Tag: net profit

SBI Q4 net profit up 80%

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State Bank of India’s standalone net profit jumped 80 per cent year-on-year (yoy) to ₹6,451 crore in the fourth quarter ended March 31, 2021, against ₹3,581 crore in the same period in the previous year.

The Board of India’s largest Bank declared a dividend of ₹4 per equity share (400 per cent) for the financial year ended 31st March,2021.

Net interest income increased 19 per cent y-o-y to ₹27,067 crore (₹22,767 crore in the year ago quarter). Other income was up 22 per cent y-o-y at ₹16,225 crore (₹13,346 crore in the year ago quarter).

Also read: Indian shares gain as financials rebound, SBI results awaited

Loan loss provisions burden came down 17 per cent y-o-y to ₹9,914 crore (₹11,894 crore).

Gross non-performing assets came down to 4.98 per cent of gross assets against 6.15 per cent. Net non-performing assets position improved to 1.50 per cent of net assets against 2.23 per cent.

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Company posts highest-ever quarterly net profit of Rs 375 cr, BFSI News, ET BFSI

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Aditya Birla Capital on Friday said it has reported the highest-ever quarterly net profit of Rs 375 crore for the fourth quarter ended March 2021.

It had posted a net profit of Rs 144 crore in the year-ago period.

The non-banking financial company said it posted strong growth across businesses leading to delivery of the highest ever consolidated profit, despite a COVID-hit year.

The highest ever quarterly net profit at Rs 375 crore grew by 2.6 times year-on-year.

Revenue during the fourth quarter of the financial year 2020-21 rose by 16 per cent to Rs 5,917 crore as against Rs 5,085 crore in the year-ago period.

For the full year 2020-21, the company’s net profit grew by 22 per cent to Rs 1,127 crore as against Rs 920 crore in the previous financial year.

Revenue during the year rose by 14 per cent to Rs 20,447 crore from Rs 17,927 crore, ABCL said.

The active customer base grew by 22 per cent to 2.4 crore aided by the focus on granular retail growth across businesses.

The company’s AUM (assets under management) across asset management, life insurance, and health insurance businesses rose 10 per cent year on year, to over Rs 3,35,000 crore.

Overall lending book (NBFC and housing finance) grew by 2 per cent, nearly at Rs 60,000 crore.

Gross premium (life and health) grew by 25 per cent to Rs 11,076 crore, with the retail mix at 72 per cent, reflecting the scale in insurance, ABCL said.

The stock of the company closed at Rs 121.35 apiece on BSE, up 1.68 per cent from the previous close.



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CSB Bank posts highest-ever net profit in FY21 at Rs 218 cr; Q4 net at Rs 43 cr, BFSI News, ET BFSI

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New Delhi: Private sector CSB Bank on Saturday posted an all-time high net profit of Rs 218.40 crore for the fiscal ended March 2021. “The bank recorded an all-time high net profit of Rs 218.40 crore in FY21 as against Rs 12.72 crore in FY20, an increase of 1,617 per cent,” CSB Bank said in a regulatory filing.

During the last quarter ended March of FY21, the lender reported a net profit of Rs 42.89 crore against a loss of Rs 59.70 crore in the same quarter of 2019-20, CSB Bank said.

Total income during the reported quarter grew to Rs 609.45 crore as against Rs 475.49 crore in the same period a year ago. Interest income moved up by 28 per cent to Rs 497 crore.

The full-year income too increased to Rs 2,273.11 crore in FY21 from Rs 1,731.50 crore in FY20. Interest income during the year was at Rs 1,872 crore as against Rs 1,510 crore.

Bank’s asset quality improved as the gross non-performing assets (NPAs) fell to 2.68 per cent of the gross advances as of March 31, 2021 as against 3.54 per cent by end of March 2020. In absolute value, the gross NPAs or bad loans amounted to Rs 393.49 crore, compared with Rs 409.43 crore a year ago.

Net NPAs also fell to 1.17 per cent (Rs 168.81 crore) from 1.91 per cent (Rs 216.94 crore).

Provisions for bad loans and contingencies were down in Q4FY21 at Rs 70.95 crore as compared with Rs 84.32 crore parked aside in the year-ago period.

CSB Bank said its advances grew by 27 per cent mainly contributed by gold loan growth of 61 per cent.

Deposits at end of March this year grew to Rs 19,140 crore as against Rs 15,791 crore a year ago, while the advances were up at Rs 14,438 crore as against Rs 11,366 crore.

Total business has grown by Rs 6,421 crore or by 24 per cent year-on-year, it said, adding, thus in the centenary year the bank has grown a fourth of the total business it grew in past 99 years.

