Q1 results – IFSCCodeof.in

DHFL Q1 net profit surges to ₹314.43 crore

August 13, 2021 root 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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Co report net loss of Rs 233 cr, BFSI News, ET BFSI

August 7, 2021 root Banking & Finance

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Kolkata: Ujjivan Small Finance Bank has reported Rs 233 crore net loss in the June quarter as compared with Rs 55 crore net profit in the year ago period on rising stress on asset quality and shrinking business.

Loan repayment was severely hit due to the second wave and fresh lockdowns with collection efficiency fell to 78 per cent in June against 94 per cent in March, the bank said. The ratio improved to 93 per cent in July for the bank.

“The second Covid wave and consequent restrictions and lockdowns lashed the industry, especially the micro banking sector,” chief executive Nitin Chugh said.

Its operating profit fell 24 per cent at Rs 163 crore compared with Rs 215 crore over the same period.

The bank created a floating provision of Rs 250 crores to absorb the impact of potential slippages in near future. Its total provision stood at Rs 1,149 crore, covering 8.2 per cent of gross advances, which shrunk 2 per cent year-on-year to Rs 14,037 crore. Provision coverage ratio improved to 75 per cent from 60 per cent three months back.

Its asset quality sharply deteriorated with gross non-performing assets ratio rising to 9.8 per cent at the end of June as against 1 per cent a year back. Net NPA was at 2.7 per cent compared with 0.2 per cent for the same period. The bank wrote off loans worth Rs 280 crore.

“We are hopeful that our customers will resurrect their livelihoods and continue to be resilient. We continued to diversify our asset book as a strategic approach,” he added.

The bank’s non-micro banking portfolio grew to 32 per cent from 22 per cent over the year with the secured portfolio rising to 30 per cent from 21 per cent earlier.

Its deposits rose 24 per cent at Rs 13,673 crore with current and savings bank account ratio being at 20.3 per cent, an improvement from 14.2 per cent a year back.

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Indiabulls Housing Finance Q1 net up marginally

August 5, 2021 root Banking & Finance

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Indiabulls Housing Finance registered a 3.2 per cent increase in its consolidated net profit at ₹281.69 crore for the quarter ended June 30, 2021. Its net profit was ₹272.84crore in the same period last fiscal.

Its net interest income was up 4.65 per cent to ₹765 crore in the first quarter of the fiscal from ₹731 crore a year ago.

Total revenue from operations, however, fell 9.9 per cent on a year on year basis to Rs ₹ 2,320.69 crore as on June 30, 2021.

Loan book degrew by 10.5 per cent to ₹65,438 crore in the first quarter of the fiscal as against ₹73,129 crore a year ago.

It shored up provisions on the balancesheet to ₹3,600 crore or 5.5 per cent of the loan book.

“The high provision cushion places the company’s portfolio in a strong position to negotiate any macroeconomic uncertainties stemming from second wave and expected third wave of the Covid-19 pandemic,” Indiabulls Housing Finance said in a statement on Thursday.

Net non performing assets declined to ₹1,227 crore in the first quarter of the fiscal as against ₹1,517 crore in the corresponding quarter in the previous fiscal.

“Real estate sector is in strong upward trajectory thereby providing high impetus to company’s borrowers in their business. Had the company not chosen to de-grow its book in the past one year, the above gross NPAs of 2.86 per cent would have been at 2.45 per cent,” it further said.

Subsequent to the second wave of Covid-19, collection efficiency has normalised in June and July and is now at about 98 per cent.

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

August 2, 2021 root Banking & Finance

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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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Reliance Home Finance Q1 net loss widens to ₹287.50 crore

July 31, 2021 root Banking & Finance

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Reliance Home Finance net loss widened to ₹287.53 crore for the quarter ended June 30, 2021 as compared to a net loss of ₹161.34 crore in the corresponding period last fiscal.

The company’s total revenue from operations fell by 46.9 per cent to ₹129.5 crore in the first quarter of the fiscal from ₹243.84 crore a year ago.

Impairment on financial instruments also rose to ₹233.86 crore in the first quarter of the fiscal as against ₹160.79 crore a year ago.

