Tag: provision

The country’s biggest state-owned lender State Bank of India on Friday reported a 41.27 percent jump in standalone net profit for the quarter ending March at Rs 9,113.53 crore, up from Rs 6,450.75 crore in the same quarter a year ago, which was below Street's estimate of Rs 9,927.6 crore. The lender also announced a dividend of Rs 7.10 per share. The date of payment of the Dividend is fixed on June 10, 2022. SBI's profit grew 8 percent from Rs 8,432 crore in Q3FY22, driven primarily by a healthy increase in net interest income (NII).SBI's net interest income for the reported quarter came in at Rs 31,198 crore as against analysts' expectations of Rs 31,800 crore. This is 15.26 percent higher than Rs 27,067 crore the company announced last year. Read more

The country’s largest lender State Bank of India (SBI) on Wednesday reported a 67 percent year-on-year (YoY) jump in net profit at Rs 7,627 crore in the July-September quarter (Q2FY22), with easing asset quality pressure and fall in provisions & credit cost.SBI's net profit in the second quarter of the current financial year jumped 67 percent to ₹ 7,627 crores from ₹ 4,574.16 crores during the same quarter last year. The bank's earnings were better than estimates as analysts polled by Reuters expected SBI to report a net profit of ₹ 7,182 crores.Net interest income of the lender jumped 10.6 percent YoY to Rs 31,184 crore during the quarter under review. The domestic net interest margin of the lender stood at 3.50 percent in Q2FY22, up 16 bps YoY.SBI has incurred an exceptional item during the second quarter after it fully provisioned ₹7,418 crores on account of a change in family pension rules, even as the regulator granted dispensation to amortize in 5 years. Read more

Shares of the Kolkata-based Bandhan Bank hit an over six-month low of Rs 285.90, down 4 percent on the BSE in intra-day trade on Monday after the bank reported a weak set of numbers for the quarter ended March 2021 as provisions rose against an elevated level of bad loans Net profit fell 80% year-on-year to Rs 103 crore in the January - March quarter. Analysts had estimated a net profit of Rs 947 crore. The bank's net interest income (NII), the difference between interest earned and interest expended, grew by 4.6 percent year on year to Rs 1,757 crore. In Q4FY21, the profit after tax (PAT) of the lender fell to Rs 103 crore compared with Rs 517.3 crore in the same period last year. Provisions rose sharply to Rs 1,594 crore, on account of further provisions carried in its micro-finance portfolio, from Rs 827.36 crore a year ago.

The largest Mumbai based Nationalised bank, State Bank of India on Wednesday reported a net profit of ₹ ₹4,574 crores in the September quarter as compared to ₹3011 crores in the same period of the previous year as the lender's provisions declined during the quarter and tax cost and higher net interest income. On a quarterly basis, the profit rose 9 per cent from Rs 4,189.3 crore-profit reported in Q1FY21. It reported net NPA of 1.59% of total assets as compared to 2.79% in the same quarter of the previous year. Gross NPA stood at 5.28%, as compared to 7.19% in the year-earlier quarter. Analyst had estimated the profit at Rs 2,117.2 crore. The deposits grew by 14.41 per cent YoY, with current account deposit rising by 8.55 per cent YoY and saving bank deposits up by 16.28 per cent YoY, said the bank. The bank’s operating profit increased nearly 12 per cent to Rs 16,460 crores in Q2FY21 from Rs 14,714 crores clocked in Q2FY20. Read more

Shares of Bajaj Finance was down 0.89 per cent at Rs 3,233 on Wednesday after the Company posted huge 35.94 per cent year-on-year (YoY) drop in net profit at Rs 964.88 crore for the quarter ended September 30 as the lender almost tripled provisions for bad loans as the coronavirus pandemic impacted demand for credit and borrowers’ ability to repay. Analysts in an ET NOW had projected the figure at Rs 1,037 crore. The Company had reported Rs 1,506 crore in the same period last year. Loan losses and provisions for the second quarter ended September 30, 2020, was ₹1,700 crore as against ₹594 crores in Q2 FY20. Consolidated assets under management rose to ₹137,090 crores as compared to ₹135,533 crores in the year-ago period.Net interest income of the NBFC increased 4 per cent YoY to Rs 4,165 crore which was better than the CNBC-TV18 poll estimates of Rs 3,711.7 crore. Total operating expenses for Q2 FY21 was down by 16% to ₹1,160 crores from ₹1,384 crores. Read more

