Tag: results

Suryoday Small Finance Bank posts ₹1.92-crore loss in Q2

Banking & Finance

[ad_1]

Read More/Less


Suryoday Small Finance Bank’s net loss narrowed to ₹1.92 crore in the second quarter ended September 30, 2021 against net loss of ₹47.72 crore in the first quarter. The small finance bank had reported a net profit of ₹27.24 crore in the year ago quarter.

Net interest income (difference between interest earned and expended) was up 34.4 per cent year-on-year to ₹147.2 crore (₹109.5 crore in the year-ago quarter).

Other income, including processing fees, profit on sale of investments, income on dealing in priority sector lending certificates, etc,,jumped 194.3 per cent y-o-y to ₹33.4 crore ( ₹11.3 crore).

While the operating profit was up 61.9 per cent y-o-y to ₹79.7 crore (₹51.1 crore), provisions and contingencies, up more than five times y-o-y to ₹97.3 crore (Rs ₹14.7 crore) weighed down the bottomline.

Gross NPAs rose to 10.2 per cent of gross advances vis-a-vis 9.5 per cent as at June-end 2021 and 2.3 per cent as at September-end 2020. Net NPAs were unchanged at 4.5 per cent of net advances quarter-on-quarter (QoQ) but up 0.4 per cent in the year ago period. Gross advances were up about 20 per cent y-o-y to ₹4,470 crore, disbursements jumped to ₹1,067 crore (₹360 crore in the preceding quarter).

Baskar Babu R, MD & CEO, said the increasing trend of repayment behaviour, which was witnessed in the first quarter, improved during the second quarter as the restrictions across States eased businesses resumed.

Further, during October 2021 as well, the bank disbursed ₹359 crore and reported collection efficiency of 83 per cent (one-EMI adjusted) and 104 per cent (overall).

Deposits declined a shade to Rs ₹3,129 crore against Rs ₹3,140 crore in the year-ago quarter. The proportion of retail deposits increased to 87.9 per cent from 70.5 per cent in the year ago period.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

SBI posts 67% rise in Q2 net to ₹7,627 crore

Banking & Finance

[ad_1]

Read More/Less


Significant improvement in asset quality and lower loan-loss provisions helped State Bank of India  post highest-ever quarterly standalone net profit in the second quarter at ₹ 7,627 crore.

Resolution of the DHFL account, which allowed the  bank to write-back provisions amounting to ₹4,000 crore, also supported SBI’s bottomline.

The net profit in the second  quarter  ended September 30, 2021 was 67 per cent up year-on-year (yoy) vis-a-vis year-ago quarter’s ₹4,574 crore.

Slippages down

Slippages were about 52 per cent lower yoy at ₹4,176 crore in Q2FY22 against ₹15,666 crore in the first quarter (Q1FY22) ended June 30, 2021.

Dinesh Kumar Khara, Chairman, emphasised that the bank could pull back the first quarter’s retail segment slippages.

“This is the reason for the much lower slippages and also the accounts are performing well.

“Also, our ground level forces have also improved collections. Our collection efficiency stands at about 95 per cent,” he said.

The net interest income  was up about 11 per cent yoy to ₹31,184 crore (₹28,181.50 crore in the year-ago quarter).

Other income, including profit/loss on sale of assets, profit/loss on revaluation of investments (net), earnings from foreign exchange and derivative transactions, recoveries from accounts previously written off, dividend income, etc., declined about 4 per cent yoy to ₹8,208 crore (₹8,528 crore).

Loan-loss provisions declined 52 per cent yoy to ₹2,699 crore against ₹5,619 crore.

GNPA position improves

GNPA position improved to 4.90 per cent of gross advances as at September-end 2021 against 5.32 per cent in the preceding quarter.

Net NPAs position too improved to 1.52 per cent of net advances against 1.77 per cent in the preceding quarter.

As at September-end 2021,domestic advances increased about 5 per cent yoy to ₹ 21,56,055 crore. Foreign offices advances were up about 16 per cent yoy to ₹3,74,722 crore.

Within domestic advances, retail personal advances saw a 15 per cent yoy growth; agriculture (about 2 per cent) and SME (about 1 per cent). However, corporate advances de-grew about 4 per cent.

Khara attributed the muted scenario in corporate advances to working-capital limit utilisation continuing to be low.

“However, credit demand appears to be on the rise with increasing economic activities across India. Corporates too have started planning for future investments, which will create demand for credit going forward,” he said, adding that SBI will see an overall credit growth of 9-10 per cent in FY22.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

U GRO Capital Q2 net profit down 80%

Banking & Finance

[ad_1]

Read More/Less


U GRO Capital reported an 80 per cent drop in its net profit for the second quarter of the fiscal at ₹3.37 crore compared to ₹17.17 crore in the same period last fiscal.

