Tag: rises

Punjab & Sind Bank Q2 rises 25.29% sequentially

Banking & Finance

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Punjab & Sind Bank (PSB) on Monday reported a net profit of ₹218 crore for the quarter-ended September 30 as against a net loss of ₹401 crore in the same quarter last fiscal.

On a sequential basis, net profit for the quarter under view grew 25.29 per cent as compared to net profit of ₹174 crore in the first quarter this fiscal.

S Krishnan, Managing Director & CEO, PSB expressed confidence that the public sector lender will be able to sustain this bottomline performance in the subsequent quarters as well.

Operating profit rises

Operating profit of the bank for the quarter increased 20.29 per cent to ₹249 crore as compared to ₹207 crore in the same quarter last fiscal.

Gross non performing assets stood at ₹9,823 crore as on September-end 2021 as against ₹9,055 crore in June-end 2021. It stood at ₹8,673 crore as on September 2020.

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ICICI Lombard Q2 net rises 7.4%

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ICICI Lombard General Insurance reported a 7.4 per cent jump in its net profit for the second quarter of the fiscal at ₹446.67 crore. Its net profit was ₹415.74 crore in the same period last fiscal.

“The financials for the current year represent numbers of the merged entity, accordingly the first quarter of 2021-22 has been restated. The comparative numbers for the previous year in the financials pertain to standalone ICICI Lombard and hence are not comparable,” ICICI Lombard General Insurance said in a statement on Thursday.

This follows its acquisition of the non-life insurance business of Bharti AXA General Insurance. On September 3, the firm had announced that it had received regulatory and other approvals from IRDAI for the demerger of general insurance business of Bharti AXA General.

Premium income

For the quarter-ended September 30, 2021, ICICI Lombard posted a 32 per cent increase in its net premium income to ₹3,250.29 crore as against ₹2,462.52 crore in the corresponding quarter in 2020-21.

Net income from investments also soared by 35 per cent on a year-on-year basis to ₹551.75 crore in the second quarter of the fiscal.

Claims paid by the general insurer shot up by 76.6 per cent to ₹2,119.32 crore in the second quarter of the fiscal from ₹1,200.27 crore a year ago.

Claims for the first half of the fiscal include impact of Covid claims on health book of ₹561 crore as against ₹115 crore in the first half of 2020-21 and ₹339 crore in the fiscal year 2020-21, it said in its investor presentation.

Combined ratio stood at 105.3 per cent in the second quarter of the fiscal as against 99.7 per cent a year ago. Solvency ratio stood at 2.49x as at September 30, 2021 as against 2.61x at June 30, 2021.

The board of directors of the company declared an interim dividend of ₹4 per share for the first half of the fiscal year.

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Nomura India Business Resumption Index rises to an all-time high

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The Nomura India Business Resumption Index rose to an all-time high of 108.8 for the week ending October 17 from 105 in the prior week (pre-pandemic level=100), with a broad-based rise across most sub-components.

Mobility indices rose sharply ahead of the festive season. The Apple driving index jumped 14.1 percentage points (pp) over the week, while Google workplace and retail & recreation indices rose by 2.7 pp and 3.1 pp, respectively.

The labour participation rate rose to 41.6 per cent from 40.4 per cent, while power demand fell 1.7 per cent w-o-w (sa) after rising 0.3 per cent in the prior week.

Pace of vaccination falls

The pace of vaccination has fallen in October, but India will cross the milestone of administering one billion vaccine doses this week. About 20.5 per cent of the population is fully vaccinated and 50.4 per cent have received at least one dose, which is enabling reopening and has boosted mobility. With domestic flights allowed to operate at full capacity from today, the transportation sector should get a further boost.

“Even as demand is recovering, supply bottlenecks have emerged as a bigger constraint. Coal shortages are resulting in supply disruptions to non-power customers, while chip shortages have hurt passenger vehicle sales during the festive season. As supply struggles to tango with demand, we see higher inflation as a bigger risk,” Nomura said

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Yes Bank reports 355% rise in Q1FY22 net profit

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Private sector lender Yes Bank is back in the black with a 355 per cent jump in its net profit to ₹206.84 crore in the quarter-ended June 30, 2021 compared to the same period last year.

The bank had reported a net loss of ₹3,787.75 crore in the quarter-ended March 31, 2021 and a net profit of ₹45.44 crore in the first quarter of last fiscal.

“This is the highest profit since December 2018,” Yes Bank said in a statement on Friday.

However, the lender’s total net income fell 2.8 per cent to ₹2,459 crore for the first quarter of this fiscal from ₹2,529 crore a year ago.

NII and NPAs

Net interest income declined by 26.5 per cent to ₹1,402 crore in the first quarter of the fiscal from ₹1,908 crore in the corresponding period last fiscal.

