Public Sector Banks :(Data will update as result will declare)
Quarterly Results of Public sector banks for Q1FY19
Allahabad Bank posts big loss on higher provisioning for bad loans
Allahabad Bank on Tuesday posted June-quarter loss of Rs 1,944 crore against a profit of Rs 28.8 crore a year ago. The interest earned by the bank during the first quarter stood at Rs 4,600 crore, compared with Rs 4,148 crore in the same period of the previous financial year.
Provisions and contingencies rose to Rs 2,763 crore during the April-June quarter, from Rs 1,335 crore in the year-ago period. Provisions for non-performing assets (NPAs) during the quarter came in at Rs 2,950 crore versus Rs 1,687 crore a year ago
Gross NPAs stood at 15.97% of the total advances against 15.96% in the previous quarter, while Net NPAs were at 7.32% against 8.04%.
On Friday, State Bank of India (SBI) posted a loss for the third consecutive quarter after setting aside funds to cover losses on its bond portfolio and increased gratuity. The country’s top lender by assets turned to a loss of Rs 4,875.85 crore in the June quarter, from a net profit of Rs 2,005.53 crore a year earlier.
The bank’s gross NPAs rose to 10.69% of total advances in the June quarter, from 9.97% a year earlier, and 10.91% in the March quarter. Another public sector lender, Punjab National Bank (PNB), which reported a $2-billion fraud in February, also declared a June-quarter loss of Rs 940 crore, against a profit of Rs 343 crore a year ago. Recovery of non-performing assets, cost-cutting measures including shuttering international and domestic branches and better loan margins helped the bank improve on its March quarter performance, where it had reported a record loss of Rs 13,417 crore.
The central government on Monday gave the Central Bureau of Investigation (CBI) and the Reserve Bank of India (RBI) the go ahead to prosecute and initiate criminal charges against former Punjab National Bank (PNB) managing director and chief executive officer (CEO) Usha Ananthasubramanian.
Ananthasubramanian, who was the CEO of Allahabad Bank, was on Monday removed from service with immediate effect, according to people familiar with the development. Allahabad Bank board had earlier stripped Ananthasubramanian of all executive powers after the CBI had named her in the scam.
IDBI Bank reports loss for 7th quarter in a row
IDBI Bank Ltd on Tuesday reported a loss for the seventh consecutive quarter as the lender continued to set aside higher provisions for its bad loans. The bank would have reported higher loss if there was no tax write back. Net loss for the quarter stood at Rs 2,409.89 crore against Rs 853.01 crore in the same quarter last year. It reported a tax write back of Rs 1,745.09 crore against Rs 3,39.61 crore a year ago.
Provisions and contingencies surged 157.33% to Rs 5,239.07 crore in the quarter from Rs 2,035.96 crore a year ago. On a quarter-on-quarter basis, they declined 50.31% from Rs 10,544.34 crore.
Gross non-performing assets (NPAs) rose 15.21% to Rs 57,806.84 crore at the end of the June quarter from Rs 50,173.20 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 30.78% as compared to 27.95% in the previous quarter and 24.11% in the year-ago quarter. Net NPAs were at 18.76% in the June quarter compared to 16.69% in the previous quarter and 15.8% in the same quarter last year.
Net interest income (NII), or the core income a bank earns by giving loans, was up 16.89% to Rs 1,638.62 crore versus Rs 1,401.90 crore last year. Other income was at Rs 642.95 crore, down 6.3% from Rs 686.26 crore a year ago.
Recently, IDBI Bank has received government approval for an acquisition of 51% stake by Life Insurance Corp. of India. LIC’s IDBI Bank acquisition would be through preferential issue/open offer of equity, subject to regulatory approval and compliance with laws. Post the transaction, IDBI Bank would become a subsidiary of the insurer. LIC, at present, holds 7.98% stake in the bank.
Corporation bank Q1 profit rises to 41%
Total Operating Income decline 5.21% to Rs 4190.59 crore.
Net profit of Corporation Bank rose 41.25% to Rs 84.96 crore in the quarter ended June 2018 as against Rs 60.15 crore during the previous quarter ended June 2017.
Total Operating Income declined 5.21% to Rs 4190.59 crore in the quarter ended June 2018 as against Rs 4420.90 crore during the previous quarter ended June 2017.
