Category: Banking & Finance

Equitas SFB Q4 PAT soars 162%

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The net interest income for Q4FY21 was at Rs 449 crore as against Rs 424 crore in Q4FY20.

Equitas Small Finance Bank on Thursday reported a 162% jump in its profit after tax (PAT) at Rs 113 crore for Q4Fy21, against Rs 43 crore in the corresponding quarter of the previous fiscal. Total income stood at Rs 997 crore as against Rs 799 crore in the year-ago preiod, registering around 25% growth.

Equitas SFB said gross NPA was at 3.59% in Q4FY21 as compared to 4.16% (proforma approach) in Q3FY21 and 2.72% in Q4FY20. Net NPA stood at 1.52% in Q4FY21 as compared to 1.71% (proforma approach) in Q3FY21 and 1.67% in Q4FY20. The provision coverage ratio as at 58.59%.

During the fourth quarter, the bank has written off Rs 171 crore in the micro finance portfolio while the loan loss and provision for FY21 was at Rs 375 crore as against Rs 247 crore in FY20.

The net interest income for Q4FY21 was at Rs 449 crore as against Rs 424 crore in Q4FY20. Net interest margin (NIM) stood at 7.57% while the core income (net income other than PSL fees, treasury and others) was at 84%. As of March 31, 2021, total CRAR of the bank at 24.18%, with tier-I CRAR being at 23.23% and tier II CRAR at 0.95%, it added.

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BoM profit jumps 187% to Rs 165 cr; makes Covid provisions of Rs 583 cr

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Agriculture had a good year, so recoveries were good and retail loans also saw comparatively better recoveries, he said.

Public sector lender Bank of Maharashtra on Thursday reported a 187% year-on-year rise in its net profit to Rs 165 crore for the quarter ended March 31, 2021, aided by a 35% growth in net interest income (NII) to Rs 1,383 crore.
The net interest margin improved to 3.11% compared to 2.41% in the March 2020 quarter.

There was also a one-time other income of Rs 508 crore on account of recovery from the Bhushan Power account. This amount was written off earlier but a one time recovery was made during the March quarter. The bank saw a 215% increase in non-interest income to Rs 1,235 crore.

AS Rajeev, MD & CEO, BoM, said the bank’s asset quality had improved with decline in gross NPA to 7.23% from 12.81% and net NPA from 4.77% to 2.48%. Gross NPA was down to Rs 7,779.68 crore from Rs 12,152 crore while net NPA was at Rs 2,544.3 crore from Rs 4,145 crore.

There has been a reduction in NPAs in all the sectors, including agriculture and retail, as well as corporate loans, Rajeev said. Agriculture had a good year, so recoveries were good and retail loans also saw comparatively better recoveries, he said.

Taking the second wave into consideration, the bank had decided to make additional COVID provisions of Rs 583 crore for any contingencies, he said. But Rajeev did not expect any adverse impact on FY22 performance because of the second wave and the bank would be able to perform well this financial year as the country was better prepared to handle this.

Rajeev said the bank plans to raise capital of up to Rs 5,000 crore by way of follow-on public offer, QIP, rights issue or bonds. This could happen in second or third quarter of FY22 depending on market conditions.

BoM reported a 35% growth in MSME lending, 26% growth in retail lending and 12% growth in agriculture loans during the March quarter.

BoM’s total business as on March 31 was up 15% to Rs 2,81,659 crore, with deposits rising by 16% to Rs 1,74,006 crore and advances going up by 18% to Rs

1,07,654 crore.

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Ageas Federal Life Insurance net profit down 20%

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Ageas Federal Life Insurance reported a 20 per cent drop in its net profit to ₹119 crore in 2020-21 from ₹148 crore 2019-20. Total premium grew by 6 per cent on a year on year basis to ₹1,959 crore in 2020-21 while renewal premium increased by 4 per cent to ₹1,327 crore last fiscal.

“This is the ninth consecutive year of profit for the life insurer since it first declared profit in 2012-13. The growth in total premium was driven by a 24 per cent rise in individual new business premium to ₹504 crore,” it said in a statement.

New business premium

The company also benefited from a 40 per cent growth in individual new business premium from Federal Bank, it said. The private sector insurer’s 13th month persistency was at 86 per cent as of March 31, 2021 as against 83 per cent, a year ago.

“We will continue to ramp up our proprietary distribution channels, while looking to further leverage the relationship with our bancassurance partners,” said Vighnesh Shahane, MD and CEO, Ageas Federal Life Insurance. The board has recommended a final dividend of ₹104 crore, at a rate of dividend of 13 per cent, subject to approval at the Annual General Meeting.

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Equitas Bank posts Q4 profit of ₹113 crore

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Equitas Small Finance Bank on Thursday posted a 163 per jump in March quarter net profit at ₹113 crore, helped by a jump in ‘other income’. The bank posted a net profit of ₹43 crore in the same quarter of the previous fiscal.

