IDBI Bank Q2 results: PAT up 39%

 

IDBI Bank on Friday reported a 39 per cent surge in net profit at Rs 1,836 crore for the quarter ended September 30, 2024 on the back of improvement in interest income.

The LIC-controlled bank had earned a net profit of Rs 1,323 crore in the year-ago period.

Total income rose to Rs 8,754 crore in the quarter under review, from Rs 6,924 crore in the same period a year ago, IDBI Bank said in a regulatory filing.

Net interest income of the bank improved to Rs 3,875 crore in the July-September quarter, from Rs 3,066 crore in the September quarter of 2023, registering a growth of 26 per cent.

Net interest margin increased to 4.87 per cent, from 4.33 per cent at the end of September 2023.

Asset quality of the bank witnessed an improvement with gross non-performing assets (NPAs) rising to 3.68 per cent of gross advances at the end of the September quarter of 2024, as against 4.90 per cent a year ago.

Net NPAs or bad loans also declined to 0.20 per cent, as against 0.39 per cent in the year-ago period.

Capital Adequacy Ratio of the bank increased to 21.98 per cent, from 21.26 per cent at the end of September 2023.

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ICICI Bank Q2 net profit jumps 14% on-year

 

ICICI Bank's Q2 FY25 standalone net profit rose by 14.5 percent on-year to Rs 11,746 crore, from Rs 10,261 crore in the year-ago period, exceeding Street expectations. A Moneycontrol poll of brokerages had forecasted the bank’s profit at Rs 10,989 crore.

The private sector lender’s net interest income (NII) increased by 9.5 percent to Rs 20,048 crore, but it missed Moneycontrol poll estimate of Rs 20,845 crore. ICICI Bank reported its net interest margin (NIM) at 4.27 percent, which fell from 4.36 percent seen in the previous quarter and 4.53 percent in the year-ago period.

The bank also reported non-interest income growth of 10.8 percent to Rs 6,496 crore, with a 13.3 percent rise in fee income to Rs 5,894 crore, largely driven by contributions from retail, rural, and business banking customers.

ICICI Bank's loan portfolio showed steady expansion, with domestic loans growing 15.7 percent year-on-year to Rs 12.43 lakh crore. Total deposits at the end of the quarter were also up 15.7 percent on-year at Rs 14.98 lakh crore, with the average CASA ratio recorded at 38.9 percent.

Asset quality continued to be robust, with the gross NPA ratio narrowing to 1.97 percent at September 30, 2024 compared to 2.15 percent on June 30, 2024. Net NPA ratio remained nearly flat at 0.42 percent at the end of September, against 0.43 percent in the previous quarter. The provisioning coverage ratio on non-performing loans stood at 78.5 percent.

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Bank of Baroda(BoB) Q2 result: Profit jumps 23%; NII grows 7.3% YoY

On October 25, PSU lender Bank of Baroda Ltd. announced a 23% increase in net profit for the quarter that ended on September 30, 2024, totaling Rs 5,238 crore. In the previous year, it declared a net profit of Rs 4,253 crore. 

In Q2FY25, the lender's overall income increased by 11% to Rs 35,445 crore from Rs 32,033 crore in Q2FY24. In Q2FY25, the lender's net interest income increased by 7% to Rs 11,622 crore from Rs 10,831 crore in the same time last year. 

The bank's non-interest revenue increased by 24.2 percent year over year to Rs 5,181 crore during the reporting quarter, from Rs 4,171 crore during the same time last year..

Global deposits of the jumped 9.1 percent in the second quarter of the current financial year to Rs 13.64 lakh crore. In the similar quarter last year, global deposits stood at 12.5 lakh crore.

Of the global deposit, domestic deposits which have a highest share increased by 7.1 percent on-year to Rs 11.51 lakh crore, from Rs 10.74 lakh crore. Whereas, international deposits jumped sharply by 21.2 percent on-year to Rs  2.12 lakh crore.

The domestic cost of deposits of the bank have increased in the reporting quarter to 5.16 percent, as compared to 5.13 percent in a quarter ago period, and 4.99 percent in a year ago period.

International cost of deposits have also seen a sharp increase on a yearly as well as on domestic basis. International cost of deposits stood at 4.84 percent in July-September quarter, as compared to 4.66 percent in a quarter ago period and 4.45 percent in a year ago period.

Global advances of the bank increased 11.6 percent to Rs 11.43 lakh crore in the second quarter of the current financial year.