Net interest margin was down at 2.1 per cent on June 30, 2021 compared to 3 per cent a year ago.

Non interest income, however, shot up by 70.3 per cent on a year on year basis to ₹1,056 crore in the April to June 2021 quarter.

Provisions fell by 40.7 per cent to ₹644 crore in the first quarter of the fiscal from ₹1,087 crore a year ago.

Prashant Kumar, Managing Director and CEO, Yes Bank said going forward the requirement of provisions will further come down.

Gross non-performing assets were ₹28,505.95 crore or 15.6 per cent of gross advances as on June 30, 2021 from 17.3 per cent a year ago. However, net NPAs rose to 5.78 per cent of net advances from 4.96 per cent as on June 30, 2020.

The bank’s total gross restructured loans across all categories, including Covid-related one, amounted to ₹4,976 crore for the first quarter this fiscal. Of this, Covid-related restructuring stood at ₹3,300 crore. The lender said it does not expect too many further requests for restructuring.

Net advances fell 0.5 per cent on a year on year basis to ₹1,63,654 crore as on June 30, 2021 while total deposits grew 39.1 per cent to ₹1,63,295 crore.

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CSB Bank’s Q1 net rises 14% y-o-y to ₹61 crore

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CSB Bank reported a 14 per cent year-on-year (yoy) increase in net profit at ₹61 crore in the first quarter ended June 30, 2021 even as it saw a rise in delinquencies in gold loans, which account for a major share of its credit portfolio.

The Thrissur-headquartered private sector bank had reported a net profit of ₹54 crore in the year-ago quarter.

CVR Rajendran, Managing Director and CEO said, “Covid second wave coupled with the LTV (loan to value) management of gold loans did pose some challenges in the first quarter of FY22.

“…We are confident of managing the NPAs as the challenges are mainly from the gold segment where recovery is only a matter of time.”

During the reporting quarter, fresh slippages rose by ₹435 crore (₹188 crore in the fourth quarter/Q4FY21), with gold loans alone accounting for 77 per cent of the slippages.

Loan loss provisions were higher at ₹104 crore in Q1FY22 against ₹14 crore in the year-ago period and ₹91 crore in Q4FY21.

Rajendran emphasised that stable gold market trends and the centralisation of recovery processes at the bank’s end will mitigate this adverse situation to a large extent.

NII and NPAs

Net Interest Income (the difference between interest earned and interest expended) rose 45 per cent y-o-y to ₹268 crore (₹185 crore in Q1FY21).

Total non-interest income, comprising fee-based income, trading income and other income, nudged up 3 per cent yoy to ₹76 crore (₹74 crore).

Gross NPA position deteriorated to 4.88 per cent of gross advances as at June-end 2021 against 2.68 per cent as at March-end 2021. Net NPAs position, too, showed a similar trend, increasing to 3.21 per cent of net advances against 1.17 per cent.

“Increase in GNPA level when compared to Q4 of FY21 is mainly because of increase in Gold NPAs and we are optimistic of recovering the same without much losses/haircuts,” the bank said in a statement.

Total advances increased 23 per cent y-o-y to ₹14,863 crore as at June-end 2021. Total deposits rose 14 per cent yoy to ₹18,653 crore.

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Deutsche Bank AG’s net profit in India rises 48% in FY21

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Deutsche Bank AG announced its India branches have posted a 48 per cent increase in net profit for the year-ended March 31, 2021 at ₹1,527 crore. It had reported a net profit of ₹1,031 crore in 2019-20.

Net revenue in the fiscal 2020-21 grew 23 per cent to ₹5,537 crore as against ₹4,510 crore a year ago.

The growth in net revenue was “driven by consistent performance across all our businesses in India, aided in large part by a strong cost and risk discipline,” it said in a statement on Thursday.

Its net non-performing assets fell by 44 basis points to 0.86 per cent of net advances in 2020-21 as against 1.31 per cent in 2019-20.

Advances increased by three per cent on an annual basis to ₹52,438 crore as on March 31, 2021 while deposits grew by 11 per cent to ₹66,224 crore.

Increase in capital deployment

“The last financial year was hugely challenging by any measure but by staying close to our clients and supporting them with their liquidity and risk requirements, the teams at Deutsche Bank once again demonstrated their resilience and dedication. Despite the impact of Covid, our asset quality continues to be strong,” said Kaushik Shaparia, CEO at Deutsche Bank India.

The additional capital infused during the year positions the bank strongly for 2021-22 as well, he further said.

“During 2020-21, Deutsche Bank increased the capital deployed in its India branches by ₹3,326 crore to support growth across all its business lines, taking the total capital deployed to ₹19,345 crore,” the bank said.

The bank’s Capital Adequacy Ratio in March 2021 stood at 17.28 per cent – an increase over the March 2020 level of 14.93 per cent.

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