Indian Overseas Bank(IOB) Q4 profit jump over two times

 

State-owned Indian Overseas Bank (IOB) on Monday reported a jump of over two times in its net profit at Rs 349.77 crore in the last quarter of the fiscal ended March 2021.

The bank had posted a net profit of Rs 143.79 crore in the same period a year ago.

Total income during Q4FY21 rose to Rs 6,073.80 crore as against Rs 5,484.06 crore in Q4FY20, IOB said in a regulatory filing.

Provisions for bad loans and contingencies for the reported quarter increased to Rs 1,380.46 crore as against Rs 1,060.38 crore parked aside in the corresponding period a year earlier.

For the full year 2020-21, the bank reported a net profit of Rs 831.47 crore. There was a net loss of Rs 8,527.40 crore in 2019-20.

Total income during the year increased to Rs 22,524.55 crore from Rs 20,712.48 crore in the previous fiscal year.

Bank's asset quality showed improvement with the gross non-performing assets (NPAs) falling to 11.69 per cent of the gross advances as of March 31, 2021 from 14.78 per cent by year ago same period.

In value terms, the gross NPAs or bad loans were of the order of Rs 16,323.18 crore, down from Rs 19,912.70 crore.

Net NPAs fell to 3.58 per cent (Rs 4,577.59 crore) from 5.44 per cent (Rs 6,602.80 crore).

The bank said its board of directors has approved the capital plan for 2021-22 under which it will issue equity shares up to a maximum extent of 125 crore shares by way of follow on public offer/rights issue.

The issue may be with or without participation from the government or to qualified institutional buyers (QIBs), the lender said.

It may be also on a preferential basis to LIC and other insurance companies or mutual funds/QIBs. The issuance of shares is subject to shareholders approval, IOB said.

Besides, the board also approved to raise tier II capital by issuing Basel III compliant bonds up to Rs 1,000 crore in one or more tranches. The issue may be through a private placement or to retail segment by public issue, either domestically or overseas, it added.

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Union Bank of India posts net profit in Q4, asset quality improves

 

Union Bank of India posted a standalone net profit of ₹1,329.77 crore for the quarter ended March 31, 2021. The state-run lender has reported a loss of ₹2,503.18 crore in the corresponding period of previous fiscal.

Union Bank of India clarified that the financial results for fiscal FY21 and its fourth quarter are not comparable to corresponding figures in the year-ago period as "working results for the quarter/year ended March 31, 2021, include operations of erstwhile Andhra Bank and erstwhile Corporation Bank". The central government had approved the scheme of amalgamation of the three banks on March 4, 2020, which came into effect on April 1, 2020.

"Accordingly, the difference of ₹1,309.60 crore between the net assets of amalgamating banks and the amount of shares issued to shareholders of the amalgamating banks has been recognised as Amalgamation Reserve in the opening balance sheet as on April 1, 2020. The bank has considered this amount under CET I for the purpose of calculation of CRAR," Union Bank of India said in a regulatory filing.

Total income during the quarter under review was ₹20,025.99 crore as opposed to ₹11,306.99 crore in the year-ago period. Net interest income for Q4 FY21 stood at ₹5,402.86 crore, against ₹2,878.11 crore in Q4 FY20.

Operating profit for the March quarter of FY21 was recorded at ₹5,179.87 crore, as opposed to ₹2,652.64 crore in the same period of FY20.

The bank saw its asset quality improve, with gross non-performing assets (NPAs) decline to 13.74 per cent of the gross advances as of March 31, 2021, as against 14.15 per cent by the end of corresponding period previous fiscal. Net NPAs or bad loans came down to 4.62 per cent from 5.49 per cent.

The bank said it has not classified the borrower account of Delhi Airport Metro Express (DAMEPL) as NPA in accordance to a Supreme Court order. However, following RBI directives dated June 21, 2019, the bank has not treated ₹94.9 crore as NPA against DAMEPL and made the provisions to the tune of ₹43.31 crore in accordance with the Income Recognition and Asset Classification and Provisioning (IRAC) norms, notionally treating the account as NPA.

