Tag: Q4 results

South Indian Bank posts net profit of nearly ₹7 crore in Q4

Banking & Finance

[ad_1]

Read More/Less


South Indian Bank has registered a net profit of ₹6.79 crore in the fourth quarter of FY21 against a loss of ₹143.69 crore during the corresponding period of the previous year. The net profit for the entire FY21 is ₹61.91 crore as against ₹104.59 crore of the previous financial year.

Murali Ramakrishnan, Managing Director & CEO said the lower quarterly profit was mainly on account of credit cost on the fresh slippages during the fourth quarter, as a result of additional stress in the economy due to Covid-19 pandemic. “Bank has strengthened the review and monitoring system of the advance portfolio to improve the credit quality and thereby bringing drastic reduction in the slippages and improve upgrades/ recovery,” Ramakrishnan said.

Vision 2024

The bank has come up with a 3-year Medium Term Strategy (Vision 2024) wherein the focus will continue in the areas of MSME and Retail Loans with improved underwriting standards. The technology initiatives will be leveraged to improve the CASA and the technology income in the coming quarters.

The prevailing Covid-19 pandemic has impacted the growth in the business and personal loan segment. “As part of the business strategy to reduce the exposure in the corporate advances, the bank has brought down the share of corporate advances from 28 per cent as on March 31, 2020 to 25 per cent as on March 31,” he said.

The bank has also been able to meet the targeted levels of recovery/ upgrades which has helped in containing the GNPA level despite higher slippages numbers during the year on account of the pandemic. The provision coverage ratio has improved to 58.73 per cent from 54.22 per cent.

The Capital Adequacy Ratio stands comfortable at 15.42 per cent as on March 31. The bank has raised the equity capital during the quarter for an amount of ₹240 crore which strengthened the Common Equity. “The bank plans to raise further capital during FY21-22 to strengthen the capital base,” he added.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Indiabulls Housing Finance Q4 net profit up 102%

Banking & Finance

[ad_1]

Read More/Less


Indiabulls Housing Finance reported a 102 per cent increase in its net profit to ₹276 crore for the quarter ended March 31, 2021 as against ₹137 crore in the same period in the previous fiscal.

However, for 2020-21, its net profit fell to ₹1,201.5 crore from ₹2,165.92 crore in 2019-20.

Its total revenue from operations declined 19.6 per cent to ₹2,371.71 crore in the fourth quarter of last fiscal from ₹2,950.04 crore a year ago.

Its loan book also fell to ₹66,047 crore in the fourth quarter last fiscal from ₹73,065 crore a year ago.

“Total provisions held are ₹ 2,458 crore or 3.7 per cent of loan book, which is 2.7x times of the regulatory requirement,” it said on Wednesday.

Gross non-performing assets stood at 2.66 per cent and net NPAs at ₹1.59 per cent as on March 31, 2021. Capital adequacy stands at 30.7 per cent and Tier 1 capital at 24 per cent as on March 31, 2021.

The company’s board has declared a final dividend of ₹ 9 per share.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Anchor investor Bay Tree India cuts stake in YES Bank to 5.40%

Banking & Finance

[ad_1]

Read More/Less


Bay Tree India Holdings I LLC has cut its stake in YES Bank further from 6.03 per cent as at March-end 2021 to 5.40 per cent now.

Bay Tree India Holdings (BTIH) had 7.48 per cent stake in YES Bank as at December-end 2020.

BTIH, which is a part of New York-based Tilden Park Capital Management, was the biggest anchor investor in YES Bank’s further public offer (FPO) in July 2020.

It invested about 55 per cent of the ₹4,098 crore the bank mopped up from anchor investors. Overall, the bank raised ₹14,850 crore (net of share issue expenses) through the FPO.

Along with BTIH, Axis Bank and Kotak Mahindra Bank, too, cut their stake in the private lender in the fourth quarter of FY2021.

