44.73 per cent at the end of March 2023, down from 45.02 per cent a year ago, according to an analyst presentation.

The asset quality profile improved with gross non-performing assets (NPA) declining to 7.31 per cent in March 2023 from 9.98 per cent in the same month in 2022. The net NPAs also declined 1.66 per cent in March 2023 from 2.34 per cent a year ago. 

The provision coverage ratio (PCR) improved to 89.68 per cent in March 2023 from  87.76 per cent a year ago.

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Uco bank posted highest ever annual profit

Public sector UCO Bank on Tuesday reported an 86.2 per cent rise in net profit to Rs 581.24 crore for the March 2023 quarter on the back of a reduction in bad loans. The bank reported a profit of Rs 312.18 crore in the January-March quarter of 2021-22.

UCO Bank has posted its highest-ever annual net profit of Rs 1,862.34 crore in 2022-23 against Rs 929.76 crore in the preceding fiscal, registering a nearly 100 per cent year-on-year growth, the Kolkata headquartered lender said in a stock exchange filing.

The net interest income (NII) at Rs 7,343.13 crore during the year too was the bank's highest ever.

The bank's gross non-performing assets (NPA) in the fourth quarter declined to 4.78 per cent from 7.89 per cent a year ago.

Similarly, the net NPA too declined to 1.29 per cent in the January-March 2022-23 quarter from 2.7 per cent.

UCO Bank's capital adequacy ratio at 16.51 per cent at March-end 2023 increased by 277 basis points from 13.74 per cent a year ago

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Punjab & Sind Bank reports 32% growth in Q4 PAT

 

Punjab & Sind Bank showed a mixed performance in the fourth quarter of FY23. The lender posted double-digit growth of 32.03% YoY and 22.43% QoQ in net profit to Rs.456.99 crore in Q4FY23. On the contrary, the bank's net interest income (NII) dipped by 1.97% YoY and sharply by 15.05% QoQ to Rs.683.78 crore in the quarter.

The growth in net profit was alongside narrowing in provision losses.

In Q4FY23, the bank's provision and contingencies loss narrowed steeply to Rs.57.12 crore as against Rs.131.56 crore in Q4FY22 and ₹207.46 crore in Q3FY23.

Gross non-performing assets (GNPA) came in at 6.97% in Q4FY23 as against 12.17% in Q4FY22 and 8.36% in Q3FY23. Net NPA stood at 1.84% in the quarter under review, compared to 2.74% in Q4FY22 and 2.02% in Q3FY23.

In its financial report, Punjab & Sind Bank revealed that it surpasses the targets in Priority Sector Advance which stands at 54.99% and Agriculture Advance at 20.67% of ANBC, as on March 2023, against the regulatory target of 40% and 18% respectively.

Also, the bank's credit to small and marginal farmers stands at 11.06% of ANBC, against the regulatory target of 9.50%. While credit to weaker sections stood at 12.68% of ANBC, against the regulatory target of 11.50%.

Additionally, credit to micro enterprises stands at 14.31 % of ANBC as of March 31, 2023, against the regulatory target of 7.50%.

Further, as of March 2023, the bank has 19.30 lakh PMJDY accounts with a balance of deposits of Rs.558 crore.

As of March 31, 2023, the bank has 1537 branches, out of which 572 are Rural, 281 Semi-Urban, 362 Urban, and 322 Metro along with 835 ATMs, and 357 Business Correspondents.

Recently, the lender opened 25 new branches in PAN India --- taking the total number of branches to 1553 as of date.

In a meeting held on Tuesday, the bank's board members recommended a dividend of Rs.0.48 per share or 4.80% having a face value of Rs.10 each to shareholders.

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IDFC FIRST Bank reports highest-ever profit in FY23

IDFC FIRST Bank has announced its audited financial results for the quarter and financial year that ended on March 31, 2023. During the financial year, the bank recorded a net profit of Rs. 2,437 crore, as compared to Rs. 145 crore in the previous year. The bank's quarterly net profit grew 134 per cent YoY, from Rs. 343 crore in Q4-FY22 to Rs. 803 crore in Q4-FY23. The strong growth in core operating income was the major driving force behind this increase.

“We have registered our highest ever quarterly profit of Rs. 803 crores in Q4 FY 23 and highest ever yearly profit of Rs. 2,437 crores in FY23,” Managing Director and CEO V Vaidyanathan said.

The bank had trading gains of Rs. 216 crore in Q4-FY23, and it utilized Rs. 79 crore to increase the provision coverage ratio. The net profit of the bank would have been Rs. 701 crore for Q4-FY23, if adjusted for these one-time items. The Core ROE on this basis would have been 12.3 per cent, which increased from 6.67 per cent for Q4-FY22.

