The sharp rise in bad loans has also impacted profitability in a big way. Net profit fell 28.7 per cent to Rs 810 crore compared to the corresponding quarter inFY14. Net interest income(difference between the interest it earns from advances and that paid on deposits) was Rs 200 crore lower than the estimated, on higher slippages and interest reversals. PNB has said it has reversed interest for some borrowers as it realigned interest costs for some small-and-medium enterprises. In the March quarter, its net interest income grew six per cent, year-on-year but declined 5.2 per cent sequentially.
According to Emkay Global, PNB’s provisioning stood at Rs 2,140 crore, which is 44 per cent higher than last year and 34 per cent higher than the December quarter. The brokerage says PNB would have provided Rs 450 crore on Winsome and another Rs 250 crore under mark-to-market provisions. The bank has given a grim forecast for the coming quarters, too.
Is PNB a good ‘buy’? After the third quarter results, the Street had believed the bank was getting its house in order but the latest numbers show there is more to the bank’s asset quality than meets the eye.
Syndicate Bank FY14 net profit falls 15% on increased net NPAs
For FY14, Syndicate Bank reported a fall in its net profit to Rs1,711 crore due to slower growth in its net interest income and increase in net non performing assets
Syndicate Bank reported a fall in its full year net profit due to slower growth in its net interest income (NII) and more than two times increase in its non performing assets (NPAs).
For the 12 month to end-March, Syndicate Bank said its net profit fell 15% to Rs1,711 crore from Rs2,004 crore, even as its total revenues, including interest income, grew 9% to Rs19,945 crore from Rs18,295 crore, a year ago period.
During FY14, the public sector lender said NII increased 2% to Rs5,540 crore from Rs5,454 crore of FY13, while its net interest margin (NIM) stood at 2.79%. Syndicate Bank's non-interest income (other income) grew 13% to Rs1,325 crore from Rs1,174 crore in FY13.
As on 31 March 2014, total advances of Syndicate Bank increased 18% to Rs1.76 lakh crore from Rs1.49 lakh crore. Syndicate Bank's total deposits during the year increased 15% to Rs2.12 lakh crore from Rs1.85 lakh crore.
Syndicate Bank's saving account deposits grew 11% to Rs38,017 crore than a year ago period, while its domestic current account saving account (CASA) deposit grew 7.67% to Rs55,911 from Rs51,926 crore a year ago period. As on 31 March 2014, its CASA deposit stood at 29.90%.
As on 31 March 2014, Syndicate Bank's capital adequacy ratio (CAR) stood at 12.01%. Its gross non performing assets ratio (GNPAs) stood at 2.62% (Rs4,611 crore) from 1.99% (Rs2,978 crore), however its net non-performing assets (NNPA) increased two times and stood at 1.56% (Rs2,720 crore) from 0.76% (Rs1,124 crore) a year ago period.
For the quarter to end-March, Syndicate Bank said its net profit fell 31% to Rs409 crore from Rs592 crore while its total revenues, including interest income, grew 12% to Rs5,357 crore from Rs4,780 crore, same period last year.
Syndicate Bank's total number of branches increased by 315 to total 3,251 branches as on 31 March 2014.
During the year government of India (promoters) increased its stake in Syndicate Bank to 67.39% from 66.17% by issuing 2.26 crore shares at a premium of Rs78.36 each worth Rs200 crore.
Syndicate Bank declared a final dividend of Rs3 per share.
Syndicate Bank closed Wednesday 7.2% down at Rs99.20 on the BSE, while the 30-share Sensex ended the day marginally down at 22,323.
Andhra Bank FY14 net profit tumbles 66% to Rs436 crore
For FY14, Andhra Bank reported fall in its net profit to Rs436 crore due to 2.3 times higher provisions and increasing NPAs
Andhra Bank Ltd reported lower net profit in FY2013-14 due to increasing non-performing assets (NPA) and provisions.
For the 12 month to end-March, the public sector lender said its net profit fell 66% to Rs436 crore from Rs1,289 crore, even as its total revenues, including interest income, grew 12% to Rs15,630 crore from Rs13,957 crore, a year ago period.
During FY14, Andhra Bank said its net interest margin (NIM) stood at 2.65% compared with 2.76% a year ago period, while its other income grew 27.3% to Rs1,333 crore.
During FY14, the lender made a provision of Rs2,026.51 crore, 2.3 times (103% more) higher from Rs996.16 crore, a year ago period. Its provisions coverage ratio stands at 52.55% as on 31 March 2014. It also made provision of Rs99.75 crore for pending settlement of the proposed wage revision effective from November 2012.
As on 31 March 2014, Andhra Bank's gross non performing assets (GNPA) increased 58% to Rs5,857.60 crore from Rs3714.49 crore while its GNPA ratio stood at 5.29% from 3.71% a year ago. Its net NPA increased 39% to Rs3,342.47 from Rs2,409.17 crore, while is NPA ratio stood at 3.11% from 2.45% a year ago period.