As at March-end 2021, Axis Bank and Kotak Mahindra Bank’s shareholding in YES Bank came down to 1.96 per cent (2.39 per cent as at December-end 2020) and 1.52 per cent (1.76 per cent), respectively.

State Bank of India (SBI) continues to be the biggest investor in YES Bank, with 30 per cent stake. India’s largest bank reduced its stake in the private sector bank from 48.21 per cent to 30 per cent in the second quarter of FY21.

Troubled financials

YES Bank reported a net loss of ₹3,788 crore in the fourth quarter ended March 31, 2021 against a net profit of ₹2,629 crore in the year ago quarter.

In the reporting quarter, the bank made a substantial provision of ₹6,510 crore towards bad loans against ₹1,100 crore in the year ago quarter.

The bank’s net interest income was down 22.5 per cent year-on-year (y-o-y) to ₹987 crore. Non-interest income rose 36.6 per cent y-o-y to ₹816 crore.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

Profit rises 13% to Rs 78 crore, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Private lender DCB Bank on Saturday reported a 13 per cent increase in net profit to Rs 78 crore for the January-March quarter compared to that of Rs 69 crore in the year-ago quarter. Total income of the bank during the January-March quarter of 2020-21 fell to Rs 971 crore from Rs 1,012 crore in the same quarter of 2019-20, DCB Bank said in a regulatory filing. The income from interest as well as from investment fell during the reported quarter from a year ago.

For the FY2020-21, the bank’s net profit remained nearly flat at Rs 336 crore against Rs 338 crore in FY20. Income also was a tad down at Rs 3,917 crore in FY21 against Rs 3,928 crore in FY20.

The bank’s asset quality worsened with the gross non-performing assets (NPAs) spiking to 4.09 per cent of the gross advances as of March 31, 2021, as against 2.46 per cent by the end of March last year.

In value terms, the gross NPAs stood at Rs 1,083.44 crore, significantly higher than Rs 631.51 crore in the year-ago period.

Provisions for bad loans and contingencies in Q4FY21 came down to Rs 101.18 crore from Rs 118.24 crore a year earlier. Net NPAs stood at 2.29 per cent (Rs 594.15 crore) as against 1.16 per cent (Rs 293.51 crore).

On returning the compound interest to eligible borrowers post the Supreme Court final order in March and subsequent the RBI notification, the lender said it is in the process of account by account calculation of interest relief due to the eligible customers.

In the meantime, as of March 31, 2021, the bank has created liability towards estimated interest relief of Rs 10 crore and reduced the same from the interest income.

The bank said it held contingency provision of Rs 229.11 crore against the likely impact of Covid 19 regulatory package, impact of the conclusion of the interim order (of Supreme Court on not declaring accounts as NPAs till August 31, 2020 and after) and other contingencies.

On the impact of second wave of the pandemic, it said under the current circumstances the bank during March quarter, on a prudent basis, has made a contingency provision of Rs 124 crore towards further likely impact of Covid-19 on restructured and stressed assets.

“In addition to this contingency provision of Rs 124 crore, the bank also holds floating provision amounting to Rs 108.80 crore, besides, provisions for standard assets and specific non-performing assets,” it said.

Besides, the amount in overdue categories where the moratorium or deferment was extended as of March 31, 2020 was Rs 1,908.08 crore at end of March this year, it said. The provisions held on these by the end of September 2020 was Rs 68 crore and similar amount was kept as provisions adjusted against slippages (NPA and restructuring), DCB Bank said.

The lender also said that its board has not recommended any dividend for fiscal ended March 2021 in view of the situation developing around Covid-19 in the country and the related uncertainty that it creates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

YES Bank posts net loss of ₹3,788 crore in Q4

Banking & Finance

[ad_1]

Read More/Less


Private sector lender YES Bank reported a net loss of ₹3,787.75 crore in the quarter ended March 31, 2021 with a drop in net interest income and rise in provisions.

It had a net profit of ₹2,628.61 crore in the fourth quarter of 2019-20 on the back of the AT-1 bond write off. Without this cushion, it would have reported a net loss of ₹3,668.33 crore for the January to March 2020 quarter.