"Further, the bank also has exposure of ₹3,269.09 crore with two borrower accounts belonging to another business group. In terms of NCLT, Kolkata bench order dated 21 October 2020, the bank has not declared these accounts as NPA and maintained status quo until further orders. As a prudence, the bank has made a provision of ₹549.45 crore pending final decision," it added.

On the impact of Covid-19 pandemic, Union Bank of India said, "Though the situation continues to remain uncertain, the bank is continuously monitoring the situation and taking all possible measures to ensure continuance of full-fledged banking operations. The management believes that there would not be any significant impact on bank's performance in future and going concern assumptions."

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Central Bank of India Q4 results: Lender's net loss narrows

 

State-owned Central Bank of India on Monday reported narrowing of its net loss to Rs 1,349.21 crore on a standalone basis in the last quarter of the fiscal ended March 2021. The bank had posted a net loss of Rs 1,529.07 crore in the same quarter of the preceding fiscal year. Sequentially, there was a net profit of Rs 165.41 crore in the December quarter of FY21.

Net profit (standalone) for the entire fiscal 2020-21 was down by 20.84 per cent to Rs 887.58 crore as against Rs 1,121.35 crore in 2019-20, Central Bank of India said in a regulatory filing.

Income (standalone) during Q4FY21 also fell to Rs 5,779.84 crore from Rs 6723.73 crore in Q4FY20.

For the full year, the income was down at Rs 25,897.44 crore as against Rs 27,199.29 crore in FY20, the bank said.

The asset quality of the state-owned lender showed improvement with the gross non-performing assets (NPAs) falling to 16.55 per cent of the gross advances by end of March 2021 as against 18.92 per cent by year-ago same period.

In absolute value, gross NPAs fell to Rs 29,276.96 crore from Rs 32,589.08 crore.

Net NPAs were also trimmed to 5.77 per cent (Rs 9,036.46 crore) from 7.63 per cent (Rs 11,534.46 crore).

Provisions for bad loans and contingencies during the reported quarter rose to Rs 3,130.33 crore from Rs 2,178.33 crore put aside for the year-ago quarter.

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Punjab National Bank posts net profit in Q4; NII rises 48%

 

State-owned lender Punjab National Bank (PNB) on Friday reported standalone net profit of Rs 586 crore for the quarter ended March 31, 2020 (Q4FY21). The lender had posted a profit of Rs 506 crore in the previous quarter (Q3FY21), and a standalone loss of Rs 697 crore during the corresponding period last year (Q4FY20).

On a sequential basis, the net profit rose 16 per cent.

The Delhi-based lender's net interest income -- the difference between interest earned through lending and interest paid to depositors -- rose 48.3 per cent to Rs 6,938 crore for the period under review. It was Rs 4,677 crore in the same quarter a year earlier.

The bank’s gross non-performing assets (NPAs) increased to 14.12 per cent in the March quarter, compared with 12.99 per cent in the previous quarter. Meanwhile, its net non-performing assets (NPAs) stood at 5.73 per cent.

The total income of the bank during the quarter stood at Rs 22,531 crore as compared with Rs 16,388 crore in the year-ago period.

The bank made provisions for NPAs to the tune of Rs 5,293 crore for the period under review. This is higher by 15 per cent as compared to the provisions of Rs 4,618 crore in the same period, a year ago

As of March 31, 2021, the Capital Adequacy Ratio (CAR) of the lender stood at 14.32 per cent.

"The current coronavirus situation continues to be uncertain and the Bank is evaluating the impact on an ongoing basis. The extent to which the Covid-19 pandemic will impact the Bank's results will depend on future developments, which are highly uncertain including among other things, the success of vaccination drive," the lender said in a filing.

The lender's deposits at the end of March quarter stood at Rs 11 trillion as compared with Rs 7 trillion in the year-ago period.

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Bank of India posts Rs 250 crore profit in Q4

State-owned Bank of India has on Friday reported Rs 250 crore profit for the March quarter compared to a loss of Rs 3571 crore in the year ago period, thanks to lower provisions against bad loans.

The bank's net interest margin, a key profitability parameter, has fallen to 2.01% for the quarter as against 2.90%.

