IndusInd Bank Q3 Results: Net profit rises 17% YoY

 

Private lender IndusInd Bank on Thursday reported standalone net profit growth of 17% YoY at Rs 2,298 crore for the quarter ended December. It was Rs 1,959 crore in the year-ago period.

The profit was slightly above analysts' expectations. An ET Now Poll predicted PAT figure to be around Rs 2,272 crore.

Other income during the third quarter increased 15% YoY to Rs 2,396 crore against Rs 2,076 crore in the corresponding quarter of the previous year.

Provisions (other than tax) and contingencies fell 9% YoY to Rs 969 crore in the reporting period. The same stood at Rs 1,065 crore a year ago.

Operating profit (before provisions and contingencies) jumped nearly 10% YoY to Rs 4,042 crore in the third quarter against Rs 3,686 crore in the last year quarter.

On the asset quality front, gross non-performing assets (NPAs) declined to 1.92% in the said third quarter against 2.06% in the December 2022 quarter and 1.93% in the preceding September quarter.

Net NPAs, on the other hand, also fell to 0.57% from 0.62% a year ago.

The lender had a capital adequacy ratio of 17.86% as per Base III norms, down from 18.21% in the preceding quarter and 18.01% in the year-ago quarter. The CET 1 ratio in the reporting period was at 16.07%.

The Provision Coverage Ratio was consistent at 71%, as of December 2023. Net Interest Margin for the third quarter stood at 4.29%, flat compared with the preceding September quarter.

The bank's balance rose 10% YoY to Rs 4.88 lakh crore in the December quarter. Deposits stood at Rs 3.68 lakh crore, showing an increase of 13%, while advances rose 20% to Rs 3.27 lakh crore.

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Central Bank of India Q3 Net profit surges 57%

 Public sector lender Central Bank of India on January 19 reported a net profit of Rs 717.9 crore for the October-December quarter of financial year 2023-24, posting an 56.7 percent rise from Rs 458.22 crore a year ago.

The bank's gross non-performing asset (NPA) stood at 4.50 percent, down from 8.85 percent recorded last year. On the other hand, net NPA for the quarter stood at 1.27 percent, improving from 2.09 percent on a year-on-year basis.

Central Bank of India's net interest income (NII) increased by 14.45 percent to Rs 9355 crore for 9 9-month period ended on December 31, 2023, over the corresponding period of last year.

However bank's Net Interest Margin (NIM) improved to 3.33 percent (6 bps, for 9 month period ended on December 31, 23, over the corresponding period of last year. Bank's total income (Interest Income plus Non-Interest Income) for Q3FY24 improved by 19.68 percent, from Rs 7636 crore in Q3FY23 to Rs 9139 crore in Q3FY24.

Central Bank of India has having pan India presence with network of 4494 branches with 65.29 percent (2934 branches) in rural & semi-urban areas, 4083 ATMs, and 11207 BC Points with total of 19784 Touch Points as of December 2023.

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Bank of Maharashtra Q3 Net profit rises 34%

Bank of Maharashtra on January 16 reported a 33.61 percent on-year rise in its October-December quarter net profit to Rs 1,036 crore, on the back of rising net interest income and better asset quality.

Operating Profit has shown a growth of 27.32 percent on-year to Rs 2,012 crore for the third quarter of the current financial year as against Rs 1,580 crore in a similar period last year. The same has improved by 4.77 percent on-quarter.

In the reporting quarter, net Interest Income (NII) grew by 24.56 percent on-year to Rs 2,466 crore, as against Rs 1,980 crore in a similar period last year, Bank of Maharashtra said in an exchange filing. The same was up by 1.39 percent on a sequential basis.

Gross non-performing assets (NPA) of the bank declined to 2.04 percent as on December 31, 2023, against 2.94 percent as on December 31, 2022. Net NPA declined to 0.22 percent as on December 31, 2023, as against 0.47 percent as on December 31, 2022.

Provision Coverage ratio of the bank improved to 98.40 percent as on December 31,2023, as against 97.18 percent as on December 31, 2022.

Bank holds cumulative Covid-19 provision as contingency provision of Rs 1,200 crore as on December 31, 2023, release said.

In the reporting quarter, total business of the bank grew by 18.89 percent on-year to Rs 4.34 lakh crore.

Total Deposits rose 17.89 percent on-year in October-December to Rs 2.46 lakh crore. Gross Advances grew by 20.20 percent on-year Rs 1.89 lakh crore. Net Advances grew by 21.01 percent on-year to Rs 1.85 lakh crore.

RAM (Retail, Agri. & MSME) Business grew by 27.25 percent on-year basis. Retail advances grew by 21.91  percent to Rs  49,144 crore on-year basis. MSME advances grew by 29.14  percent on Y-o-Y basis to Rs 39,410 crore.

Total Basel III Capital adequacy ratio stood at 16.85 percent with Common Equity Tier 1 ratio of 11.56 percent.