The net interest income (NII) for the year grew 30 per cent YoY, from Rs. 9,706 crore in FY22 to Rs. 12,635 crore in FY23. The fee and other income for the year grew by 54 per cent YoY, from Rs. 2,691 crore in FY22 to Rs. 4,142 crore in FY23. Retail fees constituted 91 per cent of the overall fees for the quarter Q4-FY23.

The provisions for the year decreased by 46 per cent YoY, from Rs. 3,109 crore in FY22 to Rs. 1,665 crore in FY23. Credit cost for FY23 was 1.16 per cent against the guidance of 1.5 per cent. The bank's ROA improved from 0.08 per cent in FY22 to 1.13 per cent in FY23, while ROE for FY23 improved to 10.95 per cent from 0.75 per cent in FY22.

On the retail side, the Gross NPA is 1.65 per cent and the net NPA is at 0.55 per cent, against the guidance of Gross NPA of 2.0 per cent and NNPA of less than 1 per cent. Vaidyanathan stated that the asset quality remains high. If the infrastructure financing book, which is already in run-down mode, is excluded, the Gross NPA and Net NPA would be 1.84 per cent and 0.46 per cent, respectively, at the overall bank level.

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Central Bank of India Q4 results: Net profit jumps 84%

 

Central Bank of India on April 29 reported an 84 percent surge in its net profit at Rs 571 crore for the quarter ended March 31, 2023. The lender had posted a profit of Rs 310 crore in the year-ago period.

On a sequential basis, the lender's profit grew 25 percent.

The bank's net interest income (NII) increased 45.35 percent on Y-o-Y basis to Rs 3,513 crore in Q4FY23 as against Rs 2,417 crore for Q4FY22. The same is up by 6.94 percent on a sequential basis.

Moreover, Central Bank of India said that its operating profit has shown a growth of 16.27 percent to Rs 2,108 crore for the quarter under review from Rs 1,813 crore in the last fiscal. The operating profit on sequential basis has improved by 16.65 percent.

Central Bank of India's asset quality improved in the March quarter. The gross non-performing asset came improved 640 basis points to 8.44 percent (YoY) while its net non-performing asset improved 220 basis to 1.77 percent (YoY).

The bank's provision coverage ratio stood at 92.48 percent (YoY), with an improvement of 579 basis points.

Sequentially, the bank's gross NPA stood at 8.44 percent against 8.85 percent in December quarter and its net NPA came at 1.77 percent against 2.09 percent.

In banking segment, the digital transaction count also registered a growth of 37.39 percent, in internet banking, mobile banking, IMPS and UPI transactions during FY 2022-23, against corresponding period of FY 2021-22.

Further, the lender's business per employee increased to Rs 18.70 crore as against Rs 17.52 crore for the same period of preceding year

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Yes Bank Q4 results: Net profit declines 45%

Private lender Yes Bank Ltd on Saturday reported 45% drop in standalone net profit at Rs 202 crore for the quarter ending March 31, 2023 as provisions for bad loans increased. The bank reported standalone net profit of Rs 367 crore in the year-ago period.

Prashant Kumar, MD & CEO, Yes Bank said: “Over the last three years, the Bank has significantly progressed on several strategic objectives such as strengthening of Governance and Compliance Standards, bolstering the Balance Sheet through granularity, addressing the asset quality concerns, building up a strong liability franchise and expanding the customer base.

"At the same time, with continuous focus on retail, we have continued to expand our footprints with new Branches, increased the employee headcount and stepped-up our investments in technology. Our Retail franchise has now reached a critical scale and is poised for profitable growth. With the current momentum of accelerated growth, the efficiency gains and operating leverage will naturally drive the Bank’s profitability upwards."

Yes Bank’s provisions and contingencies increased to Rs 618 crore from Rs 271 crore a year earlier.

The lender's asset quality was mixed. The gross non-performing asset (NPA) ratio rose to 2.17% from 2.02% in the December quarter.

The gross NPA ratio was down from 13.93% a year earlier. In December Yes Bank completed the transfer of bad loans worth Rs 48,000 crore to private equity firm JC Flowers in a deal aimed at cleaning up its balance sheet.

The net NPA ratio was 0.83%, down from 1.03% in the prior three months.

Yes Bank's net interest income, the difference between the interest income from lending and that paid to depositors, rose 15.7% to Rs 2,105 crore from Rs 1,819.5 crore in the year-ago period. The net interest margin, a key indicator of a bank's profitability, rose to 2.8% from 2.5% a year earlier.

The private lender's net advances grew by 12.3% on year, led by retail loans, while deposits rose 10.3%.

Profits for both the March quarter and the fiscal year have been impacted by accelerated provisioning, the bank said.

For the entire fiscal FY23, the bank witnessed a 32.7% decline in its net profit at Rs 717 crore, it said in a regulatory filing.

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