The lender said it has a comfortable liquidity position with liquidity coverage ratio of 210.39 per cent which is well above the RBI requirement.

“While the industry grew by approx 12 per cent in deposits and 6 per cent in advances, we could outperform by recording 21 per cent and 27 per cent growth in deposits and advances, respectively. In terms of overall business, bank has grown a fourth…We could also open 101 branches in this 101st year of existence. In terms of profitability, we could break all the past records by crossing the Rs 200 crore mark,” said C V R Rajendran, Managing Director & CEO, CSB Bank.

He said gold loans, two wheeler loans, agri loans, MSME abd SME loans will continue to be the main focus areas of the bank.

While digital will be the main mantra, the bank also plans to add close to 200 branches to its network in FY22 so that there is proper mix of brick and click banking, Rajendran said.

“Though we may have to wait for a month or so to fully understand the impact of second wave of Covid-19, we are optimistic in our outlook to continue the good work in FY22 as well,” he added.



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Net profit soars 190% to Rs 876 cr, beats estimates; firm to pay Rs 5 dividend, BFSI News, ET BFSI

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MUMBAI: IndusInd Bank today reported a 190 per cent year-on-year rise in its net profit for the quarter ended March to Rs 876 crore, which was above analysts’ estimates.

The lender reported a net interest income of Rs 3,534.6 crore for the reported quarter, which was also higher than analysts’ estimates of Rs 3,476 crore.

The lender’s asset quality in the quarter, however, deteriorated on a sequential basis. The bank reported gross non-performing assets ratio of 2.67 per cent as against 1.74 per cent in the previous quarter.

IndusInd Bank’s net non-performing assets ratio stood at 0.69 per cent at the end of the March quarter as against 0.22 per cent in the previous quarter.

The bank said that its board has approved a final dividend of Rs 5 per share.

The lender’s bottomline was boosted by a 23.5 per cent year-on-year fall in provisions and contingencies during the quarter to Rs 1,865 crore.

IndusInd Bank said that it has made provisions of Rs 2,208 crore till March 31 on account of the Covid-19 pandemic and the high uncertainty created by the second wave.

Shares of IndusInd Bank ended 0.5 per cent lower at Rs 934.95 on the National Stock Exchange.



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Sharp drop in provisions helps lender beat profit estimates, BFSI News, ET BFSI

Banking & Finance

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MUMBAI: Axis Bank today reported a net profit of Rs 2,677 crore for the quarter ended March as against a net loss of Rs 1,387.8 crore in the year-ago quarter. The lender’s net profit was higher than even the most optimistic of analysts’ estimates.

The bank’s net interest income in the quarter jumped 11 per cent year-on-year (YoY) to Rs 7,555 crore, which was largely in-line with analysts’ estimates.

The bank reported a strong growth of 12 per cent on-year in its loan book, which was higher than analysts’ estimates of 7-9 per cent growth.

The bank reported a strong growth of 12 per cent on-year in its loan book, which was higher than analysts’ estimates of 7-9 per cent growth. The growth in loan was led by corporate loans, which grew 16 per cent on-year, whereas retail loans rose 11 per cent in the reported quarter.

The lender’s asset quality also showed improvement during the quarter as net non-performing assets ratio fell 14 basis points sequentially to 1.05 per cent. For the quarter, the lender’s specific loan-loss provisions were at Rs 7,038 crore as against Rs 4,204 crore in the year-ago quarter.


During the quarter, the Axis Bank made additional provisions of Rs 803 crore on account of change in NPA provision rates on loans to the commercial banking segment, the lender said. The lender’s credit cost also came down sharply to 1.21 per cent for the quarter as against 2.77 per cent a year ago.

The bank said that its overall capital adequacy ratio stood at 19.12 per cent including the Common Equity Tier I ratio of 15.4 per cent. It said that COVID-related provisions of Rs 5,012 crore provided an additional cushion of 69 basis points.

Axis Bank’s operating performance was strong as operating profit jumped 17 per cent year-on-year to Rs 6,865 crore in the reported quarter.

The lender’s top line was affected by a strong quarter for the non-interest bearing functions. Fee income in the quarter grew 15 per cent on-year to Rs 3,376 crore, which helped non-interest income rise 17 per cent on-year to Rs 4,668 crore.

For the financial year, the lender’s net profit more than quadrupled to Rs 6,588 crore, while its net interest income rose 16 per cent to Rs 29,239 crore.

Shares of Axis Bank ended 0.1 per cent higher at Rs 700.9 on the National Stock Exchange.