Operating profit dipped 21% at Rs 2094 crore from Rs 2653 crore while interest income fell 9% at Rs 9327 crore over the year-ago period's Rs 10,528 crore, the bank said in a regulatory filing.

About 4.5 times lower provisions including those to cover bad loans saved the day for the bank. The bank made provisions of Rs 1831 crore during the quarter against Rs 8142 crore last time with improvement in asset quality over the one year period. Gross non-performing assets ratio stood at 13.77% at the end of March, compared with 14.78% a year back. The ratio however rose from December 2020's 13.25%.

Provisions coverage ratio however remained healthy at 86.24% compared with 83.75% over the same period.

The bank's advances shrunk 1.5% to Rs 4.1 lakh crore as of end of March, on account of contraction in overseas lending to Rs 48,075 crore from Rs 58,852 crore while dometic lending grew a modest 1.35 to Rs 3.6 lakh crore. The muted credit growth is largely due to 15% fall in corporate loan demand.

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Bank of Baroda(BoB) Q4 reports net loss in Q4

 

Bank of Baroda today reported a net loss of Rs 1,047 crore due to a sharp rise in provisions for bad loans in the quarter and deterioration in asset quality on a reported basis.

Analysts had expected the state-owned bank to report a net profit of Rs 1,042.6 crore for the reported quarter.

The bank’s provisions for bad loans rose 44 per cent on-year during the quarter to Rs 4,593 crore. At the same time, the lender’s gross non-performing assets ratio stood at 8.87 as against 8.48 a quarter ago on a reported basis. The net NPA ratio was at 3.09 per cent as compared to 2.39 per cent reported in the previous quarter.

The lender’s bottomline was also affected by a sharp rise in tax expense to Rs 3,726 crore as against a tax write-back of Rs 2,230 crore in the year-ago quarter.

The public sector lender’s net interest income in the quarter rose 4.5 per cent on-year to Rs 7,107 crore. The non-interest bearing business had a stellar quarter as income rose 71 per cent on-year to Rs 4,848 crore.

Bank of Baroda’s pre-provision operating profit rose 27.3 per cent on-year to Rs 6,266 crore for the quarter ended March. Net interest margin of the lender deteriorated on-year by three basis points to 2.73 per cent.

The lender’s loan book grew 4.9 per cent on-year during the quarter to Rs 6.4 lakh crore, while deposits climbed 6.2 per cent to Rs 8.6 lakh crore. However, the retail loan portfolio showed firm growth of 14.4 per cent on-year to Rs 1.2 lakh crore

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Karur Vysya Bank Q4 net profit rises 23%

Private sector Karur Vysya Bank on Friday posted nearly 23 per cent rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021, on account of good growth in retail loan portfolio as well as gold loan.Provisions for bad loans and contingencies too fell, which helped in profit numbers.

The bank had reported a net profit of Rs 84 crore during the same period of the preceding fiscal year FY20.

Total income during Q4 FY21, however, fell to Rs 1,565.78 crore from Rs 1,803.15 crore in the year-ago same quarter.For the entire fiscal year 2020-21, its net profit jumped by about 53 per cent to Rs 359 crore from Rs 235 crore in 2019-20, Karur Vysya Bank said in a regulatory filing.Full-year (2020-21) income was also down at Rs 6,527.07 crore, as against Rs 7,144.60 crore in FY20.

Bank''s total business grew by nearly 8 per cent to Rs 1.16 lakh crore as of March 31, 2021. The lender said credit growth during the year was higher at 8.87 per cent and gross advances reached Rs 52,820 crore.

"Credit growth resulted from improved offtake in retail and business segment as well as higher growth witnessed in the jewel loan portfolio, backed by digital processing and improved sourcing of loans through various channels," it said in a release.

Jewel loan portfolio grew by 39 per cent during the year and stands at Rs 12,852 crore at end of March 2021.On asset side, the bank registered decline in gross non-performing assets (NPAs) at 7.85 per cent of the gross loans by end of FY21 from 8.68 per cent by FY20. In value terms, the gross NPAs fell to Rs 4,143 crore from Rs 4,213 crore.

