Government will decrease share by 3% in one PSU Bank by March 2025


State-owned UCO Bank announced on Tuesday its plan to raise Rs.2,000 crore through a Qualified Institutional Placement (QIP) during the current quarter. A few days earlier, Punjab & Sind Bank had announced to raise funds via QIP. The government has approved sale of stake in five public sector banks. These Banks will raise funds via QIP.


UCO Bank Managing Director and CEO Ashwani Kumar revealed that the government recently approved the QIP plan. Following this issuance, the Government of India’s stake in the bank, currently at 95.39% (as of December 2024), will decrease by 3%.


The government has extended the deadline for central public sector enterprises and public sector financial institutions to meet the MPS norms until August 2026. Of the 12 public sector banks, five, including UCO Bank, have yet to achieve the required public shareholding. The move aims to comply with the Securities and Exchange Board of India’s (SEBI) minimum public shareholding (MPS) norms, which require listed companies to maintain a public shareholding of at least 25%.


The bank has already appointed merchant bankers and legal advisers and initiated discussions with potential investors such as mutual funds. The QIP will be launched during the ongoing quarter when market conditions are favorable.

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Karur Vysya Bank reports 20.39% rise in Q3 net profit


Private sector Karur Vysya Bank has reported a 20.39% rise in its net profit for the October-December 2024 quarter to Rs.496 crore, the bank said on Tuesday. The Tamil Nadu bank had registered a net profit of Rs.412 crore during the corresponding quarter of last financial year.


For the nine month period ending December 31, 2024, the net profit surged by 24.28% at Rs.1,428 crore, as compared to a net profit of Rs.1,149 crore recorded during the corresponding period of last financial year.


"We have continued another strong quarter of performance, guided by our three key metrics: growth, profitability and asset quality. The bank's performance indicators align with our guidance, demonstrating consistent and inclusive growth," said The Karur Vysya Bank Managing Director and CEO Ramesh Babu B.


The total income during the nine month period ending December 31, 2024 stood at Rs.8,482.33 crore, from Rs.7,049.21 crore registered in the same period, a year ago. For the quarter under review the total income of the bank went up to Rs.2,953.44 crore from Rs.2,497.17 crore registered year ago.


Also Read - Quarterly Results of all banks for Q3FY25


Babu said, "We have maintained strong trajectory of growth in RAM (retail, agriculture and micro, small and medium enterprises) verticals, continuing the solid start we made at the beginning of the year. I am confident that the same will be maintained going forward."


The total business of the bank as on December 31, 2024 stood at Rs.1,81,993 crore, from Rs.1,58,357 crore registered in the same quarter of last financial year. "Our total business crossed Rs.1.81 lakh crore. The inclusive growth from all the business segments has supported for reaching net profit of Rs.1,428 crore for the nine month period", Babu added.


As on December 31, 2024 the bank's distribution network was at 866 branches and one digital banking unit and 2,197 ATM networks. About 55% of the branches are located in semi-urban and rural areas, he said.


The Gross Non-Performing Assets (GNPA) has improved by 75 basis points and stands at 0.83 per cent of gross advances as on December 31, 2024 (Rs.691 crore) vis-à-vis 1.58% as on December 31, 2023 at Rs.1,152 crore.


Net Non-Performing Assets is below 1% and stands at 0.20% of net advances as on December 31, 2024 (Rs.167 crore) as against 0.42% as on December 31, 2023 at Rs.305 crore, the bank said.

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ED attaches assets of Rs 1.52 crore in bank fraud case linked to demonetisation transactions

 


In the Netar Sabharwal and others bank fraud case, the Directorate of Enforcement (ED), Lucknow Zonal Office, temporarily attached movable assets valued at Rs 1.52 crore in accordance with the Prevention of Money Laundering Act (PMLA), 2002.


Manmohan Agarwal, the proprietor of M/s Shiv Jewellers, has two fixed deposits totaling about Rs 1.22 crore, and Mayur Agarwal, the proprietor of M/s JS Jewellers, has two fixed deposits totaling approximately Rs 30.76 lakh. These properties are attached.


An FIR filed by ACB, CBI Ghaziabad under various sections of IPC, 1860, alleging that bank accounts were fraudulently utilized for cash deposits during the November–December 2016 demonetisation period prompted the ED to launch an inquiry.