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Net profit jumps 110% to Rs 175 cr; revenue declines to Rs 2,309 cr, BFSI News, ET BFSI

Personal Finance

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SBI Cards and Payment Services on Monday reported a 110 per cent rise in net profit at Rs 175 crore for the quarter ended March 2021.

The credit card company, promoted by the country’s largest lender SBI, had posted a net profit of Rs 84 crore in the corresponding January-March period of the preceding fiscal year 2019-20.

The company, which operates under the brand name SBI Card, reported decline in revenue to Rs 2,309 crore during the fourth quarter as against Rs 2,433 crore in same period a year ago, it said in a regulatory filing.

Total income too dropped to Rs 2,468 crore from Rs 2,510 crore in the same quarter a year ago.

The total expenses were lower at Rs 2,234 crore as compared to Rs 2,398 crore earlier.

For the full year 2020-21, net profit slipped by 21 per cent to Rs 985 crore from Rs 1,245 crore in preceding fiscal.

With regard to asset quality, the company registered a deterioration with gross non performing assets (NPAs) more than doubling to 4.99 per cent at the end of March 2021, as compared to 2.01 per cent at March 2020.

Similarly, net non-performing assets rose to 1.15 per cent as against 0.67 per cent earlier.

As of March 31, 2021, the company’s capital-to-risk weighted assets ratio (CRAR) was 24.8 per cent compared to 22.4 per cent last year.

During the quarter ended March 2020, the company had come up with its Initial Public Offering (IPO) and was listed on BSE and NSE.



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HDFC Life Insurance Q4 net profit up 2%

Banking & Finance

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Private sector HDFC Life Insurance reported a 2 per cent increase in standalone net profit in the quarter ended March 31, 2021, at ₹317.94 crore.

Its net profit was ₹311.71 crore in the same period in 2019-20. For 2020-21, its net profit increased by five per cent to ₹1,360.1 crore against ₹1,295.27 crore in 2019-20.

Premium income

The insurer’s net premium income grew by a robust 23 per cent to ₹12,868.01 crore for the fourth quarter of 2020-21 versus ₹10,464 crore a year ago.

“HDFC Life sold about 9.8 lakh new individual policies, registering a year-on-year growth of 10 per cent. The value of new business increased by 14 per cent to ₹2,185 crore on the back of consistent growth, balanced product mix and cost efficiencies, thereby translating to new business margin of 26.1 per cent,” it said in a statement on Monday.

Its solvency ratio was at 201 per cent as on March 31, 2021, versus 184 per cent a year ago. The 13th month persistency ratio was 90 per cent compared to 88 per cent a year ago.

Vibha Padalkar, Managing Director and CEO, HDFC Life, said the insurer has provided for a Covid reserve of ₹165 crore for 2021-22. “We will continue to review the adequacy of this reserve through the course of the fiscal year,” she said, adding that over the course of the year it settled over 2.9 lakh death claims, resulting in payouts in excess of ₹3,000 crore.

The board also recommended a final dividend of ₹2.02 per equity share of face value ₹10 each for 2020-21, subject to approval of members at the Annual General Meeting.

Based on the recommendation of the Nomination and Remuneration Committee, the board also approved the re-appointment of Vibha Padalkar as MD and CEO of the company for five years with effect from September 12, subject to approval of the members at the AGM and IRDAI.

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Muthoot Finance Q3 net rises 17% yoy on robust gold loan portfolio growth

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Muthoot Finance on Tuesday reported a consolidated net profit of Rs 1,006.6 crore in the third quarter.

NBFC Muthoot Finance on Tuesday reported a 17% year-on-year increase in its third quarter consolidated net profits to Rs 1006.6 crore with its gold loan portfolio growing robustly.

The Kerala-based lender said its consolidated loan assets under management (AUM) increased 28 % year on year to touch Rs55,800 crore during the quarter.

The finance company, which also operates home loan, microfinance and insurance broking subsidiaries, said net profit of the gold loan division, Muthoot Finance (MFIN), increased 22 % YoY to touch Rs 991 crore.

Managing director George Alexander Muthoot said, “We had a remarkable third quarter with several achievements. Our standalone loan assets of Muthoot Finance have crossed the landmark of Rs 50,000 crore. Our active customers presently having a loan account also crossed the landmark of 50 lakh. We have achieved 22% growth in gold loan portfolio during the nine months of the current year and likely to end the year with at least 25% growth as against previous year growth of 22%.”