Retail advances (organic) grew 19.9 percent on-year to Rs 2.32 lakh crore in July-September quarter, from Rs 1.94 lakh crore. Domestic gross advances rose 12.5 percent on-year to Rs 9.39 crore in Q2FY25.

International Advances of the lender increased by 7.6 percent on-year to Rs 2.04 lakh crore.

Yield on advances on global advances have seen a moderation on a quarterly basis to 8.48 percent in July-September quarter, from 8.55 percent in April-June quarter. However, it has increased on a yearly basis.

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Union Bank of India Q2 Net profit jumps 34%

Public sector lender Union Bank of India (UBI) reported a significant 34% year-on-year increase in consolidated net profit for the second quarter of FY2025, reaching ₹4,720 crore, compared to ₹3,511 crore in the same quarter last year.

This profit surge was primarily supported by a reduction in provisions and contingencies. The bottom line rose 28% sequentially.

NII declined marginally by 0.9% to ₹9,047 crore from ₹9,126 crore a year ago, as interest expenses rose slightly during the quarter. Despite this, total income remained steady, supported by a healthy contribution from non-interest income sources and recovery from written-off accounts.

The bank’s asset quality continued to improve during the quarter. The gross non-performing assets (NPA) ratio fell to 4.36% as of September 2024, down from 4.54% in the previous quarter, and showing a sharper decline from 6.38% in Q2 FY2024.

Similarly, the net NPA ratio was recorded at 0.98%, up from 0.90% in the previous quarter, but a good improvement from 1.30% in the same quarter last year.

Additionally, Union Bank of India maintained a provision coverage ratio (PCR) of 92.79%, ensuring adequate coverage for potential defaults. The bank’s capital adequacy ratio under Basel III guidelines stood at 17.13%, comfortably above regulatory requirements.

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UCO Bank Q2 Net profit rises 50%

 

State-owned UCO Bank Ltd on Saturday (October 19) reported a 50% year-on-year (YoY) jump in net profit at ₹602 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, UCO Bank posted a net profit of ₹401.7 crore, the bank said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 20%, coming at ₹2,300.4 crore against ₹1,916.5 crore in the corresponding quarter of FY24.

The gross non-performing asset (GNPA) stood at 3.18% in the September quarter against 3.32% in the June quarter. Net NPA came at 0.73% against 0.78% quarter-on-quarter.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 20%, coming at ₹2,300.4 crore against ₹1,916.5 crore in the corresponding quarter of FY24.

The gross non-performing asset (GNPA) stood at 3.18% in the September quarter against 3.32% in the June quarter. Net NPA came at 0.73% against 0.78% quarter-on-quarter.

In monetary terms, gross NPA stood at ₹6,293.86 crore against ₹6,420.12 crore quarter-on-quarter, whereas net NPA came at ₹1,406.44 crore against ₹1,473.42 crore quarter-on-quarter.

The bank's Net Interest Margin (NIM) for Q2 of FY25 stood at 3.10%, showing an improvement from 2.84% in the corresponding quarter of the previous year. For the first half of FY25, the NIM was 3.09%, compared to 2.92% for the same period in FY24.

The total business of the bank stood at ₹4,73,704 crore as of September 30, 2024, showing an increase of 13.56% year-on-year, wherein Gross Advances increased by 18% to ₹1,97,927 crore on year-on-year and total deposits grown by 10.57% on year-on-year to ₹2,75,777 crore. Operating profit for the quarter ended on September 30, 2024, stood at ₹1,432 crore showing an increase of 45.82% on year-on-year basis.

Advances in the Retail, Agriculture & MSME (RAM) sectors of the bank increased by 20.16 % to ₹1,08,200 crore on a year-on-year backed by 29.36% year-on-year growth in retail advances,17.41% year-on-year growth in Agriculture advances and 11.32% year-on-year growth in MSME advances. Capital Adequacy Ratio (CRAR) stood at 16.84% as of September 30, 2024, with a Tier I Capital Ratio of 14.59%.

UCO Bank reported a Credit to Deposit Ratio of 71.77% as of September 30, 2024. The bank's total business grew by 13.56% year-on-year, reaching ₹4,73,704 crore, up from ₹4,17,145 crore on September 30, 2023. Total deposits increased by 10.57% year-on-year to ₹2,75,777 crore, compared to ₹2,49,411 crore a year ago.