The bank’s total income on a year-on-year (yoy) basis grew by 25 per cent to ₹997 crore (₹799 crore) during Q4 FY21. Of which, interest income grew by 10.18 per cent to ₹736 crore (₹668 crore) while other income grew by 141 per cent to ₹178 crore (₹74 crore).

Net interest income stood for Q4 FY21 stood at ₹449 crore (₹424 crore). Net interest margin was at 7.57 per cent.

Advances of the bank as of Q4 FY21 stood at ₹17,925 crore, registering a yoy growth of 17 per cent. Gross NPA, as a percentage of gross advances, stood at 3.73 per cent as against 3 per cent in the year-ago period. Net NPA to net advances stood at 1.58 per cent (1.67 per cent).

‘Micro finance portfolio’

“During the quarter the bank has written off of ₹171 crore in the Micro Finance portfolio. Loan loss and provision for FY21 was ₹375 crore as against ₹247 crore in FY20,” the bank said in a press release and added that it holds a management overlay provision of ₹153 crore as of March 31, 2021.

Deposits excluding CDs grew by 58 per cent yoy to ₹16,319 crore. The savings account deposits stood ₹5,094 crore, while the CASA deposits stood at ₹ 5,614 crore.

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L&T Finance Holdings Q4 net profit down 31%

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L&T Finance Holdings reported a 30.9 per cent decline in its consolidated net profit to ₹266.85 crore in the fourth quarter of the fiscal year as against ₹386.15 crore in the same period in the previous fiscal. For the full fiscal 2020-21, its consolidated net profit fell 42.9 per cent to ₹970.94 crore as compared to ₹1,700.17 crore in 2019-20.

For the quarter ended March 31, 2021, its profit before exceptional items and tax was much higher at ₹718.24 crore as against ₹455.94 crore. Its total revenue from operations increased by 1.8 per cent to ₹3,415.16 crore in the fourth quarter of 2020-21, from ₹3,353.7 crore a year ago.

“Highest quarterly net interest margin (NIM) and fees in 2020-21 reached 8.17 per cent in the fourth quarter led by a strong growth in rural. In 2020-21, NIMs and fee was at 6.95 per cent,” L&T Finance said in a statement on Thursday. It maintains a strong capital adequacy of 23.8 per cent. In the fourth quarter, it had raised about ₹3,000 crore through a rights issue.

“As a prudent measure, LTFH is carrying additional provisions of ₹1,033 crore (1.2 per cent of standard book) as of the fourth quarter 2020-21,” it further said.

Its total lending book however, dropped by four per cent to ₹94,013 crore in the fourth quarter of the fiscal versus ₹98,384 crore a year ago.

Dinanath Dubhashi, Managing Director and CEO, L&T Finance Holdings, said, “With normalcy returning in the latter half, our focused businesses have witnessed continued momentum in disbursements, with increased market share across desired businesses (15 per cent in farm and 11 per cent in two-wheeler finance).”

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Bank of Maharashtra’s Q4 net soars

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Bank of Maharashtra’s (BoM) net profit soared 187 per cent year-on-year (yoy) in fourth quarter to ₹165 crore on the back of a large recovery in a technically written-off account and a robust growth in net interest income.

The Pune-headquartered public sector bank reported a net profit of ₹58 crore in the year ago quarter. The higher net profit in the reporting quarter comes despite a 92 per cent rise in loan loss provisions.

Interest income

Net interest income was up 35 per cent yoy to ₹ 1,383 crore (₹ 1,023 crore). Non-interest income, comprising fee-based income, trading income and other income, skyrocketed 215 per cent to ₹1,235 crore (₹392 crore).

MD & CEO, AS Rajeev, said recovery of ₹508 crore from the Bhushan Power (technically written-off) account bumped up the other income. Loan loss provisions, including Covid-19 related, increased to ₹1,376 crore (₹717 crore). Provision coverage ratio improved to 90 per cent as at March-end 2021 against 84 per cent as at March-end 2020.

As of March-end 2021, the total deposits rose 16 per cent yoy to ₹1,74,006 crore and total advances were up 13 per cent yoy to ₹1,07,654 crore.

Within deposits, the proportion of low-cost current account, savings account (CASA) deposits rose to 54 per cent from 50 per cent a year ago.

Within total advances, retail advances were up 26 per cent; mico, small and medium enterprises advances (35 per cent); and agriculture (13 per cent). However, corporate & other advance de-grew about 2 per cent.

Rajeev expects 14-15 per cent growth in deposits and 15-16 per cent growth in advances in FY22. Further, the proportion of CASA deposits could go up to 55 per cent and the loan mix between retail:wholesale could change to 65:35 from the current 63:37.

Net interest margin improved to 3.11 per cent in the reporting quarter against 2.41 per cent in the year ago quarter.

Gross non-performing asset (NPA) position improved to 7.23 per cent of gross advances against 12.81 per cent in the year ago quarter. Net NPAs declined to 2.48 per cent of net advances against 4.77 per cent

Meanwhile, the Bank said it is planning to raise up to ₹5,000 crore via equity and bonds.