For the quarter ended September 30, 2021, its total revenue jumped up by 80.1 per cent to ₹62.7 crore from ₹34.82 crore a year ago.

Net interest income for the second quarter of the fiscal increased by 53 per cent to ₹31.7 crore compared to ₹20.7 crore in the second quarter of last fiscal.

Net interest margin improved 40 basis points Q-o-Q to 7.7 per cent largely due to reduction in the borrowing cost, U GRO Capital said in a statement on Wednesday.

However, total expenses also shot up by 80.1 per cent on a year-on-year basis to ₹57.98 crore in the second quarter of the fiscal.

The total provisioning as of September 2021 was ₹24.2 crore versus the regulatory requirement of ₹22.1 crore.

Disbursements for the quarter grew 139 per cent sequentially to ₹790 crore.

“The company clocked its highest ever disbursements in September 2021 at ₹288 crore,” it added.

“We will carry on the momentum and traction which is now coming because of the infrastructure we have built over last one year and we have a clear path of achieving our mission of serving 10 lakh customers and take one per cent market share of outstanding MSME credit in the country,” said Shachindra Nath, Executive Chairman and Managing Director of U GRO Capital.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Bank of India standalone net profit almost doubles to ₹1,051 cr in Q2

Banking & Finance

[ad_1]

Read More/Less


Bank of India’s standalone net profit almost doubled to ₹1,051 crore in the second quarter against ₹526 crore in the year ago period on the back of robust growth in other income and a steep decline in loan loss provisions.

During the reporting quarter, there was a reduction in gross non-performing assets (GNPAs) aggregating ₹5,771.50 crore.

NPA position of Indian Banks indicates gradual improvement: CARE Ratings

The Mumbai-headquartered public sector bank’s net interest income (difference between interest earned and interest expended) declined 14 per cent year-on-year (yoy) to ₹3,523 crore (₹4,113 crore in the year ago quarter).

Other income, including profit/loss on sale of assets, profit/loss on revaluation of investments (net), earnings from foreign exchange and derivative transactions, recoveries from accounts previously written off, dividend income, etc., jumped 59 per cent yoy to ₹2,136 crore (₹1,346 crore).

To ease lending, FinMin moves to boost bankers’ morale, growth

GNPA position improved to 12 per cent of gross advances as at September-end 2021 against 13.51 per cent in the preceding quarter.

NPA position

Net NPAs position too improved to 2.79 per cent of net advances against 3.35 per cent in the preceding quarter.

Total deposits edged up by about one per cent yoy to ₹6,12,961 crore. Total advances were up about 5 per cent yoy to ₹3,78,727 crore.

On a consolidated basis, including the results of four domestic subsidiaries, four overseas subsidiaries, one joint venture and six associates, BoI reported a 97 per cent jump in net profit at ₹1,073 crore (₹543 crore).

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , , , , ,

RBL Bank Q2 net profit down 78.6%

Banking & Finance

[ad_1]

Read More/Less


Private sector lender RBL Bank reported a 78.6 per cent drop in its standalone net profit for the second quarter of the fiscal on the back of higher provisions and lower interest income.

For the quarter ended September 30, 2021, the bank reported standalone net profit of ₹ 30.8 crore as against ₹144.16 crore in the same period last fiscal.

Its net interest income fell by two per cent on a year on year basis to ₹915 crore in the July to September 2021 quarter from ₹932 crore a year ago.

Net interest margin was also lower at 4.06 per cent as on September 30, 2021 from 4.34 per cent a year ago.

However, other income shot up by 42 per cent to ₹593 crore for the second quarter of the fiscal from ₹418 crore in the corresponding quarter last fiscal.

Provisions jumped up by 33.6 per cent to ₹651.49 crore in the second quarter of the fiscal versus ₹487.56 crore a year ago.

Asset quality deteriorated

The bank’s gross non performing assets rose to ₹3,130.93 crore or 5.4 per cent of gross advances as on September 30, 2021 from 3.34 per cent a year ago. Net NPAs also increased to 2.14 per cent of net advances from 1.38 per cent as on September 30, 2020.

“The economic environment is bouncing back strongly as the pace of vaccination quickens in the country. Our bank is also confident of reverting to normalised levels of business, growth and profitability from the current (third) quarter itself and are on track to exit this financial year with strong profitability ratios setting us up well for 2022-23,” said Vishwavir Ahuja, Managing Director and CEO, RBL Bank.

The bank had a provision coverage ratio, excluding technical write-offs, of 61.7 per cent.

It had an exposure of ₹846.61 crore to accounts where it implemented restructuring under the Reserve Bank of India’s Resolution Framework 1.0 and ₹645.47 crore under Resolution Framework 2.0.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Mahindra & Mahindra Financial Services Q2 net profit up at ₹1,103 crore

Banking & Finance

[ad_1]

Read More/Less


Mahindra & Mahindra Financial Services consolidated net profit surged by 212.9 per cent to ₹1,102.94 crore in the second quarter of the fiscal. Its net profit was ₹352.51 crore in the same period last fiscal.