“During the quarter, gold loan portfolio of Muthoot Finance increased by Rs 3,389 crore to Rs 49,622 crore, quarter-to- quarter growth of 7%. Our disbursements for the quarter were focused on new customer additions, fresh loans to active and inactive customers and top-up loans to existing customers. We disbursed fresh loans to 3.88 lakh new customers amounting to Rs 2,976 crore and to 4.38 lakh inactive customers amounting to Rs 2,960 crore,” he added.

Subsidiaries followed a cautious approach towards lending. Share of the subsidiaries constitutes 10% of the consolidated loan portfolio.

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Quarterly Results: Dhanlaxmi Bank Q3 net plunges 44.5% on higher wage bill

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Dhanlaxmi Bank had reported a net profit of Rs21.28 crore in the third quarter of last fiscal and Rs14.01 crore in the second quarter of FY21.

Dhanlaxmi Bank on Tuesday reported a 44.5% year-on-year decline in its third-quarter net profits to Rs11.8 crore mostly on higher wage bill and lower interest income.

Provisions for wages and pensions of the Thrissur-based lender has increased by 40% YoY to touch Rs70.27 crore as against Rs50.13 crore reported in the year-ago period. The lender had reported a net profit of Rs21.28 crore in the third quarter of last fiscal and Rs14.01 crore in the second quarter of FY21.

JK Shivan, MD & CEO of the bank told FE that provisions for higher wage bill and slippages led to a decline in the profits. Total advances of the bank are seen marginally lower at Rs7099 crore, while corporate advances have come down by 13.92 % YoY.

Gold loan portfolio has increased by 48.64 % YoY and now stands at 26.06 % of the total loan book. Shivan added that the bank will increase its corporate advances in the current quarter. Total income stands flat at Rs286.21 crore as against Rs285.85 crore in the year-ago period.

Interest income has declined by Rs13.52 crore year-on-year to Rs237.36 crore, while other incomes have increased to Rs48.85 crore from Rs34.97 crore reported in the year-ago period.

On the asset side, the lender reported an improvement with gross non-performing assets (NPA) as a percentage of gross advances at 5.78 % from 6.36 % in the preceding quarter.While net NPA declined to 1.11 % in the December quarter from 1.66 % in the September quarter.

Provision Coverage Ratio of the bank as on December 31, 2020, was 92.68%.

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IDBI Bank back in black, posts ₹378-cr net profit in Q3

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IDBI Bank reported a net profit of ₹378 crore in the third quarter ended December 31, 2020 against a net loss of ₹5,763 crore in the year ago period.

The bottomline was buoyed by a 89 per cent year-on-year (yoy) decline in provisions for bad loans, ₹ 105 crore write-back in provisions for depreciation in investments and ₹ 323 crore profit the Bank booked by selling a portion of its stake in its life insurance joint venture.

Net interest income (difference between interest earned and interest expended) was up 18 per cent yoy at ₹ 1,810 crore (₹ 1,532 crore in the year ago period).

Other income, including income activities such as commission, fees, earnings from foreign exchange and derivative transactions, profit and loss from sale of investments and recoveries from written off accounts, increased 7 per cent yoy to ₹1,368 crore (₹ 1,279 crore).

Bad loans

Gross non-performing assets (GNPAs) declined to ₹ 3,532 crore during the reporting quarter.

GNPAs declined to 23.52 per cent of gross advances as at December-end 2020 against 25.08 per cent as at September-end 2020.

Net NPAs declined to 1.94 per cent of net advances as at December-end 2020 against 2.67 per cent as at September-end 2020.

With proforma slippages (adjusted for the Supreme Court’s interim order), Gross and Net NPA ratio would have been 24.33 per cent and 2.75 per cent, respectively.

A break-up of the provisions shows that provisions towards NPAs and bad debts written-off declined to ₹ 49 crore (₹ 440 crore) and ₹ 208 crore (₹ 332 crore), respectively.

However, provisions towards standard assets rose to ₹624 crore (₹ 68 crore).

In its notes to accounts, the Bank said it has made additional provision of ₹ 941 crore over and above the IRAC/ income recognition and asset classification norms (includes shifting of ICA/ Inter-Creditor Agreement provision of ₹ 395 crore to IRAC provision) in respect of certain borrower accounts in view of the inherent risk and uncertainty of recovery in these identified accounts.

Global gross advances were down 7 per cent yoy to stand at ₹ 1,59,663 crore. This was mainly due to 18 per cent yoy decline in corporate advances. Retail advances edged up 1 per cent.

Total deposits increased about 3 per cent yoy to ₹ 2,24,399 crore. The share of low-cost of current account, savings account (CASA) in total deposits improved to 48.97 per cent from 47.65 per cent in the year ago quarter.

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