As on 31 March 2014, total advances of Andhra Bank increased 10.5% to Rs1.10 lakh crore while Andhra Bank's deposits during the year increased 14.6% to Rs1.41 lakh crore compared with same period a year ago.
Andhra Bank's current account saving account (CASA) deposit grew 10.8% to Rs35,186 crore as on 31 March 2014. Its CASA share in total deposit stands at 24.8%. Andhra Bank's capital adequacy ratio (CAR) stood at 10.78%.
For the quarter to end-March, Andhra Bank said its net profit fell 74% to Rs88 crore from Rs344 crore, while its total revenues including interest income grew 9% to Rs4,058 crore from Rs3,713 crore, same period last year.
During December quarter, Government of India has subscribed to 3 crore shares ofAndhra Bank having face value of Rs10 each at premium of Rs56.59 per share aggregating to Rs200 crore through preferential allotment. As a result government (promoters) shareholding in Andhra Bank increased to 60.14% from 56% a year ago period.
Andhra Bank has paid an interim dividend of Rs1.10 per share during January 2014.
Andhra Bank closed Monday marginally up at Rs65.20 on the BSE, while the 30-share Sensex ended the day 2.2% higher at 23,494.
Corporation Bank net plunges 88.2% to Rs 41 crore in Q4
The reason for decline in net profit is the increase in the provisions for bad and doubtful debts, investment and restructured advances
Mangalore-based public sector lender
Corporation Bank today reported a massive decline of 88.2 per cent in net profit at Rs 41.5 crore for the fourth quarter ended March 31, 2014 compared to Rs 355.5 crore in the corresponding quarter last fiscal. The total income for the quarter went up 8.5 per cent to Rs 5,033 crore compared to Rs 4,635 crore in the fourth quarter of last fiscal.
The reason for decline in net profit is the increase in the provisions for bad and doubtful debts, investment and restructured advances over the previous fiscal. The Bank's overall provisions went up 79.3 per cent to Rs 825 crore as against Rs 460 crore a year ago. During the fourth quarter, the bank's gross non-performing assets went up 2.3 times to Rs 4,737 crore from Rs 2,048 crore in the year ago quarter. The net NPA percentage stood at 2.32 per cent from 1.19 per cent a year ago.
The operating profit in the fourth quarter declined 31 per cent year on year to Rs 637 crore compared to Rs 922 crore in the year ago period.
The net interest income for the quarter ended March 2014 was Rs 907 crore as against Rs 931 crore, showing a drop of 2.5 per cent over the same period last year. Yield on advances dipped 36 basis points to 11.29 per cent in March 2014 compared to 11.65 per cent in March 2013. The net interest margin stood at 2.10 per cent.
The return on assets witnessed a massive decline and stood at 0.08 per cent from 0.81 per cent a year ago. The capital adequacy ratio under Basel-III stood at 11.64 per cent with Tier-I capital at 8.14 per cent.
Total business of the bank as on March 31, 2014 stood at Rs 3,30,479 crore, a growth of 16.07 per cent over Rs 2,84,722 crore in the previous year. The advances of the bank have grown 15.47 per cent to Rs 1,37,086 crore from Rs 1,18,717 crore in March 2013. The deposits grew 16.50 per cent to Rs 1,93,393 crore as on March 2014 as against Rs 1,66,005 crore in March 2013.
The credit-deposit ratio stood at 70.88 per cent
Union Bank of India tumbles after weak Q4 results
Union Bank of India tumbled 7.03% to Rs 137.50 at 13:52IST on BSE after net profit fell 26.66% to Rs 578.96 crore on 12.59% increase in total income to Rs 8444.95 crore in Q4 March 2014 over Q4 March 2013.
The bank announced results during trading hours today, 8 May 2014.
Meanwhile, the BSE Sensex was up 4.59 points, or 0.02%, to 22,328.49.
On BSE, so far 16.40 lakh shares were traded in the counter, compared with an average volume of 4.89 lakh shares in the past one quarter.
The stock hit a high of Rs 148.90 and a low of Rs 136.05 so far during the day. The stock hit a 52-week high of Rs 255 on 9 May 2013. The stock hit a 52-week low of Rs 97.10 on 29 August 2013.
The stock had outperformed the market over the past one month till 7 May 2014, rising 6.71% compared with the Sensex's 0.09% fall. The scrip had also outperformed the market in past one quarter, rising 39.99% as against Sensex's 9.56% rise.
The mid-cap company has an equity capital of Rs 630.30 crore. Face value per share is Rs 10.
Union Bank of India's net profit fell 21.39% to Rs 1696.25 crore on 16.24% increase in total income to Rs 32170.93 crore in the year ended March 2014 over the year ended March 2013.
The bank's ratio of net non-performing assets (NPA) to net advances stood at 2.33% as on 31 March 2014, compared with 2.26% as on 31 December 2013 and 1.61% as on 31 March 2013.