State Bank of India (SBI) the country’s largest bank on Friday reported an 81% YoY surge in net profit at Rs 4,189.34 crore for the quarter ended June 2020 compared with a profit of Rs 2,312.20 crore in the same quarter last year driven by a one-time gain from stake sale in SBI Life for Rs 1,539.73 crore. Consequently, SBI's holding in the life insurance firm has fallen to 55.5 % from 57.60 % earlier. On a quarterly basis, the net profit grew 17 % from Rs 3,580.8 crore reported in the March quarter of FY20.On a consolidated basis, the net profit came in at Rs 4,776.5 crore, up 61.88 % YoY, from Rs 2,950.5 crore reported in Q1FY20. Net interest income (NII) for the quarter came in at Rs 26,641 crore compared to Rs 22,938.8 crore in the year-ago period.Profit as well as NII both were ahead of a CNBC-TV18 poll estimates of Rs 3,222.2 crore and Rs 23,940.3 crore respectively. Read more

Mahindra & Mahindra on Friday posted a consolidated net loss of Rs 3,255 crore for the quarter ended March 31. It had reported a net profit of Rs 969 crore in the corresponding quarter last year. The company's revenue also declined 35 per cent on a year-on-year (YoY) basis to Rs 9,004.72 crore from Rs 13,807.88 crore reported in the corresponding quarter last year. The Board has recommended a dividend of Rs 2.35 per share of face value Rs 5. The sales were affected due to the lower industry volumes in both automotive and tractor segments due to lockdown due to the COVID-19 situation. Mahindra & Mahindra reported a standalone loss of ₹2,510 crores for Q4FY20 on account of booking impairment provision for certain long-term investment to the tune of ₹2,780 crores during the period. M&M’s standalone net profit was at ₹841 crores in the year-ago period. Read more

Shares of IDBI Bank hit 20 per cent upper circuit at Rs 24.35 per share on Monday after the bank reported a profit in the March quarter of FY20 after reporting losses for 13 straight quarters. The lender posted a profit of Rs 135 crore for the March quarter on account of recoveries from bad loans. It had posted a net loss of Rs 4,918 crore in the corresponding period of last year. Total income rose to Rs 6,925 crore as against Rs 6,616 in the fourth quarter of 2018-19. The Bank posted a profit before tax (PBT) of Rs 289.66 crore for March 2020 on healthy rise in net interest income and a sharp drop in provisions and contingencies. The bank had posted a loss before tax of Rs 7,136 90 crores in quarter ended March 2019 (Q4FY19).IDBI said net interest income (NII) improved by 46 per cent to Rs 2,356 crore for March quarter compared with Rs 1,609 crore last year same period. The bank made COVID-19-related provisions of Rs 247 crore during the quarter against standard assets. Read more

Private sector lender Bandhan Bank on Tuesday posted 29 per cent quarter-on-quarter (QoQ) fall in net profit at Rs 517.28 crore for the quarter ended March 31 and 20.5 per cent year-on-year degrowth in Q4 FY20 profit due to over two-fold rise in provision and contingencies. Profit for the quarter dropped to Rs 517.3 crore, against Rs 650.9 crore in the same period last year. Provisions and contingencies increased to Rs 827.36 crore during the quarter under review against Rs 294.88 crore in the preceding quarter ended December 2019.Net interest income for the quarter grew sharply by 33.6 per cent year-on-year to Rs 1,680 crore, with advances rising by 60.46 per cent (to Rs 71,846 crore). Asset quality of the company improved with the percentage of gross non-performing assets coming at 1.48 per cent in Q4FY20 over 1.93 per cent in December quarter.