On a sequential basis, Yes Bank had a net profit of Rs ₹150.71 crore in the quarter ended December 31, 2020.

For the full fiscal 2020-21, the lender reported a net loss of ₹3,462.23 crore compared to a net loss of ₹16,418.02 crore in 2019-20.

Net interest margin

YES Bank’s net interest income declined 22.5 per cent during the January to March 2021 quarter to ₹987 crore as against ₹1,274 crore in the same period in 2019-20.

Net interest margin declined to 1.6 per cent for the fourth quarter last fiscal versus 1.9 per cent a year ago.

Non interest income surged 36.6 per cent to ₹816 crore in the quarter.

Provisions increased by 7.5 per cent to ₹5,239.59 crore in the fourth quarter of 2020-21 as against ₹4,872.34 crore in the corresponding period in the previous fiscal.

Gross non performing assets was at ₹28,609.53 crore as on March 31, 2021 or 15.41 per cent of gross advances as against 16.8 per cent as on March 31, 2020.

 

Net NPAs were at 5.88 per cent of net advances as on March 31, 2021 versus 5.03 per cent a year ago.

“GNPA book or legacy stressed book is well provided for and has demonstrated a robust cash recovery of ₹4,933 crore. Our overdue book of 31-90 days has reduced by 28 per cent over the last quarter. Asset quality and quality recognition has peaked and recovery income will cover for incremental slippages next year,” said Prashant Kumar, Managing Director and CEO, YES Bank.

 

[ad_2]

CLICK HERE TO APPLY

Leave a comment ,

SBI Card posts ₹175-crore profit in Q4

Banking & Finance

[ad_1]

Read More/Less


SBI Card, the country’s largest pure-play credit card issuer, has reported a net profit of ₹175 crore for the fourth quarter ended March 31, 2021. This was 110 per cent more than the net profit of ₹84 crore recorded in the same quarter last fiscal.

The bottomline for the quarter under review was boosted by a sharp increase in other income, besides much lower provisioning for impairment and bad debts.

Total income for the quarter under review declined 2 per cent to ₹2,468 crore compared to ₹2,510 crore recorded in the same quarter last fiscal.

For the entire fiscal 2020-21, SBI Card’s net profit declined 21 per cent to ₹985 crore (₹1,245 crore).

Total income for the entire fiscal stood at ₹9,714 crore (₹9,752 crore).

Card in force grew by 12 per cent to 1.18 crore as of Q4 FY 21 compared to 1.05 crore as of Q4 FY20.

Spends grew by 11 per cent to ₹35,943 crore in Q4 FY21 compared to 32,429 crore in Q4 FY20, a company statement said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment ,

Profit surges 261% to Rs 4,403 crore, misses Street estimates, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


NEW DELHI: ICICI Bank on Saturday reported a 261 per cent year-on-year (YoY) rise in net profit at Rs 4,403 crore compared with a profit of Rs 1,221.40 crore in the corresponding quarter last year.

Analysts in an ET NOW poll had projected the profit figure at Rs 4,980 crore.

Net interest income (NII) for the quarter rose 17 per cent YoY to Rs 10,431 crore compared with Rs 8,927 crore in the year-ago quarter. ET NOW poll had forecast the NII figure at Rs 10,306 crore.

The net interest margin (NIM) for the quarter came in at 3.84 per cent compared with 3.67 per cent in December quarter and 3.87 per cent in the year-ago quarter.

The bank made a net provision of Rs 2,883 crore for the quarter, which included Rs 1,000 crore in Covid-related provisions. The private lender had made provisions worth Rs 5,967 crore in the year-ago quarter.

“During Q4, the bank utilised contingency provision amounting to Rs 3,509 crore towards proforma NPAs as of December 31, 2020, as these loans have now been classified as per the RBI guidelines. Further, the bank made additional Covid-19 related provisions of Rs 1,000 crore during Q4-2021,” it said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,
1 2