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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IndusInd Bank Q4 Results: Net Profit up by 15%

Private sector lender IndusInd Bank recorded a net profit of Rs 2,349 crore for the January-March quarter of fiscal year (FY) 2023-24, up 15 per cent from Rs 2,043 crore in the previous year. The net profit, at Rs 2,349 crore, exceeds the market forecast of Rs 2,261 crore.

In its quarterly statement earlier this month, the bank reported that net loans increased by 18 per cent, exceeding a 14 per cent increase in deposits.

The bank’s gross non-performing asset (NPA) ratio fell to 1.92 per cent from 1.98 per cent in the same period last year. In contrast, net NPA for the quarter was 0.57 per cent, up from 0.59 per cent the previous year.

Also Read |  ICICI Bank Q4 Net Profit Rises 17.4%

Net interest income, or the difference between interest collected and paid, increased 15 per cent to Rs 5,376 crore. The lender’s net interest margin was 4.26 percent, compared to 4.28 percent the previous year.

Sumant Kathpalia, Managing Director & Chief Executive Officer, IndusInd Bank said: “We are looking at growing our branches from the existing 2,800 to 3,500 in the next two years. Our operating expenses jumped in FY24 and we hired around 11,000 employees in FY24. Our total expense in IT is around 8-10 per cent of our total cost to income.”

Operating expenses for the quarter ended March 31, 2024 grew by 24 per cent to Rs 3,803 crores, compared to Rs 3,066 crore for the same quarter the previous year.

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ICICI Bank Q4 Net Profit Rises 17.4%

Private sector lender ICICI Bank on Saturday reported a 17.4 per cent year-on-year jump in its net profit to Rs 10,708 crore for the March 2024 quarter (Q4FY24). Its net interest income (NII) during January-March 2024 rose 8.1 per cent year-on-year to Rs 19,093 crore, compared with Rs 17,667 crore in the year-ago period.

ICICI Bank’s net NPA ratio declined to 0.42 per cent in the March 2024 quarter, from 0.44 per cent as on December 31, 2023, according to a BSE filing.

The board recommended a dividend of 10 per equity share of face value of 2 each, subject to requisite approvals. The dividend on equity shares, will be paid/despatched on or after the same is approved by the shareholders at the ensuing Annual General Meeting (AGM) of the bank.

Provisions (excluding provision for tax) were Rs 718 crore in Q4 FY24 compared to Rs 1,619 crore in Q4 FY23.

The net interest margin stood at 4.40 per cent in Q4-2024 compared to 4.43 per cent in Q3-2024 and 4.90 per cent in Q4 2023.

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Yes Bank Q4 Net profit jumps 123%

Private sector lender Yes Bank on April 27 reported a net profit of Rs 451 crore for the January-March quarter of financial year (FY) 2023-24, which marks a 123 percent jump as compared to Rs 202 crore clocked in the year-ago period.

The bank's gross non-performing asset (NPA) stood at 1.7 percent, down from 2.2 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.6 percent, improving from 0.80 percent on a year-on-year basis. Gross slippages for Q4FY24 stood at Rs 1,356 crore versus Rs 1,233 crore in Q3FY24.

The net interest income (NII) of the lender came in at Rs 2153 crore, increased marginally by 2 percent as compared to Rs 2105 crore reported in the corresponding quarter of the previous fiscal.

Net advances grew at 13.8 percent YoY and stood at Rs 2.27 lakh crore, aided by sustained growth momentum in SME and mid corporate advances and resumption of growth in corporate segment. Total deposits stood at Rs 2.6 lakh crore, up 22.5 percent. CASA ratio at 30.9 percent vs. 30.8 percent in Q4FY23.

The lender saw compression in net interest margin which dropped to 2.4 percent versus.2.8 percent in Q4FY23.

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Axis Bank Q4 Results: Lender back in black, NII jumps 22% YoY

The country’s third largest private sector lender, Axis Bank, on Wednesday reported net profit of Rs 7,129.67 crore in the quarter ended March 31 as compared to a net loss of Rs 5,728.42 crore in the same period of the previous year, despite an increase in loan loss provision.

The numbers are not comparable as the consumer business of Citi India was merged with Axis in the fourth quarter of FY23.

Net interest income grew 11 per cent year-on-year (Y-o-Y) to Rs 13,089 crore while fee income grew by 23 per cent to Rs 5,637 crore. The trading income gain for the quarter stood at Rs 1,021 crore.

Net interest margin for the quarter was 4.06 per cent, up 5 bps sequentially.

Provision for the quarter was Rs 1,185.31 crore as compared to Rs 305.77 crore mainly due to rise in provision for non-performing assets which went up from Rs 270 crore in the Q4 of FY23 to Rs 832 crore. Fresh slippages during the quarter was Rs 3,471 crore. Provision coverage ratio was at 79 per cent.

