Tag: Q1 results

IndusInd Bank net profit surges 111.7% in Q1

Banking & Finance

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Private sector lender IndusInd Bank’s standalone net profit more than doubled and surged by 111.7 per cent in the first quarter of 2021-22 led by lower provisions and robust growth in net interest income.

For the quarter ended June 30, 2021, the lender reported standalone net profit of ₹ 974.95 crore as compared to ₹ 460.64 crore in the corresponding quarter of last fiscal.

Total income grew by 7.8 per cent in the first quarter of the fiscal to ₹ 9,355.77 crore as against ₹ 8,680.92 crore a year ago.

IndusInd Bank to raise ₹30,000 cr

Net interest income

Net interest income also increased by a similar 7.7 per cent to ₹3,563.71 crore in the April to June 2021 quarter from ₹ 3,309.19 crore in the same period last fiscal.

Net interest margin was lower at 4.06 per cent as on June 30, 2021 from 4.28 per cent a year ago. In a statement on Tuesday, the bank said this was due to lower credit offtake and surplus liquidity placed under repo with RBI

Other income jumped up by 17.2 per cent on a year-on-year basis to ₹ 1,781.07 crore during the quarter.

The bank’s provisions declined by 18.4 per cent to ₹ 1,844.02 crore in the first quarter of the fiscal from ₹ 2,258.88 crore a year ago.

However, asset quality deteriorated amidst the second wave of the Covid-19 pandemic.

IndusInd Bank net profit surges 190 per cent in Q4

NPAs

Gross non-performing assets rose to ₹ 6,185.76 crore or 2.88 per cent of gross advances as on June 30, 2021 from 2.53 per cent a year ago and 2.67 per cent as on March 31, 2021.

Net NPAs were at almost the same level at 0.84 per cent of net advances as on June 30, 2021 from 0.86 per cent a year ago. However, on a sequential basis it was much higher compared to 0.69 per cent as on March 31, 2021.

Restructured book was 2.7 per cent as on June 30, 2021.

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Net profit rises 94% YoY, misses estimate; NII rises 11%, BFSI News, ET BFSI

Banking & Finance

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MUMBAI: Axis Bank today reported a 94 per cent year-on-year rise in net profit to Rs. 2,160 crore for the quarter ended June, which was above analysts’ estimate.

The lender reported a 11 per cent on-year growth in net interest income to Rs. 7,760 crore in the reported quarter, which was also below Street’s estimate.

The lender saw a marked deterioration in its asset quality in the quarter likely due to the second wave of COVID-19 pandemic. The gross non-performing assets ratio stood at 3.85 per cent in the June quarter as against 3.7 per cent in the previous quarter.

Similarly, the net NPA ratio rose to 1.2 per cent in the quarter from 1.05 per cent in the previous quarter. The lender’s gross slippages in the quarter jumped 23 per cent sequentially to Rs. 6,518 crore and was nearly three times from the year-ago quarter.

As on June 30, the bank’s provision coverage, as a proportion of gross NPAs stood at 70 per cent, as compared to 75 per cent in the year-ago quarter and 72 per cent in the previous quarter.



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YES Bank Q1 net profit jumps over two-fold to ₹206.84 cr

Banking & Finance

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Private sector lender Yes Bank is back in the black with a 355 per cent jump in its net profit to ₹206.84 crore in the quarter ended June 30, 2021.

The bank had reported a net loss of ₹3,787.75 crore in the quarter ended March 31, 2021 and a net profit of ₹45.44 crore in the first quarter of last fiscal.

YES Bank receives board approval to raise ₹10,000 crore through debt securities

However, the lender’s total net income fell 2.8 per cent to ₹2,459 crore for the first quarter of this fiscal from ₹2,529 crore a year ago.

Net interest income declined by 26.5 per cent to ₹1,402 crore in the first quarter of the fiscal from ₹1,908 crore in the corresponding period last fiscal.

Net interest margin was down at 2.1 per cent on June 30, 2021 compared to 3 per cent a year ago.

Non-interest income, however, shot up by 70.3 per cent on a year-on-year basis to ₹1,056 crore in the April to June 2021 quarter.

Provisions fell by 40.7 per cent to ₹644 crore in the first quarter of the fiscal from ₹1,087 crore a year ago.

Gross non-performing assets eased to 15.6 per cent of gross advances as on June 30, 2021 from 17.3 per cent a year ago. However net NPAs rose to 5.78 per cent of net advances from 4.96 per cent as of June 30, 2020.

YES Bank implements TransUnion’s onboarding solution

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Profit rises by 20% to Rs 178 crore, BFSI News, ET BFSI

Personal Finance

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New Delhi: L&T Finance Holdings on Friday reported 20 per cent rise in net profit at Rs 178 crore for June quarter 2021-22, mainly driven by rural demand for farm equipment. The non-banking financial company had registered Rs 148 crore profit in the year-ago period.

LTFH said COVID-related partial lockdowns in April and May had an impact on few businesses during the quarter under review.

However, with gradual unlock of the economy from June, the disbursements bounced back led by faster pick-up in economic activity across farm equipment finance, two-wheeler finance, consumer loans and infrastructure finance.

Due to slower industry pick-up, the micro loans, housing and real estate business saw moderate uptick in collections and disbursements, it said.

Farm equipment finance witnessed 130 per cent growth at Rs 1,357 crore as against Rs 590 crore in the year-ago period.

Infrastructure finance showed robust disbursement momentum post unlock and continued sell-down with Rs 1,480 crore disbursed in the quarter.

The business continues to see robust performance backed by higher sell-down volumes and refinancing, it added.

The company’s gross non-performing assets (NPAs) rose a tad to 5.75 per cent during the quarter as against 5.24 per cent in the year- ago period. Net NPAs or bad loans rose to 2.07 per cent from 1.71 per cent.

From 2018-19, LTFH started building macro-prudential provisions for any unanticipated future events which held the company in good stead.

Continuing this focus, as a prudent measure LTFH created additional provisions of Rs 369 crore in the quarter under review. With this, it is carrying total additional provisions of Rs 1,403 crore (1.75 per cent of standard book), it said.

These provisions are over and above the expected credit losses on NPA and standard asset provisions.

“Despite severe impact of COVID 2.0, the learnings from COVID 1.0 held us in good stead in managing short-term challenges and helped maximise positive impact on business metrics.

“Our Q1FY22 performance reflects the fact that the company has built a sustainable business model, one which will enable it to grow in the medium to long-term while dealing with any short-term challenges (including impact of COVID 2.0),” LTFH Managing Director & CEO Dinanath Dubhashi said.



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