Net NPAs or bad loans improved to 3.41 per cent (Rs 1,719 crore) from 3.92 per cent (Rs 1,809 crore), backed by consistent follow-up and recovery measures, the bank said.Provisions for bad loans and contingencies for the reported quarter fell to 71.45 crore from Rs 429.27 crore parked aside for the year-ago period.

The board of directors of the bank has recommended dividend of Rs 0.50 per equity share for the financial year ended March 31, 2021, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the bank, it said.

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Indian Bank reports huge net profit in Q4

 

Indian Bank on Friday reported a net profit of Rs 1,708.85 crore in the March-ended quarter. The lender had posted a net loss of Rs 217.74 crore in the same quarter of the preceding financial year 2019-20.

Sequentially, the bank had posted a net profit of Rs 514.29 crore in the December quarter of the financial year 2020-21.

The bank said figures of March 31, 2020, are related to standalone Indian Bank financing for the pre-amalgamation period, hence not comparable with the post amalgamation financials of December 2020 and March 2021.

The erstwhile Allahabad Bank was amalgamated into Indian bank with effect from April 1, 2020.

Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20, Indian Bank said in a regulatory filing.

For the full year of the financial year 2020-21, the net profit of the bank was recorded at Rs 3,004.68 crore. In the previous financial year, the bank had a total income of Rs 753.36 crore. The total income for the year was Rs 45,185.04 crore. Income in the preceding fiscal was at Rs 24,717.43 crore.

On the asset quality front, the bank's gross non-performing assets (NPAs) or the bad loans stood at 9.85 per cent of the gross advances by end of March 31, 2021. It was 6.87 per cent by March 2020.

In value terms, the gross NPAs of the bank stood at Rs 38,455.35 crore as against Rs 14,150.84 crore.

Net NPAs too rose at 3.37 per cent (Rs 12,271.13 crore) from 3.13 per cent (Rs 6,184.24 crore).

The bank made provisions for bad loans and contingencies worth Rs 1,752.48 crore for the March 2021 quarter. In the year-ago period, it was Rs 1,891.86 crore.

The board of directors of the bank has recommended a dividend of Rs 2 per equity share for the financial year 2020-21, the bank said.

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City Union Bank Q4 net profit reports at Rs 111 crore

Private sector City Union Bank has reported net profit at Rs 111.18 crore for the quarter ending March 31, 2021. The Tamil Nadu-based bank had reported a net loss at Rs 95.29 crore during corresponding quarter previous year, the City Union Bank said in a BSE filing.

For the year ending March 31, 2021, net profits of the bank grew to Rs 592.82 crore from Rs 476.31 crore.

Total income for the quarter ending March 31, 2021 was at Rs 1,121.43 crore as compared to Rs 1,220.98 crore registered in the same quarter last year.

For the year ending March 31, 2021, total income stood at Rs 4,839.45 crore as against Rs 4,848.54 crore during corresponding period last year.

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Karnataka Bank Q4 net profit up 15%

Private sector lender Karnataka Bank on Wednesday posted an all time high annual net profit of Rs. 483 crore for the financial year 2020-21, registering a 12% growth over the previous year’s revenues.

The net profit for the fourth quarter ended March 2021 is Rs. 31.36 crore, a 15% jump over the previous year. The bank’s board also recommended a dividend of 18%.

“This turned out to be the best result under the unprecedented tough conditions triggered by Covid-19 pandemic,” Bank’s managing director Mahabaleshwara MS said in a press release.

The business turnover of the bank was at Rs. 1,27,348 crore as on March 31, 2021. The deposits stood at Rs. 75,655 crore and advances at Rs. 51,694 crore. The CASA deposits grew 15% and reached an all time high of 31% of total deposits as on March 31, 2021.

Mahabaleshwara said vaccinations coupled with other measures including restructuring by the RBI will help needy borrowers and the banking sector overcome the challenges posed by the pandemic.

The bank also announced the appointment of Balakrishna Alse S, a former executive director of Oriental Bank of Commerce, as an additional director on its board.

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