Union Bank of India Q4 Results: PAT Jumps 19%; NII Up 14%; Dividend Declare

 

Union Bank of India reported a 19 per cent year-on-year (yoy) increase in fourth quarter standalone net profit at ₹3,310.55 crore, supported by growth in net interest income (NII) and sharp decline in loan loss provisions

The public sector bank had reported a net profit of ₹2,782 crore in the year-ago quarter.

Its board has recommended a dividend of ₹ 3.60 per equity share of ₹ 10 each for FY24.

Net interest income/NII (difference between interest earned and interest expended) rose 14 per cent yoy to ₹9,437 crore (₹8,251 crore in Q4FY23).

Total non-interest income, comprising fee income (loan processing charges, miscellaneous fee income, etc), forex income, profit or loss on sale/revaluation of investments, etc, declined 11 per cent to ₹4,707 crore (₹5,269 crore).

Loan-loss provisions declined 58 per cent to ₹1,485 crore (₹3,567 crore).

Asset quality improved, with gross non-performing assets (NPAs) declining to 4.76 per cent of gross advances as at March-end 2024 against 4.83 per cent as at December-end 2023. NNPAs nudged lower to 1.03 per cent of net advances from 1.08 per cent.

As on March-end 2024, gross advances increased by 14.29 per cent yoy to ₹8,70,776 crore. Total deposits rose 9.28 per cent to ₹12,21,528 crore.

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Bank of India(BoI) Q4 net profit grows 7%, declares dividend

 

State-owned Bank of India on Friday (May 10) reported a 7% year-on-year (YoY) increase in net profit at ₹1,439 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, Bank of India posted a net profit of ₹1,350 crore, the lender 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 by 7%, coming at ₹5,937 crore against ₹5,523 crore in the corresponding quarter of FY23.

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Bank of India's net interest margin (NIM) at a global level witnessed a decline, standing at 2.92% in Q4 of FY24, compared to 3.15% in Q4 of FY23. It was 2.85% in Q3 of FY24. Similarly, the NIM for the domestic segment also experienced a decrease, registering at 3.30% in Q4 of FY24, down from 3.59% in Q4 of FY23, but up from 3.21% in Q3 of FY24.

The global return on assets (RoA) dipped slightly to 0.61% in Q4 of FY24 from 0.63% in Q4 of FY23. The cost to income ratio at the global level rose to 53.73% in Q4 of FY24, compared to 51.48% in Q4 of FY23.

Bank of India’s yield on advances at a global level improved by 52 basis points (bps) year-on-year (YoY), reaching 8.47% in Q4 of FY24, up from 7.95% in Q4 of FY23. However, the cost of deposits witnessed a notable increase, standing at 4.71% in Q4 of FY24, compared to 3.91% in Q4 of FY23.

The global return on assets (RoA) dipped slightly to 0.61% in Q4 of FY24 from 0.63% in Q4 of FY23. The cost to income ratio at the global level rose to 53.73% in Q4 of FY24, compared to 51.48% in Q4 of FY23.

Bank of India’s yield on advances at a global level improved by 52 basis points (bps) year-on-year (YoY), reaching 8.47% in Q4 of FY24, up from 7.95% in Q4 of FY23. However, the cost of deposits witnessed a notable increase, standing at 4.71% in Q4 of FY24, compared to 3.91% in Q4 of FY23.

The board has recommended a dividend of ₹2.80 (i.e. 28%) per equity share  of face value of ₹10 each for the FY2023-24 subject to the approval of shareholders. 

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Bank of Baroda(BoB) Q4 net profit rises 2.3%, asset quality improves; declares dividend

 

Public sector lender Bank of Baroda on May 10 reported a net profit of Rs 4,886 crore for the January-March quarter of the financial year 2023-24, which marks a 2.3 percent jump as compared to a net profit of Rs 4,775 crore clocked in the year-ago period.

The bank's gross non-performing asset (NPA) stood at 2.92 percent, down from 3.79 percent in the corresponding quarter last year. On the other hand, net NPA for the quarter stood at 0.68 percent as compared to 0.89 percent a year ago.

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Indian Overseas Bank(IOB) Q4 results: Net profit rises 24%

 

Indian Overseas Bank (IOB) reported a 24 per cent increase in its net profit to Rs 808.10 crore in the January-March quarter of FY24, up from Rs 650.07 crore in the same period last year, on the back of healthy growth in core income and a decline in provisions.

Sequentially, the net profit increased by 12 per cent from Rs 722.56 crore in the third quarter of FY24.

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The total income of the bank increased by 37.43 per cent to Rs 9,112.67 crore compared to the same period last year, while net interest income (NII) improved by 27.67 per cent to Rs 6,629 crore. Other income rose to Rs 2,477 crore from Rs 1,430 crore in the same period.

The operating expenses of IOB increased in the quarter under review to Rs 3,281.38 crore, compared to Rs 1,826.58 crore, owing to higher employee-related expenses.

