Tag: Q3 numbers

HDFC Q3 net profit drops 65% to ₹2,925 crore

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Housing Development Finance Corporation reported a 65.05 per cent drop in its standalone net profit for the third quarter of the fiscal at ₹2,925.83 crore as against ₹8,372.49 crore in the same period last fiscal.

“The profit numbers for the quarter ended December 31, 2020 are not directly comparable…To facilitate a like-for-like comparison, after adjusting for the above, the adjusted profit before tax for the quarter ended December 31, 2020 is ₹3,694 crore compared to ₹2,908 crore in the previous year, reflecting a growth of 27 per cent,” HDFC said in a statement on Tuesday.

The profit numbers are not comparable due to fair value gain consequent to the merger of GRUH with Bandhan Bank of ₹9,020 crore.

For the quarter ended December 31, 2020, HDFC reported a 26 per cent growth in net interest income at ₹4,068 crore compared to ₹3,240 crore in the previous year. Net interest margin for the nine months ended December 31, 2020 stood at 3.4 per cent.

As of December 31, 2020, the individual loan book on assets under management (AUM) basis grew 10 per cent, and the non-individual loan book grew by 7 per cent. The growth in the total AUM was 9 per cent.

“The demand for home loans continued to remain strong owing to low-interest rates, softer property prices, concessional stamp duty rates in certain states and continued fiscal incentives on home loans,” HDFC said, adding that December 2020 witnessed the highest ever levels in terms of receipts, approvals and disbursements.

During the quarter ended December 31, 2020, individual loan disbursements grew at 26 per cent over the previous year’s corresponding quarter. Growth in home loans was seen in both, the affordable housing segment as well as high-end properties.

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Union Bank of India Q3 net up 41% QoQ at ₹727 crore

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Union Bank of India (UBI) reported a 41 per cent quarter-on-quarter (QoQ) jump in standalone net profit at ₹727 crore in the quarter ended December 31, 2020 against ₹517 crore in the quarter ended September 30, 2020.

The public sector bank said its results for the current quarter/nine-month are not comparable with the corresponding year-ago period as the amalgamation of Andhra Bank and Corporation Bank with UBI was effective from April 1, 2020.

The third quarter’s bottom line was supported by a ₹672 crore write-back in tax expenses and 31 per cent QoQ increase in other income.

Net interest income (the difference between interest earned and interest expended) was up 5 per cent QoQ at ₹6,590 crore (₹6,293 crore in the preceding quarter).

Other income, comprising total fee income, dividend income, trading gains, recovery from technically written-off accounts, was at ₹3,016crore (₹2,308 crore).

Non-performing asset loan provisions were down 18 per cent QoQ at ₹3,036 crore (₹3,721 crore).

GNPAs declined to 13.49 per cent of gross advances as at December-end 2020 against 14.71 per cent at September-end 2020.

Net NPAs declined to 3.27 per cent of net advances as at December-end 2020 against 4.13 per cent at September-end 2020.

With proforma slippages (adjusted for the Supreme Court’s interim order), Gross and Net NPA ratio would have been 15.28 per cent and 5.02 per cent, respectively.

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Shriram Transport Finance reports 17% decline in Q3 profit

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Shriram Transport Finance Company (STFC) reported a 17 per cent decline in third-quarter net profit at ₹728 crore against ₹879 crore in the year-ago period.

The bottom line was weighed down by a 52 per cent year-on-year (YoY) jump in provision towards impairment on financial instruments, including towards accounts impacted by Covid-19 pandemic, and 9 per cent increase in finance costs.

Net Interest Income in the reporting quarter edged up about 2 per cent to ₹2,148 crore (₹2,114 crores in the same period of the previous year).

Provision towards impairment on financial instruments rose 52 per cent YoY to ₹675 crore. Finance costs were up 9 per cent YoY at ₹2,236 crore.

“The prolonged lockdown imposed by the government due to Covid-19 pandemic has affected the Company’s business operations. The company has considered an additional Expected Credit Loss (ECL) provision on Loans of ₹224.82 crore…during the quarter,” the company said in a statement.

STFC said it has invoked a resolution plan to relieve Covid-19 pandemic related stress for eligible borrowers worth ₹2267 crore., out of which as on December 31, 2020 the company had restructured loans worth ₹309.60 crore. The balance is likely to be restructured in the next couple of quarters, it added.

Gross Non-Performing Assets (NPAs) and Net NPAs as of 31st December 2020 stood at 5.33 per cent and 3.22 per cent respectively, as against 8.71 per cent and 6.09 per cent as of 31st December 2019, the statement said.

With proforma slippages (adjusted for the Supreme Court’s interim order), Gross NPA and Net NPA ratio would have been 7.11 per cent and 4.31 per cent, respectively.

The company’s assets under management were up 5.51 per cent YoY to stand at ₹1,14,932 crore as at December-end 2020.

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M&M Financial Services reports Q3 net loss of ₹223 crore

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Mahindra and Mahindra Financial Services reported a consolidated net loss of ₹223.18 crore in the third quarter of the fiscal year as against a net profit of ₹474.86 crore in the same period last fiscal.

Total income declined by three per cent to ₹2,993 crore during the quarter ended December 31, 2020, as against ₹3,081 crore during the corresponding quarter last year.

