Tag: quarter results

IDFC Ltd registers ₹262.55 cr consolidated net profit in Q2

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IDFC Ltd reported a turnaround performance, posting ₹262.55 crore consolidated net profit in the second quarter against a loss of ₹146.68 crore in the year-ago period.

The profitability was buoyed as the company received ₹200 crore as its share of profit from its associates and joint ventures. The company had incurred a loss of ₹169 crore under this head in the year-ago period. The consolidated profit before tax was higher at ₹84.57 crore (₹35.84 crore in the year-ago period).

IDFC Ltd is an investing company of the IDFC group. The company has its investments in subsidiaries and associates of the group.

Merger scheme approval

The Board of Directors of IDFC Ltd, as part of the simplification of the corporate structure, approved the merger scheme of IDFC Alternatives Ltd, IDFC Trustee Company Ltd and IDFC Projects Ltd (wholly-owned subsidiary companies) into IDFC Ltd – subject to regulatory approvals from various authorities as applicable.

RBI has, vide its letter dated July 20, 2021, clarified that after the expiry of the lock-in period of five years, IDFC Ltd can exit as the promoter of IDFC FIRST Bank, as per the notes to accounts.

The Board of Directors of IDFC and IDFC Financial Holding Company, at their respective meetings held on October 21, 2021, had appointed Citigroup Global Markets India Pvt Ltd as an investment banker for the disinvestment of IDFC Asset Management Company, according to the notes.

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HDFC Life Insurance Q2 net profit down 16%

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HDFC Life Insurance registered a 15.9 per cent drop in its net profit to ₹274.16 crore in the second quarter of the fiscal as against ₹326.09 crore in the same period last fiscal.

“Our profit after tax stands at ₹577 crore for the first half of 2021-22, which is 26 per cent lower than the first half of 2020-21, on the back of higher claims reserving warranted by the second wave of the pandemic,” said Vibha Padalkar, Managing Director and CEO, HDFC Life Insurance.

Also read: How lucrative is HDFC Life’s acquisition of Exide Life

For the quarter ended September 31, 2021, net premium income increased by 13.9 per cent to ₹11,443.96 crore from ₹10,045.44 crore a year ago. The insurer settled around two lakh claims in the first half of the fiscal. Gross and net claims amounted to ₹3,640 crore and ₹2,466 crore, respectively.

“The overall experience has been in line with our projections and we carry an Excess Mortality Reserve (EMR) of ₹204 crore into the second half of 2021-22,” said Padalkar.

Its solvency ratio was at 190 per cent as on September 30, 2021 compared to 203 per cent a year ago. Its 13th month persistency was at 84.8 per cent as on September 30, 2021 versus 83.9 per cent as on September 30, 2020.

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Central Bank of India reports standalone net profit of ₹206 crore

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Central Bank of India (CBoI) is back in the black, reporting a standalone net profit of ₹206 crore in the first quarter (Q1 FY22) on the back of healthy growth in net interest income (NII) and a substantial decline in loan loss provisions.

The public sector bank had reported a net loss of ₹1,349 crore in the fourth quarter of FY21. It posted a net profit of ₹135 crore in Q1 FY21. Net interest income/NII (difference between interest earned and interest expended) rose 41 per cent quarter-on-quarter (q-o-q) to ₹2,135 crore (₹1,516 crore in Q4 FY21).

Also read: PSBs vacating branches open doors for other lenders

However, NII in the reporting quarter was a tad lower vis-a-vis year-ago period’s (Q1 FY21) ₹2,146 crore.

Non-interest income, NPA

Total non-interest income, comprising commission, exchange & brokerage, treasury income and recoveries in written-off accounts, was down 15 per cent q-o-q at ₹767 crore (₹902 crore). But it was up 8 per cent up on year ago period’s ₹710 crore. Non-performing asset (NPA) provisions declined 98 per cent q-o-q to ₹ 76 crore (₹3,259 crore in Q4 FY21). On yoy basis too, NPA provisions fell 85 per cent. Standard assets provisions increased to ₹240 crore against a write-back of ₹ 152 crore in Q4FY21 and a provision of ₹182 crore in Q1 FY21.

Also read: Mastercard to file an independent audit report

Provisions towards restructured accounts jumped to ₹328 crore against ₹32 crore in Q4FY21 and ₹20 crore in Q1FY21. Write-back in provisions on investments was higher at ₹105 crore against ₹37 crore in Q4 FY21. In the year ago period, the Bank made a provision of ₹282 crore. Net interest margin (annualised) improved to 2.84 per cent from 2.04 per cent in Q4FY21.

Total deposits increased by 3.18 per cent y-o-y to ₹3,31,483 crore (₹3,21,252 crore in Q1FY21), with the proportion of current account, savings account (CASA) in total deposits improving to 49.20 per cent (47.30 per cent). Total advances declined 0.72 per cent yoy to ₹1,75,229 crore (₹1,76,496 crore), with retail, agriculture and MSME (RAM) advances growing 4.69 per cent and corporate advances declining 9.55 per cent.

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Repco Home Finance Q4 net up 32%

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Repco Home Finance (RHFL) has posted a 32 per cent growth in standalone net profit for the fourth quarter at ₹63.2 crore as against ₹47.7 crore profit in the corresponding quarter of the previous fiscal.

Total income of the lender dropped to ₹340.34 crore in Q4FY21 from ₹346.11 crore in the year-ago quarter.

Also read: All-India HPI increases by 2.7% yoy in Q4FY21

Standalone net profit for the full year grew by 3 per cent to ₹287.60 crore (₹280.35 crore) while total income during this period grew to ₹1,392.23 crore (₹1,351.1 crore).

During FY21, Repco Home Finance disbursed ₹1,840.9 crore of loans and its outstanding loan book as of March 2021 stood at ₹12,121.5 crore.

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