“The operating expenses increased due to salary expenses, which has also led to an increase in the cost-to-income ratio,” said Ajay Kumar Srivastava, managing director and chief executive officer of IOB, during a post-earnings media call.

The bank's cost-to-income ratio stood at 62.58 per cent compared to 49.23 per cent last year.

The provisions of IOB declined to Rs 767.56 crore from Rs 995.85 crore in Q4 FY23.

The asset quality of the bank improved. The gross non-performing assets (GNPA) ratio for the quarter ended March 31, 2023, was 3.10 per cent, compared to 3.90 per cent in the previous quarter. Net NPA was at 0.57 per cent compared to 0.62 per cent in the same period.

The lender recorded healthy growth in gross advances to Rs 2.19 trillion as of March 31, 2024, compared to Rs 1.89 trillion in the same period last year. The lender's deposits increased to Rs 2.86 trillion from Rs 2.60 trillion over the same period.

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Punjab National Bank(PNB) Q4 Net profit zooms 160%

Punjab National Bank on May 9 reported a 160 percent surge in its net profit to Rs 3,010.27 crore in the fourth quarter of the financial year 2023-24.

On a sequential basis, the state-run lender's net profit zoomed 35 percent.

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In the reporting quarter, the bank's gross non-performing assets (NPA) ratio stood at 5.73 percent, as against 6.24 percent a quarter ago, and 8.74 percent last year.

Its net NPA stood at 0.73 percent as on March 31, 2024, as against 0.96 percent in the previous quarter and 2.72 percent in the year-ago period.

In absolute terms, gross NPA declined by Rs 20,985 crore to Rs 56,343 crore as on March 2024 from Rs 77,328 crore as on March 2023. Net NPA declined by Rs 15,786 crore from March 2023 to Rs 6,799 crore as on March 2024.

Provision Coverage Ratio (including TWO) improved by 849 basis points (bps) on-year to 95.39 percent as on March 2024. Provision Coverage Ratio (Excluding TWO) improved by 171 bps to 87.9 percent from 70.8 percent in March 2023.

Slippage ratio improved on-year by 159 bps to 0.72 percent in FY24 from 2.31 percent in FY23.

Savings Deposits increased to Rs 4.80 lakh crore registering a on-year growth of 3.5 percent. Current Deposits grew by Rs 3,565 crore as on March 2024 to Rs 72,201 crore on Quarter-on-Quarter basis.

CASA Deposits increased to Rs 5.53 lakh crore recording a on-year growth of 2.7 percent.

Total Retail credit increased by 12.6 percent to Rs 2.23 lakh crore in March 2024.

The bank grew impressively under Core Retail recording a on-year growth of 15.2 percent.

Within Core Retail Credit, Housing Loan grew by 14.5 percent to Rs 93,694 crore, vehicle loan posted a growth of 25.6 percent to reach Rs 20,692 crore, and personal loan increased by 14.4 percent to Rs 20,766 crore.

Agriculture Advances grew by 11.3 percent on-year to Rs 1.58 lakh crore and MSME Advances increased on-year by 7.0 percent to Rs 1.39 lakh crore in March 2024.

Domestic Net Interest Margin stands at 3.25 percent in Q4 FY24.

Global Yield on Advances improved on-year by 50 bps to 8.44 percent in Q4 FY24 and by 112 bps to 8.28 percent in FY24.

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State Bank of India(SBI) Q4 net profit rises 24%

State Bank of India (SBI), the country’s largest lender, on May 9 reported 24 percent rise in net profit at Rs 20,698 crore for the quarter ended March 31, 2024, aided by strong loan demand. SBI reported net profit of Rs 16,695 crore in the year-ago period.

The profit surpassed estimates of Rs 13,400 crore by analysts.

The public lender declared dividend of Rs 13.7o per share for FY24.

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At 1410 hours on May 9, SBI's shares were trading nearly 3 percent higher at Rs 834.40 apiece.

The bank's asset quality improved in March quarter. The gross non-performing asset (GNPA) of SBI came in at 2.24 percent as against 2.78 percent last year, while net NPA came in at 0.57 percent compared to 0.67 percent last year.

SBI loan growth remained strong in the March quarter and it clocked one of the best growth in over eight quarters. The bank also saw an impressive 36-quarter low in terms of ratio between gross and net NPAs.

SBI's interest earned grew 19 percent to Rs 1.11 lakh crore in the reported quarter as against Rs 92,951 crore a year ago.

"Credit growth is at 15.24 percent YoY with domestic advances growing by 16.26 percent YoY. Corporate advances and agri advances cross Rs 11 lakh crore and Rs 3 lakh crore, respectively," said SBI in a stock exchange filing.

In Q4FY24, total income rose to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the year-ago period, while operating expenses grew at a relatively slower rate at Rs 30,276 crore from the year-ago period's Rs 29,732 crore.

