Tag: q1 numbers

DHFL Q1 net profit surges to ₹314.43 crore

Banking & Finance

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Dewan Housing Finance Corporation Ltd (DHFL) reported a consolidated net profit of ₹314.43 crore for the quarter ended June 30, 2021, a jump of 348.5 per cent from ₹70.1 crore a year ago.

“The company has not made any provision for interest on borrowings amounting to ₹1,88,689 lakh for the quarter ended June 30, 2021 in view of the company’s CIR process,” it said in the stock exchange filing, adding that under the Insolvency and Bankruptcy Code, the treatment of creditors under the resolution plan is as per debts due as on the insolvency commencement date and therefore, no interest is accrued and payable after this date.

“Had the interest was accrued on borrowings and provided for, the profit for the quarter ended June 30, 2021 would have been lower by ₹l,40,328 lakh (net of taxes),” it further said.

DHFL’s total revenue from operations fell 13.9 per cent to ₹2,000.69 crore in the first quarter this fiscal from ₹2,324.73 crore in the corresponding period last fiscal.

Its total income also fell by 14.1 per cent on year on year basis to ₹2,001.36 crore.

In June this year, the National Company Law Tribunal had approved the resolution plan of Piramal Capital and Housing Finance for DHFL.

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Bank of India net declines 15% YoY in Q1FY22 to ₹720 cr

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Bank of India (BoI) reported a 15 per cent year-on-year (YoY) decline in standalone net profit at ₹720 crore in the first quarter ended June 30, 2021, due to a decline in net interest income and a rise in provisions towards bad & doubtful and standard assets.

The public sector bank had reported a standalone net profit of ₹844 crore in the year-ago quarter. However, the net profit in the reporting quarter soared about three times vis-a-vis the fourth quarter’s ₹250 crore.

Net interest income (difference between interest earned and interest expended) declined about 10 per cent YoY to ₹3,144 crore (₹3,481 crore in the year-ago quarter).

Total non-interest income (comprising income from commission, exchange & brokerage, profit from the sale of investments, profit from exchange transactions, recovery in written-off accounts, and other non-interest income) rose 39 per cent YoY to ₹2,377 crore (₹1,707 crore).

Within total non-interest income, profit from exchange transactions jumped 126 per cent YoY to ₹754 crore (₹333 crore) and recovery in written-off accounts soared 477 per cent YoY to ₹173 crore (₹30 crore).

Fresh slippages at ₹3,942 crore during the reporting quarter were lower vis-a-vis ₹7,368 crore in the fourth quarter (Q4) FY21 but substantially higher than year ago quarter’s ₹402 crore.

Provisions towards bad, doubtful, and standard assets together were up 16 per cent YoY at ₹1,771 crore (₹1,526 crore).

Gross non-performing assets (GNPAs) level improved to 13.51 per cent of gross advances as of June-end 2021 against 13.91 per cent as of June-end 2020.

Net NPA level too improved to 3.35 per cent of net advances against 3.58 per cent.

Global deposits were up about 5 per cent YoY to ₹6,23,385 crore. Global advances declined a shade (about 0.18 per cent YoY) to ₹4,14,697 crore.

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Geojit post 56% rise in Q1 PAT at ₹38.39 crore

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Geojit Financial Services Ltd has posted 56 per cent rise in its net profit at ₹38.39 crore in Q1 of FY22 compared to ₹24.56 crore in the corresponding period of the previous quarter in the last fiscal.

The profit before tax increased by 54 per cent from ₹33 core to ₹50.84 crore, while the consolidated revenue rose by 33 per cent from ₹91 crore to ₹120.96 crore.

As on June 30, the company’s assets under custody and management is ₹56,000 crore and has over 11 lakh clients.

Satish Menon, Executive Director, Geojit Financial Services said, “We have started the year on a positive note as the markets have continued to be resilient and retail investors remain active. Going forward, we will continue to build on our strengths and handhold our clients so they can benefit from the market cycles”.

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Shriram City Union Finance Q1 net up 8% at ₹208 crore

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Shriram City Union Finance has posted an 8 per cent growth in standalone net profit for the first quarter of FY22 at ₹208 crore. The company’s net profit for the same period last year stood at ₹192 crore.

The total income of the NBFC grew marginally to ₹1,496 crore during the April-June quarter as against ₹1,415 crore in the year-ago quarter.

“During this quarter, the company has implemented resolution plans to relieve Covid-19 pandemic related stress of eligible borrowers under Covid-19 Resolution Framework 2.0 in terms of RBI Circular dated May 5, 2021, following board-approved policy. The total amount outstanding as on June 30, 2021 is ₹195.71 crore wherein relief was extended to 713 accounts,” the company said in its quarterly results filed with the exchanges.

The company has considered an additional Expected Credit Loss (ECL) provision of ₹3.47 crore on account of Covid-19 during the quarter ended June 30, 2021. As of June 30,2021, additional ECL provision on loan assets as management overlay on account of Covid-19 stood at ₹712.23 crore.

“The additional ECL provision on account of Covid-19 is based on the company’s historical experience, collection efficiencies post completion of Moratorium period, scheme by Government of India, internal assessment and other emerging forward-looking factors on account of the pandemic. However, the actual impact may vary due to prevailing uncertainty caused by the pandemic,” it added.

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