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HDFC Bank Q3 Profit jumps 34%

 

HDFC Bank Ltd on Tuesday reported a 33.54 per cent year-on-year (YoY) rise in standalone net profit at Rs 16,372.54 crore for the December quarter compared with Rs 12,259.49 crore in the same quarter last year. The profit figure was largely in line with Street estimates. Net interest income (NII) for the quarter, which is interest earned less interest expended, rose 23.9 per cent YoY to Rs 28,470 crore compared with Rs 22,990 crore in the same quarter last year. The NII growth was slightly lower than analyst estimates of 25 per cent. 

Pre-provision operating profit jumped 24.3 per cent to about Rs 23,650 crore. Provisions for the quarter jumped to about Rs 4,220 crore from Rs 2,810 crore in the year-ago quarter. The private lender said its core net interest margin (NIM) stood at 3.4 per cent on total assets, and 3.6 per cent based on interest earning assets.

Gross non-performing assets were at 1.26 per cent of gross advances as on December 31, 2023, against 1.34 per cent as on September 30, 2023, and 1.23 per cent as on December 31, 2022. Net non-performing assets were at 0.31 per cent of net advances as on December 31.

Non-interest revenue for the quarter ended December 31, 2023 stood at about Rs 11,140 crore compared with Rs 8500 crore in the corresponding quarter ended December 31, 2022. Among the four components of other income, fees & commissions stood at Rs 6,940 crore billion against Rs 6,050 crore YoY.

Foreign exchange & derivatives revenue came in at Rs 1210 crore against Rs 1,070 crore YoY; net trading and mark-to-market gain stood at Rs 1,470 crore against a gain of Rs 260 crore YoY. Miscellaneous income, including recoveries and dividend, stood at Rs 1,520 crore against Rs 1,110 crore.

HDFC Bank said its operating expenses were up 28.1 per cent to Rs 15,960 crore over Rs 12,460 crore in the corresponding quarter last year. The cost-to-income ratio for the quarter was at 40.3 per cent.

The Bank's total Capital Adequacy Ratio (CAR) as per Basel II guidelines stood at 18.4 per cent against 19.4 per cent YoY. This is against a regulatory requirement of 11.7 per cent.

As of December 31, 2023, HDFC Bank's distribution network was at 8,091 branches and 20,688 ATMs across 3,872 cities / towns as against 7,183 branches and 19,007 ATMS across 3,552 cities / towns as of December 31, 2022. A total of 52 per cent of its branches were in semi-urban and rural areas.

"In addition, we have 15,053 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,08,066 as of December 31, 2023 (as against 1. ,66, 890 as of December 31, 2022)," the bank said in a BSE filing.

Domestic retail loans grew 111.1 per cent, commercial and rural banking loans grew 31.4 per cent and corporate, and other wholesale loans (excluding non-individual loans of eHDFC Ltd of approximately Rs 98,900 crore) grew 11.2 per cent. Overseas advances constituted 1.7 per cent of total advances.

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Bank of Maharashtra Q2 Net profit surges 72% on year

 

State-owned Bank of Maharashtra (BoM) has announced a profit of 71.8 per cent at Rs 919 crore year on year (Y-o-Y) at the end of the July-September quarter (Q2) for the financial year 2023-24 (FY24) in its consolidated results. The announcement came through a regulatory filing on BSE on Monday.

Last year, the bank recorded a profit of Rs 4,317 crore for the same period. The total income for this quarter also went up 32.8 per cent Y-o-Y at Rs 5,735 crore from Rs 4,317 crore.

Compared to the previous quarter that ended in March, profits rose by 4.2 per cent from Rs 882 crore, and income rose by 5.86 per cent from Rs 5,417 crore.

Net Interest Income (NII) went up 28.9 per cent to Rs 2,432 crore from Rs1,887 crore, Y-o-Y.

Gross non-performing assets (NPA) are down to 2.19 per cent in Q2FY24. Last year, during the same period, it was 3.40 per cent. Net NPA declined to 0.23 per cent at the end of the latest quarter compared to Q2FY23, when it stood at 0.68 per cent. In Q1FY24, gross NPA stood at 2.28 per cent and net NPA at 0.24 per cent.

Operating costs have gone up by 27 per cent compared to the same period last year at Rs 1,179 crore from Rs 927 crore. Quarter-on-quarter, it was a marginal growth of 6.67 per cent from Rs 1,105 crore.

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State Bank of India(SBI) Q2 Net profit rises 9.13%

State Bank of India (SBI), India's largest lender, on Saturday reported a 9.13% growth in consolidated net profit for the September quarter to ₹16,099.58 crore. It had reported a consolidated net profit of ₹14,752 crore in the year-ago period and ₹18,356 crore in the June quarter.

On a standalone basis, it posted a net profit of ₹14,330.02 crore as against ₹13,264.52 crore in the year-ago period. The net interest income (NII) grew at 12.3% year-on-year.

The bank reported a total income of over ₹1.12 lakh crore for the quarter under review, up from ₹88,733 crore in the year-ago period.

From an asset quality perspective, its gross non-performing assets ratio was at 2.55% as of September 30, an improvement from the 3.52% in the year-ago period and the 2.76% in the first quarter of the current fiscal.

Its overall capital adequacy stood at 14.28% as of September 30.