Last year, out of the enabling provision for raising up to ₹3,000 crore, BoM could raise only ₹505 crore via Tier-II bonds. The market then was not conducive for tapping Tier-I (equity) issuance, the Bank’s chief said.

Rajeev said, in FY22, BoM could raise the resources via follow-on public offer, rights issue, qualified institutions placement issue, preferential issue and via Basel III compliant bonds.

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Resolution to appoint Samit Ghosh as MD and CEO, Ujjivan Financial Services not approved

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A special resolution to appoint Samit Ghosh as Managing Director and CEO of Ujjivan Financial Services was not approved by the required majority of shareholders.

According to data with BSE, the special resolution to approve the appointment of Ghosh as MD and CEO of the company for a three year period, effective May 1, 2021 was “not approved by the requisite majority”.

Only 70.527 per cent of the votes were polled in favour of the resolution while 29.473 per cent of the votes were polled against the proposal. Ghosh is currently the non-executive Chairman of the company.

“These being special resolutions in nature, required a minimum of 75 per cent of the votes polled in favour of the resolution or a minimum of three times of the votes polled against the resolution,” said a regulatory filing by Ujjivan Financial Services.

A career banker, Ghosh was the erstwhile founder of the Ujjivan Financial Services and has served as its MD and CEO until January 31, 2017. He then took charge as the MD and CEO of Ujjivan Small Finance Bank Limited effective from February 1, 2017 and retired on November 30, 2019 on attaining the age of 70 years.

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Shriram Transport Q4 jumps 238% to ₹755 crore

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Shriram Transport Finance Company (STFC) reported a 238 per cent year-on-year (yoy) jump in fourth quarter net profit at ₹755 crore against ₹223 crore in the year ago period.

The bottomline was supported by a 36 per cent y-o-y decline in loan losses and provisions at ₹724 crore (₹1,129 crore) and deferred tax credit of ₹534 crore (₹44 crore).

The Board of Directors recommended a final dividend of ₹6 per equity share of face value of ₹10 each fully paid up — 60 per cent, for FY21. With this the total dividend for FY2021 will be ₹18 per share (180 per cent).

The net interest income (difference between interest earned and interest expended) of the non-banking finance company, which predominantly finances used and new commercial vehicles (CVs), rose about 10 per cent y-o-y to ₹2,151 crore (₹1,962 crore).

As at March-end 2021, assets under management increased by 7 per cent y-o-y to ₹1,17,243 crore (₹1,09,749 crore).

In the reporting quarter, used CV was the only line of business that reported y-o-y growth of 11 per cent.

The remaining lines of business reported de-growth — new CV (-19.80 per cent), business loans (-20.54 per cent) and working capital loans (-19.51 per cent).

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AU Small Finance Bank Q4 net profit up 38 per cent at Rs 169 cr

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AU Small Finance Bank reported a 38.1 per cent jump in its net profit for the quarter ended March 31, 2021 at Rs 168.97 crore versus Rs 122.32 crore a year ago.

For the full fiscal 2020-21, its net profit grew 73.5 per cent to Rs 1,170.68 crore, compared to Rs 674.78 crore in 2019-20.

Excluding the profit of Aavas Financiers, the net profit was Rs 600 crore, AU Small Finance Bank said in a statement on Thursday.

For the quarter ended March 31, 2021, the bank’s total income grew 14.8 per cent to Rs 1,569.01 crore versus Rs 1,366.59 crore a year ago.

Provisions rose to Rs 177. 77 crore in the fourth quarter of the fiscal from Rs 150.57 crore a year ago.

Gross NPAs shot up to 4.25 per cent of gross advances as on March 31, 2021 from 1.68 per cent a year ago. Net NPAs rose to 2.18 per cent of net advances as on March 31, 2021 from 0.81 per cent as on March 31, 2020.

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Resolution to appoint Samit Ghosh as MD and CEO, Ujjivan Financial Services not approved

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A special resolution to appoint Samit Ghosh as Managing Director and CEO of Ujjivan Financial Services was not approved by the required majority of shareholders.

According to data with BSE, the special resolution to approve the appointment of Ghosh as MD and CEO of the company for a three-year period, effective May 1, 2021 was “not approved by the requisite majority”.

Only 70.527 per cent of the votes were polled in favour of the resolution, while 29.473 per cent of the votes were polled against the proposal.

Ghosh is currently the non-executive Chairman of the company.

Another special resolution to appoint Abhijit Sen as an independent director was also not approved by the requisite majority.

“These being special resolutions in nature, required a minimum of 75 per cent of the votes polled in favour of the resolution or a minimum of three times of the votes polled against the resolution,” said a regulatory filing by Ujjivan Financial Services.

The board had proposed to appoint Ghosh, the existing Non-Executive Director, who is over 70 years of age, as the MD and CEO of the company for a period of three years.

A career banker, Ghosh was the erstwhile founder of the Ujjivan Financial Services and has served as its MD and CEO until January 31, 2017. He then took charge as the MD and CEO of Ujjivan Small Finance Bank Ltd effective from February 1, 2017 and retired on November 30, 2019 on attaining the age of 70 years.

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