UCO Bank narrows loss in Q1FY9
State-owned UCO Bank on Friday reported a net loss of Rs.633.88 crore for the first quarter ended June 2018. This first quarter loss, however, has narrowed both on annual and sequential basis.
During April-June period of 2017-18, its net loss stood at Rs.663.02 crore. While in the March quarter of FY2017-18, loss was Rs.2,134.36 crore. However, total income in April-June 2018 increased to Rs.4,360.88 crore from Rs.4,237.04 crore in the same period a year ago, the bank said in a regulatory filing.
Bank’s asset quality worsened with the gross non-performing assets (NPAs) hitting 25.71% of gross advances as on 30 June 2018 as against 19.87% by end-June 2017.
In absolute value, the gross bad loans or NPAs stood at ₹29,786.41 crore by the end of the first quarter of this fiscal, up from Rs.25,054.21 crore. Net NPAs were 12.74 per cent (Rs.12,558 crore) as against 10.63% (Rs.12,010.95 crore). Thus the provisions for bad loans were raised substantially to Rs.2,038.33 crore for the June quarter of FY’19 from Rs.1,204.25 crore a year ago.
UCO Bank said provision coverage ratio for non-performing loans is 65.15 per cent. The bank said it was required to make additional provisions with respect to accounts under provisions of Insolvency and Bankruptcy Code.
“Accordingly, the bank has made additional provision of ₹627.79 crore in respect of all NCLT admitted borrower accounts,” UCO Bank said.
Union Bank of India Q1 profit rises 11% despite higher provisions
Public sector lender Union Bank of India has reported a 11.2
percent growth year-on-year in first quarter profit to Rs 129.5 crore, driven
by tax credit and net interest income. Profit in same
period last fiscal was Rs 116.5 crore.
Net interest
income during the quarter grew by 17.1 percent to Rs 2,626.2 crore compared to
Rs 2,242.6 crore in year-ago with loan growth at 5 percent.
Asset quality
weakened for the quarter with gross non-performing assets as a percentage of
gross advances rising to 16 percent versus 15.7 percent and net NPA increasing
to 8.7 percent versus 8.4 percent sequentially.
In absolute terms, gross NPA increased 3.2 percent quarter-on-quarter to Rs 50,972.6 crore and net NPA 4.9 percent to Rs 25,508.4 crore for quarter ended June 2018. Provisions and contingencies fell sharply by 60.7 percent sequentially to Rs 2,229 crore, but increased 30.8 percent YoY in Q1.
Other income
(non-interest income) dropped 14.6 percent YoY to Rs 1,207.95 crore while
operating profit increased 1.56 percent to Rs 2,088.78 crore in June quarter. Tax credit for
the quarter stood at Rs 269.83 crore against tax expenses of Rs 236.30 crore in
same period last fiscal.
SBI posts third consecutive loss on surging NPAs
State Bank of India (SBI) on Friday reported a loss for a third consecutive quarter as non-performing assets (NPAs) continued to mount and provisions soared. The bank would have reported higher loss if there was no tax write back. Net loss for the June quarter (Q1) stood at ₹ 4,875.85 crore against a profit of ₹ 2,005.53 crore a year ago. According to 17 Bloomberg analysts, the bank was expected to post a profit of ₹ 237.80 crore.
SBI received a tax write back of ₹ 2,379.28 crore in Q1 FY19 against tax paid of ₹ 939.05 crore in Q1 FY18.
Provisions and contingencies surged 115.33% to ₹ 19,228.26 crore in Q1 from ₹ 8,929.48 crore a year ago. On a quarter-on-quarter basis, they declined 31.56% from ₹ 28,096.07 crore.
Gross NPAs rose 13.17% to ₹ 2.13 trillion at the end of the June quarter from ₹ 1.88 trillion a year ago. As a percentage of total loans, SBI’s gross NPAs stood at 10.69% as compared to 10.91% in the previous quarter and 9.97% in the year-ago quarter. Net NPAs were at 5.29% in the June quarter compared to 5.73% in the March quarter and 5.97% in the June quarter last year.
Net interest income (NII), or the core income a bank earns by giving loans, was up 23.8% to ₹ 21, 798.36 crore versus ₹ 17,606.07 crore last year. Other income was at ₹ 6,679.49 crore, down 16.57% from ₹ 8,005.66 crore a year ago.
