Tag: results

Bharti AXA General Insurance back in black in FY21; reports ₹120 crore PAT

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Bharti AXA General Insurance recorded a net profit of ₹120 crore on a gross written premium of ₹3,183 crore during financial year 2020-21.

The private general insurer had recorded a net loss of ₹243.63 crore on a gross written premium of ₹3,157 crore in FY20.

Bharti AXA General Insurance achieved a lower combined ratio at 110.5 per cent during FY21 compared to 120.7 per cent in FY20 on account of improved profitability. Market ranking of the company in the private General Insurance sector also improved to 10th from 11th position in previous year despite the pandemic.

Sanjeev Srinivasan, Managing Director and CEO, Bharti AXA General Insurance, said in a statement, “Owing to the Covid-19 pandemic, FY21 has been a challenging year for the industry and especially for us at Bharti AXA General Insurance.

While the overall demand for goods and services across the economy has been relatively low, consumers felt an evident need of insurance on the back of the uncertainty the pandemic has brought.This changing consumer behaviour helped us respond with required solutions and agility through tech advancements. Further, the year demanded realignment with focus on the health and commercial lines segment, and we managed to drive growth in these lines of business on account of increased awareness and launch of new products.”

While the health segment saw a 11 per cent growth at ₹457 crore in FY2020-21 against ₹410 crore last year, Retail health grew by 48 per cent driven by launch of new products and increased awareness due to the pandemic.

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City Union Bank posts ₹111-cr net

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City Union Bank (CUB) on Friday reported net profit at ₹111.18 crore for the quarter ended March 31. The private sector lender had reported a net loss at ₹95.29 crore during corresponding quarter previous year.

Operating profit on a Y-o-Y basis dropped 15 per cent to ₹284.7 crore (₹335.08 crore) during Q4FY21. The total income of the bank grew marginally to ₹1,121.43 crore (₹1,220.98 crore) during the comparable quarters while interest income fell by 6 per cent to ₹976 crore (₹1,042 crore).

For the full year, the bank’s net profit grew by 24 per cent to ₹592.82 crore (₹476.31 crore). For the year ended March 31, total income stood at ₹4,839.45 crore (₹4,848.54 crore).

Gross non-performing assets (NPA) in percentage terms increased to 5.11 per cent of the advances during Q4FY21 as against 4.09 per cent in the year-ago quarter. Net NPA also increased to 2.97 per cent (2.29 per cent) during this period.

The bank’s capital adequacy ratio (Basel III) as of March 2021 stood at 19.52 per cent.

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Karur Vysya Bank posts 24% growth in Q4 net

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Karur Vysya Bank (KVB) on Friday reported a 24 per cent year-on-year growth in net profit for the fourth quarter of FY21 at ₹104 crore supported by lower provisions for bad loans and contingencies. The bank reported a net profit of ₹84 crore in the year-ago quarter.

The bank’s provisions (other than tax) and contingencies fell by 84 per cent to ₹71.45 crore (₹429.27 crore).

Operating profit of the bank, on a YoY basis, fell by 50 per cent to ₹249.78 crore (₹499.83 crore) after expending ₹62 crore towards arrears payable under XI Bi-partite settlement (BPS) and interest on interest reversal of ₹25 crore as per an order of the Supreme Court.

For the full year, the bank’s net profit grew 52.76 per cent to ₹359 crore (₹235 crore) while operating profit during the period fell to ₹1,429 crore (₹1,761 crore).

Operating profit hit

The bank, however, said that various factors affecting the operating profit include arrear payment under XI BPS and corresponding provisions for various staff retirement benefits amounting to ₹245 crore in all in addition to the interest-on-interest reversal of ₹25 crore mentioned above.

Total business of the bank as on March 31 stood at ₹1.16 lakh crore (₹1.07 lakh crore). While gross advances of the bank stood at ₹52,820 crore (₹48,516 crore) as of FY21, total deposits grew to ₹63,278 crore (₹59,075 crore) during the period.

“Credit growth resulted from improved off take in retail and business segments as well as higher growth witnessed in the jewel loan portfolio, backed by digital processing and improved sourcing of loans through various channels,” the bank said in a release.

Gross NPA of the bank, on a YoY basis, improved to 7.85 per cent (8.68 per cent) as of March while net NPA improved by 51 bps and dropped to 3.41 per cent (3.92 per cent) during this period.

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HDFC Q4 net profit surges 42 per cent

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Housing Development Finance Corporation (HDFC) Ltd reported a 42.4 per cent jump in its standalone net profit at ₹3,179.83 crore for the fourth quarter of 2020-21.

Its standalone net profit was ₹2,232.53 crore in the fourth quarter of 2019-20.

For the full fiscal 2020-21, HDFC’s net profit however, declined 32.3 per cent to ₹12,027.3 crore versus ₹17,769.65 crore in 2019-20.

Also read: HDFC Bank unveils organisational changes to power future growth

“The profit numbers for the year ended March 31, 2021 are not comparable with that of the previous year. In the previous year, the corporation had recorded a fair value gain consequent to the merger of GRUH Finance with Bandhan Bank amounting to ₹9,020 crore,” HDFC said in a statement on Friday.

For the quarter ended March 31, 2021, HDFC reported a net interest income of ₹4,065 crore, which was 14 per cent higher compared to ₹3,564 crore in the previous year.

Net interest margin for the year ended March 31, 2021 stood at 3.5 per cent.

As at March 31, 2021, ₹4,479 crore is being restructured under the RBI’s Resolution Framework for Covid-19 related stress, amounting to 0.8 per cent of the assets under management.

Of the loans being restructured, 27 per cent are individual loans and 73 per cent non-individual loans.

Gross non-performing loans as at March 31, 2021 stood at ₹ 9,759 crore or 1.98 per cent of the loan portfolio.