According to the ED's research, money was fraudulently put into some bank accounts during the demonetisation period. The inquiry also found that J&K Bank officers and executives engaged in criminal conspiracy with some private individuals, committed forgery by fabricating bank documents for these accounts, and willfully permitted the large cash deposits during the demonetization.


The ED investigation also discovered that money that had been fraudulently deposited in some bank accounts during the demonetisation process had been layered and routed several times in a sequence of suspicious transactions before being sent to the final recipient under the guise of legitimate business dealings.


According to the ED's research, money was fraudulently put into some bank accounts during the demonetisation period. The inquiry also found that J&K Bank officers and executives engaged in criminal conspiracy with some private individuals, committed forgery by fabricating bank documents for these accounts, and willfully permitted the large cash deposits during the demonetization.


The ED investigation also discovered that money that had been fraudulently deposited in some bank accounts during the demonetisation process had been layered and routed several times in a sequence of suspicious transactions before being sent to the final recipient under the guise of legitimate business dealings. According to the ED's probe, M/s Shiv Jewellers (owned by Manmohan Agarwal) and M/s JS Jewellers (owned by Mayur Agarwal) were the most
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UCO Bank Q3 Profit jumps 27%


Despite 73% higher provisions, state-owned UCO Bank reported a 27% year-over-year increase in net profit for the December 2024 quarter, coming in at Rs 639 crore as opposed to Rs 503 crore in the same period last year.


At Rs 1,586 crore, operating profit was 42% higher than at Rs 1,119 crore. During the quarter, the bank made a provision of Rs 590 crore, compared to Rs 342 crore during the same period last year.


Also Read - Quarterly Results of all banks for Q3FY25


For the quarter, the bank's net interest margin was 3.17%, which was 33 basis points more than it was a year earlier. At Rs 2378 crore, net interest income increased by around 20%.

"We would like to maintain NIM around 3%-3.10% level,' managing director Ashwani Kumar said.


Its asset quality further improved with gross non-performing assets ratio falling to 2.91% at the end of review period from 3.85% a year back. Net NPA stood at 0.63% against 0.98%. Provision coverage ratio stood at 96%.


Uco's gross advances grew 16.44% year-on-year to Rs.2.09 lakh crore while total deposits expanded by 9.36% to Rs 2.80 lakh crore. Its credit-deposit ratio rose to 74.45% from 64.83% in March 2023.


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IDBI Bank Q3 Profit jumps 31% YoY; net NPA drops

 


On Monday, January 20, IDBI Bank announced a Rs.1,908.27 crore standalone net profit for the current fiscal year's December quarter (Q3FY25). Compared to a profit of Rs.1,458.18 crore made in the same quarter previous year, the profit number was almost 31% higher. The lender's profit increased by over 4 percent on a quarter-over-quarter (QoQ) basis. The company made Rs.1,836.45 crore in Q3FY25.



In comparison to Rs.7,514.27 crore year-over-year (YoY) and Rs.8,754.54 crore quarter-over-quarter (QoQ), the company's total income for the reviewed quarter was Rs.8,564.92 crore.
Profit before provisions and contingencies, or operating profit, increased 20.43 percent year over year to Rs.2,801.92 crore from Rs.2,326.55 crore in the same quarter of the previous year. On the other hand, operating profit decreased 6.8% on a QoQ basis.



It was Rs.3,006.33 crore in the final quarter of FY25. From Q3FY24's Rs.319.85 crore to Q3FY25's Rs.165.60 crore, provisions and contingencies fell 48.23% year over year. From Rs.555.19 crore in Q2FY25, provisions and contingencies fell 70.2% on a quarterly basis.


The gross non-performing asset (NPA) of IDBI Bank for Q3FY25 was Rs.7,634.75 crore, down 0.24 percent QoQ from Rs.7,653.13 crore and 11.11 percent YoY from Rs.8,589.40 crore. For the quarter, the gross non-performing assets (NPAs) to gross advances ratio was 3.57 percent, which was lower than the quarterly and annual averages of 4.69 and 3.68 percent, respectively.


The bank's net non-performing assets (NPAs) decreased by 9% from quarter to quarter and 38.41% from year to year to Rs.365.46 crore. The net income of the bank in Q3FY24, the bank's net NPA was Rs.593.34 crore; in Q2FY25, it was Rs.401.60 crore.