SBI Chairman Dinesh Khara said, "The outlook for domestic activity is brightening even as corporation de-leverage and post strong bottomlines. The growth is expected to gain momentum for the rest of the year. On external front, CAD is modest with sufficient forex buffers insulating the economy."

Kaitav Shah, Hd-BFSI, Anand Rathi Instl Eq said, "The numbers broadly seem to be in line with what has been the expectation. We just have to look at what kind of growth SBI did. I think they generally deliver in line with what the credit growth for the system has been? NII growth at ₹39,500 crore is very much in line with our expectation. We will just await what is happening at the pre-provisioning operating profit level to get a better view on or a sense on what the numbers have been. We were any which ways expecting a benign asset quality for this quarter."

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Bank of Baroda(BoB) Q2 profit rises 28% YoY

 

Bank of Baroda on Saturday reported a 28.4% year-on-year (YoY) rise in net profit for the quarter ended September 2023 to Rs 4,253 crore. Total income from operations increased by 39% on year to Rs 32,033 crore.

Net interest income (NII), the difference between interest earned and interest expended, grew by 6.5% YoY to Rs 10,831 crore.

The non-interest income grew more than two-fold on year to Rs 4,171 crore during the quarter.

Provisions and contingencies for the quarter increased to Rs 2,161 crore from Rs 1,627 crore a year ago.

The gross non-performing assets ratio as of September end stood at 3.32%, compared to 5.31% a year ago and 3.51% a quarter ago. The net non-performing assets ratio as of September end stood at 0.76%, compared to 1.16% a year ago and 0.78% a quarter ago.

The capital adequacy ratio under Basel-III norms was 15.30% as of September end, compared to 15.25% a year ago.

The global net interest margin (NIM) for the quarter stood at 3.07%, the state-owned lender said in a release.

Operating profit for the quarter increased by 33% on year to Rs 8,020 crore. The cost-to-income ratio reduced to 46.54% from 49.74% a year ago.

The bank’s balance sheet remained robust, with a provision coverage ratio of 93.16%. The credit cost remained below 1% at 0.92% during the quarter.

The global advances saw a strong 17% YoY growth during the quarter, led by robust retail loan book growth. Organic retail advances grew by 22%, led by higher focus on auto loan, home loan, personal loan, mortgage loan, and education loan.

The lender achieved a total business of Rs 22.74 lakh crore, registering a growth of 16% YoY.

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Bank of India(BoI) Q2 Net profit rises 52%

 

Bank of India on November 4 reported a 52 percent rise in its net profit to Rs 1,458.43 crore in the second quarter of the current financial year. In the year-ago period, the state-owned lender reported Rs 960 crore net profit.

This was on the back of sharp improvement in the asset quality and increase in margins of the lender.

On a sequential basis, net profit has fallen 6 percent.

In the reporting quarter, the asset quality of the state-owned lender improved sharply with gross non-performing assets (NPA) ratio stood at 5.84 percent, as compared to 8.51 percent in a similar period last year.

Similarly, net NPA ratio fell to 1.54 percent as on September 30, 2023, as against 1.92 percent in a year ago period, and 1.65 percent in a quarter ago period.

In absolute terms, gross NPA of the bank stood at Rs 31,719 crore as on September 30, 2023, as compared to Rs 34,582 crore as on June 30, 2023, and Rs 42,014 crore as on September 30, 2022.

Whereas, net NPA stood at Rs 7,978 in July-September quarter, as against Rs 8,119 crore in a quarter ago period, and Rs 8,836 crore in a year ago period.

In reporting quarter, Provision Coverage Ratio (PCR) improved by 62 basis points (bps) on-year, as per release. PCR of the state-owned bank stood at 89.58 percent as on September 30, 2023, as against 88.96 percent in a year ago period.

Net interest Income

The net interest income (NII) of the bank in July-September quarter rose 13 percent on-year to Rs 5,740 crore, as compared to Rs 5,083 crore in a year ago period.

However, on a quarterly basis, NII of the bank fell 3 percent.

The interest income of the bank in the reporting quarter was Rs 14,971 crore, and interest expanded stood at Rs 9,231 crore.

Net interest margins of Bank of India by 4 bps in reporting quarter to 3.08 percent. In a year ago period, it stood at 3.04 percent, and 3.03 percent in a quarter ago period.

Deposits and advances

Global Business increased by 9.25 percent on-year from Rs 11,41,356 crore in September 2022 to Rs 12,46,879 crore in September 2023.

Global Deposits increased by 8.68 percent on-year from Rs 6.5 lakh crore in September 2022 to Rs 7.03 crore in September 2023.

Global Advances increased by 10 percent on-year from Rs 4.94 lakh crore in September 2022 to Rs 5.43 lakh crore in September 2023.

Domestic Deposits increased by 8.61 percent on-year from Rs 5.51 lakh crore in September 2022 to Rs 5.99 lakh crore in September 2023.

Domestic Advances increased by 9.80 percent on-year from Rs 4.12 lakh crore in September 2022 to Rs 4.53 lakh crore in September 2023.

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