“During the quarter, there were certain segments of customers who did not participate in asset acquisition, and there was also non-availability of certain models leading to a drop in business. While the overall cash flows of the customer showed an improvement, the earnings have not yet returned to pre-Covid situation,” Mahindra Finance said in a statement on Thursday, adding that rural sentiments remain positive and it expects to benefit from the same during the fourth quarter.

The Gross Stage 3 levels stood at 9.99 per cent as at December 31, 2020, against 8.49 per cent as at corresponding reporting date last year. The Net Stage 3 levels stood at 6.57 per cent at the end of the third quarter this fiscal as against 6.67 per cent as at corresponding reporting date last year.

The Stage 3 provisioning coverage ratio stood at 36.6 per cent as at December 31, 2020, against 22.9 per cent as at corresponding reporting date last year.

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AU Small Finance Bank Q3 net profit up ₹479 crore

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AU Small Finance Bank’s net profit for the third quarter of the fiscal jumped up to ₹479.02 crore as against ₹190.19 crore a year ago.

For the quarter ended December 31, 2020, its net interest income surged by 25 per cent to ₹633 crore versus ₹507 crore a year ago.

Other income rose by 14 per cent to ₹184 crore in the quarter under review.

The bank’s provisions rose to ₹283.62 crore in the third quarter this fiscal from ₹40.1 crore a year ago.

Gross non-performing assets stood at one per cent of gross advances as on December 31, 2020 compared to 1.9 per cent as on December 31, 2019. Net NPAs stood at 0.2 per cent at the end of the third quarter this fiscal compared to one per cent a year ago.

“In the third quarter of the fiscal, AU Small Finance Bank restructured ₹ 251Cr (0.8 per cent of gross advances), mainly in the bus, taxi (within wheels) and schools, apparels. Overall restructured advances should stabilize at about 1.5 per cent of gross advances including a fresh restructuring that the bank may undertake in the fourth quarter this fiscal,” it said in a statement on Thursday.

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Bank of Baroda reports ₹1,061 cr profit in Q3

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Bank of Baroda (BoB) reported a standalone net profit of ₹1,061 crore in the third quarter against a net loss of ₹1,407 crore in the year-ago quarter.

A 69 per cent decline in provision towards bad loans and diminution value of all restructured accounts and a 55 per cent increase in trading gains helped boost the bottom line.

Provision towards bad loans and diminution value of all restructured accounts was at ₹2,080 crore, and trading gains were at ₹925 crore.

However, the net profit in the reporting quarter was down 37 per cent compared with the preceding quarter’s ₹1679 crore.

Net interest income (the difference between interest earned and interest expended) was up 9 per cent year-on-year (YoY) to ₹7749 crore (₹7,132 crore in the year-ago quarter).

Other income, comprising brokerage, commission, fees, income from foreign exchange fluctuation. Profit/ loss on the sale of investments, recovery from written-off accounts etc., increased 6 per cent YoY to ₹2,896 crore (₹2,738 crore).

Decline in NPAs

Gross non-performing assets (GNPAs) declined ₹2,516 crore during the reporting quarter.

GNPAs declined to 8.48 per cent of gross advances as at December-end 2020 against 9.14 per cent at September-end 2020.

Net NPAs declined to 2.39 per cent of net advances as at December-end 2020 against 2.51 per cent at September-end 2020.

With proforma slippages, Gross and Net NPA ratio would have been 9.63 per cent and 3.36 per cent, respectively.

Net interest margin improved to 3.07 per cent as at December-end 2020 against 2.96 per cent as at September-end 2020.

Global advances increased by 6.30 per cent YoY to ₹7,45,420 crore. Global deposits rose 6.52 per cent YoY to ₹9,54,561 core.

 

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SBI Life Q3 profit falls 40% at ₹233 crore

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SBI Life Insurance Company reported a 40 per cent decline in third quarter net profit at ₹233 crore against ₹390 crore in the year-ago period.

Notwithstanding the 25 per cent year-on-year (y-o-y) decline in benefits paid (net), the bottom line was weighed down by a significant change in actuarial valuation (including movement in fund for future appropriation).

Net premium income (including first year premium, renewal premium and single premium) rose 18 per cent y-o-y in the reporting quarter to ₹13,766 crore.

Income from investments (net) soared 214 per cent y-o-y to ₹12,777 crore. This income is net of amortisation and losses (including capital gains).

Net commission paid increased 14 per cent y-o-y to ₹517 crore. Operating expenses related to insurance business (including employees remuneration and welfare expenses and other operating expenses) nudged up 1.14 per cent y-o-y to ₹630 crore.

Benefits paid (net) declined 25 per cent y-o-y to ₹4,644 crore. This is inclusive of interim bonus and terminal bonus.

The life insurer reported a significant jump under the head “change in actuarial liability” to ₹20,244 crore (₹7,657 crore in the year-ago quarter).

Solvency ratio

The surplus declined 51 per cent y-o-y to ₹297 crore. The solvency ratio improved a tad to 2.34 against 2.30 in the year-ago quarter. The 13th month persistency ratio improved to 86.17 per cent against 85.71 per cent.

 

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