The bank's ratio of gross NPA to gross advances stood at 4.06% as on 31 March 2014, compared with 3.85% as on 31 December 2013 and 2.98% as on 31 March 2013.
Provisions and contingencies rose 40.42% to Rs 920.52 crore in Q4 March 2014 over Q4 March 2013. The provisioning coverage ratio as on 31 March 2014 stood at 59.89%.
The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10.12% as on 31 March 2014, compared with 10.12% as on 31 December 2013.
Government of India holds 60.13% stake in Union Bank of India (as on 31 March 2014)
Central Bank of India Q4 net profit down 4%
MUMBAI: State-run Central Bank of India on Saturday reported a decline of 4 per cent in net profit to Rs 162.44 crore for the January-March period due to rise in non-performing assets.
The bank had reported a profit after tax of Rs 169.15 crore in the same period last year.
For the full year, the bank reported a net loss of Rs 1,263 crore due to higher provisioning as against a profit of Rs 1,015 crore last year.
Gross NPAs increased to 6.27 per cent of total advances in the fourth quarter, from 4.8 per cent last year, while net NPAs rose to 3.75 per cent from 2.90 per cent."We had major slippages in sectors such as textile and cement which led to rise in NPA," Rishi said, adding that in the current fiscal gross NPAs will improve to below 5.50 per cent, while net NPAs will fall below 3 per cent.In the January-March quarter, fresh slippage was Rs 2,000 crore. It sold Rs 1,228 crore worth of loans to asset reconstruction companies in the period.Provisions, other than tax and contingencies, surged to Rs 4,232.57 crore in FY14 compared with Rs 1,852.81 crore last fiscal.Net interest margin increased to 2.73 per cent in the year ended March 2014 from 2.65 per cent last year.
Indian Bank Q4 profit down 7% to Rs 271.28 crore The board of the bank has proposed a final dividend of 17 percent or Rs 1.70 per share of face value of Rs 10 for 2013-2014.
Bank of Maharashtra Q4 net profit down 77%
PUNE, MAY 13:
Bank of Maharashtra has posted a net profit of ₹56.95 crore for the quarter ending March 31, 2014 versus ₹258.99 crore in the same period of 2013, representing a decline of nearly 77 per cent.
Total income in the quarters under review grew by 6.6 per cent, at ₹3,372 crore in Q4 of FY14 versus ₹3,164 crore.
Dividend payout
The Board has recommended that the 10 per cent interim dividend declared and already paid, be considered the final dividend for the year. For the 2014 fiscal, BoM’s net profit stood at ₹385.87 crore against ₹759.52 during FY13, translating into a decline of 49 per cent.
Total income for the year was ₹12,851 crore versus ₹10,525 crore, translating into a rise of 22 per cent year on year.
The bank’s gross non-performing assets have increased this year compared to FY13, at ₹2,860 crore (3.16 per cent) and ₹1,138 (1.49 per cent) crore, respectively.
Total business stood at ₹207,172 crore versus ₹170,734 crore registering a growth of 21.34 per cent. On the BSE, the share gained 2.65 per cent to close at ₹38.80.
Allahabad Bank corrects after Q4 results
Capital Market
May 7, 2014 Last Updated at 14:14 IST
Allahabad Bank's net profit rose 25.05% to Rs 157.75 crore on 9.65% increase in total income to Rs 5237.68 crore in Q4 March 2014 over Q4 March 2013.
Net profit fell 1.11% to Rs 1172.02 crore on 10.57% increase in total income to Rs 20912.43 crore in the year ended March 2014 over the year ended March 2013.
Allahabad Bank's ratio of net non-performing assets to net advances stood at 4.15% as on 31 March 2014, compared with 4.19% as on 31 December 2013 and 3.19% as on 31 March 2013.
The bank's ratio of gross non-performing assets (NPA) to gross advances stood at 5.73% as on 31 March 2014, compared with 5.47% as on 31 December 2013 and 3.92% as on 31 March 2013.
Provisions and contingencies rose 2.70% to Rs 639.31 crore in Q4 March 2014 over Q4 March 2013.
The bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 9.96% as on 31 March 2014, compared with 10.46% as on 31 December 2013.
In accordance with Reserve Bank of India Notification dated 20 December 2013, Allahabad Bank has provided Deferred Tax Liability (DTL) of Rs 88.71 crore on account of Special Reserve created under section 36(1)(vm) of the income Tax Act, 1961 for the financial year 2013-14 (Rs 24.98 Crore for the quarter ended 31 March 2014) through Profit & Loss Account. Further, in terms of aforesaid notification Deferred Tax Liability (DTL) of Rs 301.71 crore for the, Special Reserve created up to 31 March 2013, has been made directly from revenue reserve.
Minimum Alternate Tax (MAT) Credit has been recognized as an asset to the extent of Rs 192.13 crore as MAT Credit Entitlement under 115JAA of the income Tax Act, 1961, the bank said in a statement.
Government of India holds 58.90% stake in Allahabad Bank (as on 31 March 2014)
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