During the quarter ended March 31, 2021, individual loan disbursements grew by 60 per cent over a year ago.

“The month of March 2021 witnessed the highest levels in terms individual receipts, approvals and disbursements. Growth in home loans was seen in both, the affordable housing segment as well as high-end properties,” HDFC said.

The board recommended a dividend of ₹23 per equity share of face value of ₹2 each for the financial year 2020-21.

It also approved the re-appointment of Keki Mistry as the Managing Director (designated as Vice Chairman and Chief Executive Officer) of HDFC for a period of three years with effect from May 7, 2021, subject to approval of the members at the ensuing AGM.

Further, the board approved issuance of Redeemable Non-Convertible Debentures (secured or unsecured) and any other hybrid instruments (not in nature of equity shares) up to ₹1.25 lakh crore during a one year period.

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RBL Bank Q4 net profit down 34%

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Private sector lender RBL Bank reported a 34 per cent drop in its net profit to ₹75 crore for the quarter-ended March 31, 2021 led by a sharp rise in provisions and lower interest income. Its net profit stood at ₹114 crore in the fourth quarter of 2019-20.

The bank’s net profit for fiscal year 2020-21 increased marginally to ₹508 crore from ₹506 crore in 2019-20.

“Net profit at ₹508 crore for 2020-21, similar to 2019-20, is down quarter-on-quarter due to accelerated/additional prudential provisioning,” RBL Bank said.

For the fourth quarter, net interest income declined by 11 per cent to ₹906 crore as against ₹1,021 crore in the same period in FY20. Net interest margin also fell to 4.17 per cent in the fourth quarter last fiscal as against 4.93 per cent a year ago.

However, other income grew by a robust 38 per cent to ₹688 crore in the fourth quarter in 2020-21 versus ₹501 crore a year ago. Provisions surged by 25.6 per cent to ₹766 crore in the fourth quarter last fiscal as against ₹610 crore a year ago.

Provision coverage ratio was at 72 per cent in the fourth quarter as against 68.8 per cent in the third quarter and 64 per cent in the fourth quarter in 2019-20.

NPAs rise

Gross non performing assets stood at 4.34 per cent of gross advances as on March 31, 2021 as against 3.62 per cent as on March 31, 2020. Net NPAs stood at 2.12 per cent of net advances as on March 31, 2021 versus 2.05 per cent a year ago.

Vishwavir Ahuja, Managing Director and CEO, RBL Bank said “We have dealt with the impact of the Covid pandemic fairly satisfactorily in as much as we have taken several steps to strengthen the franchise, by building strong capital buffers, deepening and expanding the deposit base, granularising and improving the quality of the balance sheet, maintaining net NPAs at satisfactory levels, similar to last year, while maintaining overall profitability.”

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HDFC AMC fourth quarter net up 26% on higher income

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Assets under management rose 24 per cent to ₹3.95 lakh crore

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April 27, 2021

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Quarterly Results

HDFC Asset Management Company Ltd



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TS Cooperative Apex Bank FY21 profit up 31% at ₹67 crore

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Telangana State Cooperative Apex Bank (TSCAB)’s gross profit increased 31 per cent at ₹67.20 crore during the financial year ended March 31,2021 as against ₹ 51.15 crore during the previous fiscal.

“Since the formation of TSCAB in the year 2015, the financial year 2020-21 has been the best year for the Apex bank as it surpassed all the targets set during the fiscal year,” the bank said in a release.

With only 0.14 per cent of gross Non-Performing Assets (NPAs), TSCAB had set a ‘record’ among all the state cooperative banks in the country with lowest NPAs, it added.

It also recorded steady growth in share capital collection of ₹ 230.64 crore during the financial year 2020-21 with growth rate of 34.10 per cent when compared to ₹ 172 crore during the financial year 2019-2020.

It had done a business of ₹13,269 crore in the year 2020-21 with growth rate of 22.33 per cent when compared to ₹10,847 crore during the financial year 2019-2020.

The deposits increased from ₹ 4,644.69 crore in the year 2019-20 to ₹ 5,466.41 during the year 2020-21 with an increase of 17.69 per cent.

The loans and advances had increased from ₹ 6202.46 crore in the year 2019-20 to ₹ 7,802.50 crore in 2020-21 with a growth rate of 25.80 per cent.

The bank had set a target of doing business of ₹ 16,000 crore during the year 2021-22.

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GIC Re reports Q3 net profit at ₹987.42 cr

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State run re-insurer General Insurance Corporation of India (GIC Re) reported a net profit of ₹987.42 crore for the third quarter of the fiscal as against a net loss of ₹1,069.64 crore for the same period last fiscal.

For the quarter ended December 31, 2020, GIC Re reported gross premium written of ₹11,668.51 crore, a 1.1 per cent increase over ₹11,539.96 crore of gross written premium a year ago.

Underwriting loss for the third quarter 2020-21 is recorded at ₹1,022.64 crore as against underwriting loss of ₹2,749.44 crore in the corresponding period last fiscal.

Solvency ratio increased to 1.53 as on December 31, 2020 as compared to 1.51 a year ago.

Combined ratio stood at 108.5 per cent at the end of the third quarter this fiscal versus 130.4 per cent a year ago. “As compared to the second quarter, there is a growth in business volume during the third quarter of 2020-21,” GIC Re said in a statement on Thursday.

It added that though the Covid-19 pandemic continues to influence the insurance industry, the severity of the impact is gradually reducing and is reflected in the results of the industry.

Financials

“GIC Re’s financials for the nine months ended December 31, 2020 have shown indications of positivity and signals turnaround in the near future,” it further said, adding that the underwriting performance is expected to show better trends going forward.

GIC Re’s international business has shown a growth rate of 23 per cent.

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