The company’s lenders had approved Authum Investment and Infrastructure Limited (Authum) as the final bidder on June 19, 2021 as part of its resolution process.

“The company has shared the final resolution plan along with the distribution mechanism with the debenture trustees to call for the debenture holder’s meeting and seek approval on the resolution plan along with the distribution mechanism,” Reliance Home Finance said in its results.

According to the auditor’s note, the company has defaulted in payment of borrowings obligations amounting to ₹8,217.47 crore as on June 30, 2021 and the asset cover has also fallen below 100 per cent of outstanding debentures amounting to ₹5,967 crore.

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IDFC First Bank reports net loss of ₹630 crore in Q1 on higher provisions

July 31, 2021 root Banking & Finance

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Private sector lender IDFC First Bank reported a standalone net loss of ₹630.04 crore in the first quarter of the fiscal year due to a sharp rise in provisions.

The bank had reported a standalone net profit of ₹93.54 crore in the quarter ended June 30, 2020.

Total income grew by 11.4 per cent to ₹4,938.05 crore in the first quarter of the fiscal from ₹4,434.12 crore a year ago.

The bank’s net interest income grew by a robust 25 per cent to ₹2,185 crore in the quarter ended June 30, 2021 as against ₹1,744 crore a year ago.

Net interest margin was 5.51 per cent as on June 30, 2021 versus 4.86 per cent a year ago and 5.09 per cent in the fourth quarter of 2020-21. In a statement on Saturday, the bank said this was because the cost of funds further reduced.

Other income surged by 75.1 per cent to ₹848.76 crore from ₹484.85 crore a year ago.

Additional Covid-19 provisions

Provisions shot up by 145.9 per cent to ₹1,878.61 crore in the first quarter of the fiscal as against ₹764.08 crore in the corresponding period a year ago.

“The bank has created additional Covid-19 provisions of ₹350 crore during the quarter taking the total Covid-19 provision pool to ₹725 crore. The bank believes that the full estimated impact of second wave of Covid is now provided for in the books of the bank,” it said.

Noting that there was no moratorium provided to customers during the second wave of the pandemic, it said that there was ageing provisions that were required to be taken as per its conservative provisioning norms.

“The bank believes that these provisions may not reflect actual economic loss but represent a delay in timing of repayments,” it further said.

Based on the recent portfolio quality indicators (latest cheque bounce trends, collection efficiency, vintage analysis), the bank said it expects the provisions to taper off for the rest of the year if there is no third wave of the pandemic.

“Regarding the loss during the quarter, we have made prudent provisions for Covid second wave, and expect provisions to reduce for the rest of the three quarters in the fiscal. We guide for achieving pre – Covid level gross and net NPA, with targeted credit loss of only two per cent on our retail book by the fourth quarter of 2021-22 and onwards, assuming no further lockdowns,” said V Vaidyanathan, Managing Director and CEO, IDFC First Bank.

The bank’s asset quality deteriorated. Gross non performing assets shot up to ₹4,667.12 crore or 4.61 per cent of gross advances as on June 30, 2021 from 4.15 per cent as on March 31, 2021 and 1.99 per cent a year ago.

Net NPAs also rose to 2.32 per cent of net advances from 0.51 per cent as on June 30, 2020.

Standard restructured outstanding portfolio (under the Covid-19 relief package provided by the RBI) in retail loans was 1.81 per cent of the overall retail loan book as of June 30, 2021. Restructuring for the overall portfolio stood at 2.01 per cent of the total funded assets.

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Shriram Housing Finance Q1 net profit up 82%

July 30, 2021 root Banking & Finance

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Shriram Housing Finance reported an 81.8 per cent rise in its net profit to ₹10.87 crore for the first quarter of the fiscal as against ₹5.98 crore a year ago.

Its total revenue from operations shot up by 62.4 per cent to ₹115.39 crore in the quarter ended June 30, 2021from ₹71.06 crore a year ago.

Assets Under Management (AUM) grew by 65 per cent to ₹3,910 crore on a year-on-year basis. However, disbursements for the first quarter of the fiscal were subdued at ₹221 crore, impacted by state level lockdowns.