The percentage of net NPAs to net advances stood at 0.18 per cent for the quarter, down from 0.34 per cent in the same quarter last year and 0.20 per cent in Q2FY25.
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South Indian Bank Q3 Net profit rises 12%


On Tuesday, January 21, South Indian Bank Ltd. released the results for the October–December quarter. In addition to reporting a higher bottom line, the lender's asset quality increased from the September quarter prior.


In comparison to the same time last year, the lender's net profit increased by 12% to Rs.342 crore from Rs.305 crore. Additionally, the quarter's total income climbed to Rs. 2,818 crore, a 7% rise over the Rs.2,636 crore recorded in the same quarter last year.

The bank's core income, or Net Interest Income (NII), rose from Rs.819 crore to Rs869 crore, a 6% increase from the previous year. NII fell 1.5% sequentially from Rs.882 crore in the September quarter.


With Gross Non-Performing Assets (NPA) rising from 4.40% to 4.30% and Net NPA rising from 1.31% to 1.25% in the previous quarter, South Indian Bank's asset quality improved sequentially.

The lender's deposits totaled Rs.1.05 crore, down 0.06% from quarter to quarter but up 6.3% from year to year. At Rs.84,396 crore, advances increased 2.7% from quarter to quarter and 12% from year to year.

The quarter's provisions increased 36% year over year to ₹66 crore. On a sequential basis, though, it dropped 40%.
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Jammu & Kashmir Bank Q3 Net profit surges 26%


On Monday, January 20, Jammu and Kashmir Bank (J&K Bank) announced that its net profit for the third quarter, which ended on December 31, 2024, increased by 26.3% year over year (YoY) to Rs.531.5 crore. Jammu and Kashmir Bank reported a net profit of Rs.421 crore during the same quarter of the previous fiscal year.


The difference between a bank's interest revenue from lending and the interest it pays depositors is known as net interest income (NII), and it increased 17.8% to Rs.1,508.6 crore from Rs.1,280.5 crore in the same quarter of FY24.


Read More- Q3 Result of Private Sector Bank


Compared to 3.95% in the September quarter, the gross non-performing asset (NPA) was 4.08% in the December quarter. Net NPA was 0.94%, down from 0.85% in the previous quarter. Monetary-wise, net non-performing assets (NPA) were Rs.898 crore compared to Rs.813.4 crore, while gross non-performing assets (NPA) were Rs.4,041 crore compared to Rs.3,916.3 crore.



This month, Jammu & Kashmir Bank announced that its third-quarter total business had increased by 8.56% year over year to Rs.2.37 lakh crore. Gross advances increased 5.89% year over year to Rs.99,134 crore, while total deposits increased 9.65% year over year to Rs.1.41 lakh crore.

Deposits into current account savings accounts, or CASAs, increased by a moderate 4.39% year over year to Rs.67,888 crore. Nevertheless, the CASA ratio fell to 48.17% from 48.6% in the prior quarter and 50.59% a year earlier. Gross investments were Rs.41,394.3 crore, a strong 26.97% increase from the previous year.

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Indian Overseas Bank(IOB) Q3 Profit climbs 21% YoY


Indian Overseas Bank (IOB), a state-owned bank, reported on Monday that its consolidated net profit for the third quarter ended December 2024 increased by about 21% year-over-year (YoY) to Rs 875.27 crore, up from a profit of Rs 724.14 crore in the same period the year before. 

In the third quarter that concluded on December 31, Indian Overseas Bank's net interest income (NII), which is calculated as interest generated less interest spent, increased 16% year over year to Rs 2,789 crore from Rs 2,398 crore in the same quarter the previous year.


On the asset quality front, the lender said its gross non performing assets ratio improved to 2.55% in the third quarter of fiscal 2025, as compared to 2.72% in the previous quarter of the same financial year. Similarly, net non performing assets improved to 0.42% in the December quarter, from 0.47% in the second quarter of FY25.


Also Read - Quarterly Results of all banks for Q3FY25


In the December quarter of FY25, provisions stood at Rs 1,028.6 crore, as against Rs 701.42 crore in the same quarter last year. The provisions in the September quarter of fiscal 2025 was Rs 1,146.3 crore.


The lender’s gross non performing assets (GNPA) improved to Rs 6,070.5 crore in the third quarter of FY25, from Rs 6,249.07 crore in the previous quarter of the same financial year.

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