Tag: Q1FY22

Indian Overseas Bank profit doubles to Rs 327 cr in Q1, BFSI News, ET BFSI

Banking & Finance

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New Delhi: State-owned Indian Overseas Bank on Tuesday reported over two-fold jump in its net profit to Rs 327 crore for the quarter ending June as provisions for bad loans declined. The bank had posted a net profit of Rs 121 crore in the year-ago quarter.

Total income during Q1FY22, however, was down at Rs 5,155 crore as against Rs 5,234 crore in Q1FY21, Indian Overseas Bank said in a regulatory filing.

The interest income was down by 5.6 per cent at Rs 4,063 crore during the quarter. The non-interest income rose by 17.2 per cent at Rs 1,092 crore due to increase in other income, the bank said.

The Chennai-headquartered lender said it reduced non-performing assets (NAPs) worth Rs 1,616 crore during the quarter, as against Rs 1,969 crore in June 2020 quarter.

Bank’s gross NPAs (bad loans) fell to 11.48 per cent of the gross advances as of June 30, 2021, against 13.90 per cent in the year-ago period.

In terms of value, the gross NPAs were worth Rs 15,952 crore, down from Rs 18,291 crore. Net NPAs fell to 3.15 per cent (Rs 3,998 crore) from 5.10 per cent (Rs 6,081 crore).

Provisions for bad loans and contingencies for the quarter fell to Rs 868 crore from Rs 969.52 crore a year ago.

“The bank plans to come out of prompt corrective action (PCA) by focussing on recovery, low-cost deposits and less capital consuming advances,” it said.

The provision coverage ratio recorded at 91.56 per cent, it added.

Shares of the bank traded 2.7 per cent down at Rs 23.40 apiece on BSE. PTI KPM MR MR



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Private banks report rise in deposits, muted growth in advances in Q1FY22

Banking & Finance

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Private sector banks reported a steady increase in deposits in the provisional data for the quarter-ended June 30, 2021, though advances remained subdued amidst localised lockdowns that impacted business activity.

However, bucking the trend, HDFC Bank reported a 14.4 per cent growth in its advances to about ₹11,47,500 crore as of June 30, 2021 compared to ₹10,03,300 crore a year ago.

Domestic retail loans as of June 30, 2021 grew by around 10.5 per cent over a year-ago period and remained at a level similar to that as of March 31, 2021; domestic wholesale loans as of June 30, 2021 grew by around 17 per cent y-o-y and around 2 per cent over March 31, 2021, it said in a regulatory filing on Monday.

The bank’s deposits grew 13.2 per cent to about ₹13,46,000 crore as of June 30, 2021 versus ₹11,89,400 crore a year ago.

Also read: Amid worries over demand revival, Axis Bank sees 10 times growth in online shopping fest

Yes Bank and Federal Bank

Meanwhile, Yes Bank reported a 0.4 per cent decline in its loans and advances for the first quarter of the fiscal to ₹1,63,914 crore as against ₹1,64,510 crore as on June 30, 2020. On a sequential basis, loans fell 1.8 per cent.

In contrast, its deposits soared by 39.1 per cent to ₹1,63,295 crore for the quarter-ended June 30, 2021 from ₹1,17,360 crore a year ago.

Meanwhile, Federal Bank reported an 8 per cent growth in gross advances to ₹1,32,770 crore for the first quarter of the fiscal as against ₹1,23,437 crore a year ago.

Its total deposits increased by 9 per cent to ₹1,69,393 crore for the quarter-ended June 30, 2021 from ₹1,54,938 crore a year ago. However, deposits fell by 1.9 per cent on a sequential basis.

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