Asset quality improved marginally with gross stage 3 assets declining to 2.32 per cent as on June 30, 2021 compared to 2.34 per cent for same period last year.

“Restructuring has been contained at 1.8 per cent of the book during the second wave of Covid, while in the first wave restructured book was 1.5 per cent,”it said in a statement.

Impairment on financial instruments rose to ₹1.33 crore in the first quarter of the fiscal.

“As the fear of Covid recedes, we will embark on our growth plans and expand our branch network. We also intend to expand ‘Griha Poorti’, our cross sell program through the Shriram City branch network and aim to cover over 170 distribution points of Shriram City by March 2022. This program will strengthen our AUM growth over the next four to six quarters,” said Ravi Subramanian, Managing Director and CEO, Shriram Housing Finance.

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

July 30, 2021 root Banking & Finance

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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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Net profit zooms to Rs 1,181 cr, BFSI News, ET BFSI

July 30, 2021 root Banking & Finance

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Mumbai: Union Bank of India on Thursday reported over three-fold jump in standalone net profit at Rs 1,181 crore for June quarter 2021-22, helped by higher net interest income and improvement in asset quality.

The lender had reported a standalone profit after tax of Rs 333 crore in the year-ago period.

The consolidated profit in the quarter jumped over three folds to Rs 1,120.15 crore.

“The bank’s performance has stabilised and we have seen substantial improvement. After almost three to four quarters, we have seen a normal quarter on the business side.

“Even though we have lost the first two months (of Q1), by June it stabilised. If you look at the numbers, they are very stable except for some heightened NPAs, particularly coming from the MSME side,” bank’s Managing Director and CEO Rajkiran Rai G told reporters.

Net interest income grew 9.53 per cent to Rs 7,013 crore from Rs 6,403 crore in the year-ago quarter.

Net interest margins (NIM) improved by 30 basis points (bps) to 3.08 per cent as against 2.78 per cent.

Gross non-performing assets (GNPAs) of the lender reduced by 135 bps to 13.60 per cent from 14.95 per cent and net NPA was down 28 bps to 4.69 per cent from 4.97 per cent.

Fresh slippages during the quarter stood at Rs 7,049 crore. Around 45 per cent of slippages came in from the MSME sector as it was mostly affected during COVID wave, Rai said.

He said with restructuring and the Emergency Credit Line Guarantee Scheme (ECLGS) facilities, the stress is likely to reduce going ahead.

Under RBI’s Resolution Framework 1.0, the bank restructured Rs 11,965 crore and under Resolution Framework 2.0, total recast during the first quarter was Rs 3,962 crore till June 30.

“We expect another Rs 2,000 crore of restructuring in retail and MSME segments put together in the second quarter,” Rai said.

During the quarter, recovery and upgradation stood at Rs 4,341 crore. It recovered Rs 250 crore of dues related to Kingfisher Airlines. The bank has a recovery target of Rs 13,000 crore for the full year.

Capital to risky asset ratio (CRAR) improved to 13.32 per cent from 11.62 per cent. Common Equity Tier 1 (CET1) ratio improved to 9.77 per cent from 8.40 per cent.

The bank’s deposits grew 1.79 per cent to Rs 9,08,528 crore as of June 30, 2021. Domestic advances rose 0.16 per cent to Rs 6,30,237 crore as at end-June.

It registered 10.61 per cent growth in retail, 12.70 per cent growth in agriculture and 3.33 per cent growth in MSME advances on year-on-year basis. Rai attributed flat growth in advances to large corporate book not growing. He, however, said the bank has a large sanction pipeline and unutilized working capital limits.

“We hope by second and third quarter, the utilisation of limits will go up and expect a credit growth of 8 to 10 per cent by the end of the year,” he said.

On the amalgamation of Andhra Bank and Corporation Bank, Rai said the bank expects a synergy benefit of Rs 3,600 crore over a period of three years. The amalgamation came into effect from April 1, 2020.

In 2020-21, the bank got a synergy benefit of Rs 2,400 crore and it expects Rs 900 crore of benefits in this fiscal year, he said.

The bank’s scrip closed at Rs 37.95, up 6.90 per cent on BSE.

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