The overall provisions nearly halved to Rs 1,609 crore from Rs 3,315 crore in the year-ago period.

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Canara Bank Q4 net profit rises 18.4%, asset quality improves; declares declared

Public sector lender Canara Bank on Wednesday reported its March 2024 quarter net profit at ₹3,757 crore, up 18% year-on-year (YoY). The figure was in line with CNBC-TV18's estimate of ₹3,753.6 crore. The same was ₹3,174.7 crore in the same quarter last year.

The bank's net interest income (NII), the difference between interest earned and interest expended, grew 11% YoY to ₹9,580 crore for the reporting quarter. It was ₹8,616.8 crore in the corresponding quarter of last year.

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Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 4.23% in the quarter under review, as against 4.39% in a quarter ago period, and 5.35% in a year ago period.

The lender's net NPA ratio stood at 1.27% as on March 31, 2024, compared to 1.32% in the last quarter and 1.73% in a year-ago period.

The provision coverage ratio (PCR) stood at 89.10% as of March 2024 as against 89.01% as of December 2023, 87.31% as of March 2023.

Canara Bank's loan growth was weak. Its guidance for loan growth is weaker for FY25 as against FY24 loan growth.

FY25 guidance:

Deposit growth of 10% (11.3% in FY24)

Advances growth of 10% (11.34% in FY24)

CASA ratio at 33% vs 32.29% in FY24

NIM at 2.9% vs 3.05% in FY24

GNPA ratio at 3.5% vs 4.23% in FY24

NNPA ratio at 1.1% vs 1.27% in FY24

Slippage ratio at 1.3% vs 1.28% in FY24

Credit cost at 1.1% vs 0.96% in FY24

ROA at 1% vs 1.01% in FY24

ROE at 18% vs 22.06% in FY24

The bank has also recommended a dividend of ₹16.10 per equity share of face value of ₹10 each to the shareholders for the year 2023-24.

Record Date for payment of dividend will be Monday, June 17, 2024, the bank said.

This will result in a dividend payout of 161%, the lender said in a regulatory filing.

The dividend will be subject to the approval of shareholders at the ensuing Annual General Meeting of the bank.

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Indian Bank Q4 Net profit jumps 55%

Public sector lender Indian Bank reported a 55 per cent jump in net profit at Rs 2,247 crore in March quarter of 2023-24.

The bank had a net profit of Rs 1,447 crore in March quarter of the preceding fiscal.

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Total income increased to Rs 16,887 crore in March quarter of FY24, from Rs 14,238 crore in the fourth quarter of FY23.

Net Interest Income (NII) increased by 9 per cent YoY to Rs 6,015 crore in March quarter of FY24, from Rs 5,508 crore in March quarter of FY23.

For full 2023-24 fiscal, net profit went up by 53 per cent YoY to Rs 8,063 crore, from Rs 5,282 crore in FY23.

Total income for FY24 increased to Rs 63,482 crore, from Rs 52,085 crore in FY23.

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IDBI Bank's Q4 net profit surge 44%

IDBI Bank on Saturday posted a 44% increase in net profit at Rs 1,628 crore in Q4 of the financial year 2023-24 against Rs 1,133 crore in the same period a year ago.

The private lender's total income increased to Rs 7,887 crore from from Rs 7,014 crore in this period of the fiscal year 2022-23.

In 2022-23, its profit was at Rs 3,645 crore. Total income for fiscal year 2023-24 was at Rs 30,037 crore, up from Rs 24,942 crore in financial year 2022-23.

Net Interest Income of the bank increased by 12% in the March quarter to Rs 3,688 crore, as against Rs 3,280 crore in the fourth quarter of 2022-23.

Net non-performing assets (NPA) ratio was at 0.34 per cent as on March 31, 2024, against 0.92 which was a year ago.

The board of IDBI Bank following the announcement of the quarterly proposed a dividend of 15% subject to shareholders' approval.

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UCO Bank Q4 Standalone net profit down 9.5%

UCO Bank on Monday said that its board has approved the issuance of fresh equity shares with a face value of Rs 4,000 crore in the current fiscal year.

The Kolkata-based bank also reported a standalone net profit of Rs 525.77 crore for the fourth quarter ended March 2024, a decrease of 9.5 per cent compared to the corresponding period last year.

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Subject to shareholder approval, the lender will explore various methods like QIP (Qualified Institutional Placement), FPO (Follow-on Public Offer), etc, for issuing 400 crore equity shares of Rs 10 each, the bank informed bourses.  

This issuance may occur in multiple tranches during FY25. The capital infusion is expected to support the bank's growth plans.

UCO Bank's total income for the quarter grew by 17.44 per cent to Rs 6,984.61 crore. The bank also witnessed an improvement in asset quality, with gross NPA falling to 3.46 per cent compared to 4.78 per cent a year ago.

The lender further declared a dividend of Rs 0.28 per share for FY24.

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