However, its total income declined by four per cent to ₹2,951 crore during the quarter ended September 30, 2021, as against ₹3,071 crore during the corresponding quarter last year.

“During the quarter, the company increased its shareholding in Ideal Finance Limited (IFL), Sri Lanka from 38.2 per cent to 58.2 per cent. IFL is now a subsidiary of the company. This stake increase has resulted in revaluation of existing equity stake in IFL, which led to a one-time revaluation gain of Rs 21 crore, which is shown as exceptional item in the second quarter 2021-22 consolidated financials,” Mahindra Finance said in a statement on Thursday.

Disbursements grew by 61 per cent year on year on year to ₹6,475 crore in the second quarter of the fiscal. “But for the supply side issues, the disbursements would have grown further,” the company added.

It also reported improvement in collection efficiency month on month – 95 per cent in July, 97 per cent in August and peaking at 100 per cent in September.

The company has a restructured book of 1,04,130 contracts as on September 30, 2021 with an underlying AUM of ₹4,390 crore.

Out of these, 96,391 contracts are classified in Stage-2 as the company believes that the stress in these contracts is temporary, caused by second wave of Covid-19, Mahindra Finance said.

As collection efforts intensified, the gross non performing assets improved sequentially to 12.7 per cent as on September 30, 2021 from from 15.5 per cent as on June 30, 2021.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Shriram City Union Finance posts 10% growth in Q2 net profit

Banking & Finance

[ad_1]

Read More/Less


Shriram City Union Finance has reported a 10 per cent year-on-year (y-o-y) increase in second-quarter standalone net profit at ₹282 crore, against ₹257 crore in the year-ago quarter.

The board of directors of the non-banking financial company, whose product segments include small enterprise finance, two-wheeler loans, loan against gold and personal loans, among others, have declared an interim dividend of 100 per cent (₹10 per equity share of face value ₹10 fully paid) for the financial year 2021-22.

Net interest income (interest income less finance costs) was up about 6 per cent y-o-y to ₹899 crore (₹851 crore in the year-ago quarter).

‘Microfinance lenders should not put profit above social objectives’

Fee and commission income rose 80 per cent y-o-y to ₹18 crore (₹10 crore) and bad debts recovery soared 200 per cent y-o-y to ₹51 crore (₹17 crore).

Net interest margin increased to 12.91 per cent as at September-end 2021, against 12.58 per cent as at September-end 2020.

Loan disbursements jumped about 110 per cent y-o-y to ₹6,423 crore (₹3,061 crore). Assets under management rose 10.5 per cent y-o-y to ₹30,425 crore (₹27,537 crore).

IndusInd Bank Q2 net profit up 72%

The NBFC said pre-provision profit at ₹579 crore is its highest in 12 quarters.

Gross stage 3 assets (credit-impaired loans) position improved to 6.86 per cent of gross advances as at September-end 2021, against 6.91 per cent as at June-end 2021. However, they were up vis-a-vis the September-end 2020 level of 6.67 per cent.

Net stage 3 assets edged up a shade to 3.47 per cent of net advances vis-a-vis 3.46 per cent in the preceding quarter. These assets were at 3.16 per cent as at September-end 2020.

The company’s consolidated (including results of Shriram Housing Finance) net profit increased by 9 per cent to ₹301 crore (₹275 crore).

Consolidated AUM rose about 14 per cent y-o-y to ₹34,680 crore (₹30,316 crore).

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Poonawalla Fincorp: Consolidated PBT up 151% YoY

Banking & Finance

[ad_1]

Read More/Less


The board of Poonawalla Fincorp Limited (PFL) today announced its unaudited results for the quarter ended September 30, 2021 (Q2FY22).

PFL reported that assets under management grew by ~6 per cent QoQ to ₹15,275 crore, while NIM increased by 104 bps YoY to 9.1 per cent in Q2 of this fiscal (eight per cent in Q2 of FY21), driven largely by a reduction in interest expenses.

“Consolidated PBT was up 151 per cent YoY, increasing from ₹50 crore in Q2FY21 to ₹126 crore in Q2FY22, driven largely by a reduction in interest expenses and credit costs. Collections showed an improving trend from 93.1 per cent in June 21 to 98 per cent in July 21 and further to 99.9 per cent in September 21.

Consequent to improvement in collections in Q2of FY22, gross stage 3 and net stage 3 assets decreased from 5.4 per cent and 2.7 per cent, respectively, as at June 21 to 4.1 per cent and 2.0 per cent, respectively as at September 21 on a consolidated basis. The company has one of the best provision coverage ratios across all three stages. The standard asset coverage ratio as at September 21 stands at 3.4 per cent (3.0 per cent in September 20); Stage 3 asset coverage ratio stands at 52 per cent (38 per cent in September 20).

