Tag: q2 numbers

PNB net up 78 per cent in Q2

Banking & Finance

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Punjab National Bank (PNB), the country’s second-largest public sector bank, on Wednesday, reported a 78 per cent increase in standalone net profit for the quarter ended September 30 at ₹ 1105 crore as compared to net profit of ₹ 621 crore in same quarter last fiscal.

The public sector bank had registered a net profit of ₹ 1024 crore in the previous quarter ended June 30 this year.

The bottomline for the quarter under review was bolstered by a tax provision write-back of ₹ 345 crore.

For the six months ended September 30, PNB’s standalone net profit grew 129 per cent to ₹ 2129 crore ( ₹ 929 crore). This half-yearly bottomline performance was higher than the entire fiscal 2020-21 net profit of ₹ 2022 crore.

Total income for the second quarter ended September 30 this fiscal stood at ₹ 21,262 crore, lower than the total income of ₹23,280 crore in the same quarter last year.

The provision towards non performing assets saw a substantial reduction for the quarter under review at ₹ 2,693 crore against ₹ 3,811 crore in the same quarter last fiscal year.

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HomeFirst Finance Q2 net profit up 213%

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HomeFirst Finance posted a 213 per cent jump in its net profit for the second quarter of the fiscal to ₹45 crore from ₹14 crore in the same period last fiscal.

For the July to September 2021 quarter, its total income jumped up by 34.3 per cent on year on year basis to ₹146 crore.

Total disbursements increased by 111.9 per cent to ₹515 crore in the quarter ended September 30, 2021 from ₹243 crore in the corresponding quarter last fiscal.

Gross stage 3 assets rose by 80 basis points to 1.7 per cent as on September 30, 2021 from 0.9 per cent a year ago. However, it was down 20 basis points from 1.9 per cent as on June 30, 2021.

Manoj Viswanathan, MD and CEO, HomeFirst Finance said, “Our second quarter 2021-22 performance was better than our expectation, with disbursals crossing ₹500 crore for the first time. We recorded an assets under management growth of 23.8 per cent year on year and a sequential growth in profit after tax of 27.8 per cent.”

Bounce rates improved in October 2021 to 15 per cent from 16.5 per cent in the second quarter of 2021-22 and 18.3 per cent in the first quarter.

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South Indian Bank posts net loss of ₹187.06 crore in second quarter of FY22

Banking & Finance

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Thrissur-based South Indian Bank posted a net loss of ₹187.06 crore in the second quarter of FY22 against a net a profit of ₹65.09 crore during the corresponding period of FY21.

The operating profit stood at ₹111.91 crore as against ₹390.94 core for Q2FY21.

As per the RBI direction, provision for depreciation on investments amounting to ₹175.56 crore for Q2FY22 has been shown under “other income” in the profit and loss account, which was originally classified under “provisions and contingencies. Further, amounts recovered from written-off accounts were reclassified under “provisions and contingencies” against previous year classification under “other income”. Excluding these amendments, operating profit would have been ₹346 crore, a press statement said.

The bank has made an additional provision of ₹160 crore which resulted in improved PCR, from 60.11 per cent as on June 30 to 65 per cent as on September 30, 2021. Had this additional provision of ₹160 crore not been provided, the net loss of the bank would be ₹27.06 crore.

NPAs improve

GNPA improved by 137 bps to 6.65 per cent as at September 30 compared to 8.02 per cent as at June 30. CASA ratio improved to 30.8 per cent as at September 30 compared to 27.8 per cent.

According to Murali Ramakrishnan, MD & CEO, the prevailing Covid pandemic scenario impacted the growth in the business and personal loan segment. However, the bank could register reasonable growth in the desired segments like well-rated corporates and gold loan portfolios during the period.

The bank has also been able to meet targeted levels of recovery/upgrades which has helped in containing the GNPA level. The Capital Adequacy Ratio stands comfortable at 15.74 per cent as on September 30, 2021. The bank plans to raise additional capital during FY21-22 to further strengthen the capital base, he added.

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