“The bank has not utilised Covid provisions during the quarter and these are reclassified to other provisions,” Axis Bank said.

The bank’s reported Gross NPA and Net NPA levels were 1.43% and 0.31% respectively on 31 March as against 1.58% and 0.36% as on 31st December 2023.

The total deposits grew 13% Y-o-Y while the current and savings account deposits were 43 per cent of the total deposits.

Advances grew 14% Y-o-Y to Rs 9.65 trillion mainly due to 20 per cent growth in retail loans which are 60 per cent of the bank’s net advances.

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HDFC Bank Q4 results: Profit jumps 37%, NII up 24.5%

HDFC Bank on April 20 reported a net profit of Rs 16,511 crore for the January-March quarter of the financial year 2023-24, marking a 0.84 percent jump compared to Rs 16,373 crore clocked in the previous quarter. The net profit is almost in line the market estimates of Rs 16,576 crore.

The bank’s year-on-year financial results are not comparable due to the merger with the parent entity HDFC Ltd during the year.

The net interest income (NII) of Rs 29,007 crore jumped from Rs 28,470 crore reported in the previous quarter. The NII is slightly lower as against the market estimates of Rs 29,172 crore.

The bank's gross non-performing asset (NPA) stood at 1.24 percent, down from 1.26 percent in the last quarter. On the other hand, net NPA for the quarter stood at 0.33 percent compared to 0.31 percent.

The net revenue of the lender grew to Rs 47,240 crore including transaction gains of Rs 7340 crore from the stake sale in subsidiary HDFC Credila Financial Services during the quarter.

The board of directors recommended a dividend of Rs 19.5 per equity share of Rs 1 for the year ended March 31, 2024, the bank said in a press release. Provisions and contingencies for the quarter were Rs 13,500 crore which included floating provisions of Rs 10,900 crore, the bank said. For FY24, the total profit of the bank stood at Rs 64,060 crore.

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PSU banks profit increased by 40% in FY24; Which is the top performing lenders?

Due to increased interest revenue, decreased credit costs, and better asset quality, public sector banks were able to record another respectable set of results for the December quarter. Twelve Indian public sector banks (PSBs) reported a total profit in Q3FY24 of Rs. 30,297 crore, up 3.84% from Rs. 29,175 crore during the same time the previous year.

PSBs have made a cumulative profit of Rs. 98,358 crore for the first nine months of the current financial year, up 40.17% from Rs. 70,166 crore during the same period last year. Public sector banks made a total profit of roughly Rs. 34,418 crore in Q1 and Rs. 33,643 crore in Q2 of the current fiscal year.

In Q3, Punjab National Bank's net profit increased by 253% YoY to Rs. 2,223 crore, making it the top performer in terms of percentage profit growth. Improved asset quality and increased interest revenue contributed to the largest profit in the previous fifteen quarters.

Also Read:  Results of PSU & Private Banks for Q3FY24

With a YoY increase in net profit of nearly 62% and a total of Rs. 1,870 crore, Bank of India emerged in second place, largely due to declining bad loan levels.

Following closely behind, Union Bank of India reported a 60% increase in net profit to Rs. 3,590 crore in Q3 FY24 from Rs. 2,245 crore in the December quarter of FY23. Its other revenue increased dramatically to Rs. 3,774 crore, up 15.37% YoY.

Similarly, the Central Bank of India reported a 56% YoY increase in net profit in Q3 FY23 to Rs. 718 crore, up from Rs. 458 crore in Q3 FY23.

In Q3 FY24, Bank of Maharashtra also reported strong results, with its net profit rising 34% to Rs. 1,036 crore. The bank reported a net profit of Rs. 775 crore for the same period in the previous year.

At a time when most public sector lenders are struggling to achieve double-digit growth, the bank recorded the highest growth rate in terms of deposit mobilization. In the third quarter ending in December 2023, just two of the twelve public sector banks—Bank of Maharashtra (BoM) and State Bank of India (SBI)—saw double-digit increase in deposits.

The standalone net earnings of Indian Overseas Bank, Canara Bank, and Bank of Baroda increased at rates of 30.27%, 27%, and 19% year over year, respectively.

State Bank of India (SBI) announced a 35.50% YoY decline in its standalone net profit to Rs. 9,164 crore, attributed to weaker other income and increased pay provisions. In 3Q, SBIN set aside Rs. 6,300 crore for wage-related expenses, representing a 17% increase in pay.

During the same period, standalone net profit of UCO Bank and Punjab & Sind Bank decreased year over year by 23% and 69%, respectively.

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