Liquidity and cost of borrowings

The company continues to maintain a strong liquidity position with around ₹1,700 crore of surplus liquidity, with additional term loan sanctions in the hand of ₹1,750 crore. A significant amount of existing loans were repriced in Q2FY22, with a reduction of over 120 bps. New sanctions received at sub-6.5 per cent. The company’s long-term rating was upgraded by two notches to ‘AA+; Stable’ by Care Ratings following its review process. The short-term rating was retained at the highest level of ‘A1+’.

Revised product focus

Pursuant to the capital infusion and rebranding, the Company launched new products like Personal loans, Loans to Professionals, and SME LAP. Other products at an advanced stage of roll-out are medical equipment loans, small ticket LAP, and co-lending/fintech partnerships.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

IDBI Bank Q2 results: Net profit up 75%

Banking & Finance

[ad_1]

Read More/Less


IDBI Bank reported a 75 per cent year-on-year (yoy) increase in second quarter standalone net profit at ₹567crore, supported by a huge write-back in provisions for non-performing assets (NPAs) and lower tax expense.

The Bank had posted a net profit of ₹324 crore in the year ago quarter.

Net interest income increased 9 per cent yoy in the reporting quarter to ₹1,854 crore (₹1,694 crore in the year ago quarter).

Other income, including income from non-fund based banking activities such as commission, fees, earnings from foreign exchange and derivative transactions, and profit and loss from sale of investment, declined about 4 per cent yoy at ₹846 crore (₹881 crore).

The received a write-back of ₹1,426 crore in provisions for NPAs against ₹165 crore in the year ago quarter. Tax expense burden was lower at ₹215 crore (₹347 crore).

As at September-end 2021, gross advances barely nudged up to ₹1,64,506 crore (₹1,63,841 crore as at September-end 2020).

Rakesh Sharma, MD & CEO, said the Bank has built up a sanctions pipeline in the mid and large corporate segments and disbursals are expected to pick up from year-end onwards.

The Bank expects to grow its corporate loan book by about ₹6,000 crore in the current financial year.

Samuel Joseph, Deputy Managing Director, said the Bank has an exposure of about ₹400 crore to the SREI group, which is undergoing corporate insolvency resolution process, and has made 100 per cent provision towards this exposure. IDBI Bank recovered ₹196 crore from DHFL.

P Sitaram, CFO, emphasised that the Bank will grow the corporate loan book even as the emphasis will continue to be on structured retail loans.

Gross NPAs declined about ₹1,186 crore during the reporting quarter to ₹34,408 crore.

Gross NPAs as a percentage of gross advances declined to 20.92 per cent against 21.48 per cent in the preceding quarter. Net NPAs, however, nudged up to 1.62 per cent of net advances against 1.56 per cent.

Fresh slippages rose by ₹1,438 crore (₹1,332 crore in the first quarter). The Bank settled NPAs aggregating ₹1,436 crore (₹587 crore).

ends

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

SBI Q1 results: Standalone y-o-y net profit up 55% at ₹6,504 crore

Banking & Finance

[ad_1]

Read More/Less


State Bank of India (SBI) reported a 55 per cent jump in standalone year-on-year (y-o-y) net profit at ₹6,504 crore in the first quarter ended June 30, 2021, on the back of healthy growth in other income and decline in loan loss provisions. This is the highest quarterly net profit posted by the bank.

India’s largest bank had reported a net profit of ₹4,189 crore in the year-ago quarter.

Net interest income (difference between interest earned and interest expended) increased by about 4 per cent y-o-y at ₹27,638 crore (₹26,642 crore in the year-ago period).

Loan loss provisions down

Total non-interest income, including fee income, profit/loss on sale of investments, forex income and miscellaneous income, rose about 48 per cent y-o-y at ₹11,803 crore (₹7,957 crore).

Now, another tool for SBI to resolve stress

Loan loss provisions were 47 per cent lower at ₹5,030 crore (₹9,420 crore).

Gross non-performing assets (GNPAs) increased by ₹7,870 crore during the reporting quarter to stand at ₹1,34,259 crore as at June-end 2021.

GNPA position improved to 5.32 per cent of gross advances against 5.44 per cent in the year ago quarter. However, GNPAs increased by 34 basis points over the preceding (Q4FY21) quarter.

Profits of India Inc improved markedly in FY21: SBI Ecowrap

Net NPA position too improved to 1.77 per cent of net advances against 1.86 per cent. However, NNPAs increased by 27 basis points over the preceding quarter.

SBI reported a 45 per cent y-o-y increase in consolidated net profit at ₹7,539 crore (₹5,203 crore).

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,
1 2