Gross advances saw robust growth, rising 18% year-on-year to ₹1,97,927 crore, up from ₹1,67,734 crore in the previous year. Business per employee also improved, reaching ₹22.10 crore during Q2 of FY25, up from ₹19.06 crore in the same period of the prior year.

UCO Bank's retail advances reached ₹47,039 crore as of September 30, 2024, marking a strong 29.36% year-on-year growth, driven by its home and vehicle loan portfolios. Home loans grew by 18.98%, while vehicle loans surged by 38.66% year-on-year.

Additionally, the bank’s agriculture advances rose by 17.41% year-on-year, reaching ₹26,987 crore as of September 30, 2024, up from ₹22,985 crore in the previous year.

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Punjab & Sind Bank Q2 net up 26.98%

 

State-owned Punjab & Sind Bank on Saturday reported a 26 per cent rise in net profit to Rs 240 crore in the September quarter on the back of reduction in bad loans.The lender had recorded a net profit of Rs 189 crore in the same quarter a year ago.

Total income increased to Rs 3,098 crore during the quarter under review from Rs 2,674 crore a year earlier, Punjab & Sind Bank said in a regulatory filing.The bank earned an interest income of Rs 2,739 crore during the quarter, compared to Rs 2,406 crore in the same period a year ago.

Return on asset of the bank improved to 0.65 per cent at the end of September 2024 as against 0.52 per cent at the end second quarter of previous financial year.Asset quality of the bank improved with gross non-performing assets declining to 4.21 per cent of the gross loans by the end of September 2024 from 6.23 per cent a year ago.

Return on asset of the bank improved to 0.65 per cent at the end of September 2024 as against 0.52 per cent at the end second quarter of previous financial year.Asset quality of the bank improved with gross non-performing assets declining to 4.21 per cent of the gross loans by the end of September 2024 from 6.23 per cent a year ago.

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Central Bank of India Q2 Net profit surges 51%

State-owned Central Bank of India on Thursday posted a 51 per cent jump in profit at ₹913 crore in the second quarter ended September 2024.

The lender had earned a net profit of ₹605 crore in the same quarter a year ago. Total income increased to ₹9,849 crore during the quarter under review, as against ₹8,412 crore in the same period last year, Central Bank of India said in a regulatory filing.

Net Interest Income increased to ₹3,410 crore in the latest July-September quarter as compared to ₹3,028 crore in the corresponding period a year ago.

The bank earned an interest income of ₹8,203 crore during the quarter, compared to ₹7,351 crore in the year-ago quarter.

Net Interest Margin (NIM) in the reporting quarter rose to 3.44 per cent from 3.29 per cent at the end of second quarter of previous fiscal.

Return on Assets (ROA) improved to 0.85 per cent, registering an improvement of 23 bps, over the corresponding quarter of last year.

The bank was able to reduce gross Non-Performing Assets (NPAs) to 4.59 per cent of the gross loans by the end of September 2024, from 4.62 per cent a year ago.

Similarly, net NPAs or bad loans came down to 0.69 per cent, from 1.64 per cent at the end of the second quarter of the previous fiscal.

Provision Coverage Ratio stood at 96.31 per cent, with an improvement of 377 bps year on year.

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BOI Cashier Accused of Rs 11 Lakh Embezzlement in Patna

 

Naresh Kumar, a cashier at the Bank of India branch on Gardanibagh Kalibari Road, Patna, has been accused of embezzling Rs 11.7 lakh. The incident came to light after Kumar fled the branch on the pretext of going to the toilet. Following the discovery, the branch manager, Vandana Ranjan, lodged a formal complaint with Gardanibagh police, who registered a case on October 14.

According to the complaint, the incident occurred on October 9 when a customer approached the branch requesting a withdrawal of Rs 10 lakh. Kumar, a resident of PC Colony in Kankarbagh, informed the customer that the branch did not have sufficient cash at the time. However, after checking the cash register, branch manager Ranjan found that the cash safe had enough funds and instructed Kumar to proceed with the payment.

In a sudden turn of events, Kumar told bank staff that he needed to use the toilet, leaving the keys to the cash cabin and cash safe behind. He then quietly fled the branch. Upon further inspection of the cash register, it was discovered that Rs 11.7 lakh were missing.

The police have launched an investigation, and the station house officer (SHO) confirmed that efforts are underway to track down the accused. “The case is under investigation, and the accused will be arrested once the inquiry is complete,” the SHO stated.

The incident has left bank staff and customers in shock, with authorities tightening security measures to prevent further such cases. This is a developing story and more details will be provided soon. 

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