Bank of Baroda net profit up 12.5% at Rs 1,157 cMUMBAI, MAY 13:
Public sector lender Bank of Baroda has reported a 12.5 per cent rise in net profit for the fourth quarter ended March 2014, at Rs 1,157 crore driven by lower provisions towards bad loans.
The net profit in the fourth quarter in FY13 was at Rs 1,086 crore.
The provisions (money set aside for potential bad loans) were down 28 per cent to Rs 1,153 crore from Rs 1,598 crore. “We got many recoveries and upgradations during the quarter. Hence, our provisions also keep getting reduced as we write-off our earlier provisions,” said SS Mundra, Chairman and Managing Director of the Bank.
Net interest income, or the difference between interest earned and expended, was up 11 per cent to Rs 3,124 crore. Other income was also up 11 per cent to Rs 1,326 crore backed by core fee income growth.
Gross NPAs (non-performing assets) ratio deteriorated year-on-year to 2.94 per cent of the total advances as on March-end 2014 from 2.40 per cent a year ago.
However, sequentially both gross and net NPAs declined.
As on March end, 2014, year-on-year total advances grew 21 per cent on the back of healthy 21 per cent growth in both retail and small and medium enterprise (SME) sector loans. Total deposits increased 20 per cent driven by increased current and savings accounts.
“Given the environment, restructuring is a fact of life which we have to live with for some time. Our restructuring pipeline is at Rs 1,300-1,400 crore for the first quarter,” Mundra said. The bank restructured during the fourth quarter of 2014 was at Rs 1,157 crore.
The bank recovered Rs 1,262 crore worth of bad loans during the year. Also, the bank sold Rs 671 crore worth bad loans to asset reconstruction companies; of this, it received a consideration of Rs 522 crore.
Full year results
Similar to the fourth quarter, for the full year, the Baroda-based bank net profit has increased by 1 per cent at Rs 4,541 crore as compared with Rs 4,480 crore in FY13.
During the year, the bank added 601 branches and 3,624 ATMs to its network. It plans to add 400 branches more in FY15.
Dena Bank net profit jumps 49%
MUMBAI, MAY 10:
Dena Bank today reported a 49 per cent jump in net profit to Rs 187.28 crore for the fourth quarter ended March 31, 2014.
The state-owned bank had posted a net profit of Rs 125.67 crore in the January-March quarter of 2012-13, according to a filing to the BSE. Total income increased to Rs 2,866.78 crore from Rs 2,539.74 crore.
For 2013-14, the bank recorded a 32 decline in net profit to Rs 551.66 crore from Rs 810.38 crore in the previous financial year. Total income rose to Rs 10,895.20 crore from Rs 9,554.85 crore.
The bank’s gross non-performing assets (NPAs) or bad loans as a percentage of total advances rose to 3.33 per cent from 2.19 per cent in the same quarter a year ago.
Net NPAs increased to 2.35 per cent from 1.39 per cent at the end of March 2013.
Karnataka Bank's fourth quarter profit up by 20.51%
MANGALORE: Karnataka Bank Ltd has reported an increase of 20.51% in its fourth-quarter net profit at Rs 81.21 crore. In the corresponding period of last year, the net profit was at Rs 67.39 crore. The bank is eyeing a business turnover of Rs 83,000 crore for the year 2014-15 comprising of deposits of Rs 48,000 crore and advances of Rs 35,000 crore. The bank has also proposed a dividend of 40% to its share holders.
The meeting of the board of directors of the bank which was held on Thursday approved the audited financial statements. The business turnover has touched Rs 68,928 crore as on March 31, registering growth rate of 12.51% on year-on-year basis. The deposits of the Bank grew from Rs 36056.22 crore to Rs 40582.83 crore with growth rate of 12.55% and advances grew from Rs 25207.68 crore to Rs 28345.49 crore with growth rate of 12.45%.
The gross income of the bank for the year has increased from Rs 4,161.93 crore to Rs 4,694.41 crore recording an annual growth rate of 12.79%. Operating profit of the bank has increased from Rs 635.34 crore to Rs 687.05 crore showing a growth rate of 8.14%. The net interest income has increased by 16.86% on year-on-year basis to Rs 1,056.07 crore from Rs 903.73 crore. The annual net profit of the bank stood at Rs 311.03 crore.
The meeting of the board of directors of the bank which was held on Thursday approved the audited financial statements. The business turnover has touched Rs 68,928 crore as on March 31, registering growth rate of 12.51% on year-on-year basis. The deposits of the Bank grew from Rs 36056.22 crore to Rs 40582.83 crore with growth rate of 12.55% and advances grew from Rs 25207.68 crore to Rs 28345.49 crore with growth rate of 12.45%.
The gross income of the bank for the year has increased from Rs 4,161.93 crore to Rs 4,694.41 crore recording an annual growth rate of 12.79%. Operating profit of the bank has increased from Rs 635.34 crore to Rs 687.05 crore showing a growth rate of 8.14%. The net interest income has increased by 16.86% on year-on-year basis to Rs 1,056.07 crore from Rs 903.73 crore. The annual net profit of the bank stood at Rs 311.03 crore.
J&K Bank profit up 12% in FY14
MUMBAI, MAY 15:
Jammu and Kashmir Bank posted an almost flat net profit of ₹251 crore compared to ₹250 crore in the year-ago period.
The old private sector bank’s net interest income (difference between interest earned and expended) grew 11 per cent to ₹701 crore from ₹634 crore in the same quarter in FY13. Other income dipped 47 per cent to ₹111 crore from ₹209 crore.
Gross non-performing assets worsened to 0.22 per cent as on March end this year from 0.14 per cent as on March end last year. Net NPAs also increased to 1.66 per cent from 1.62 per cent.
For the full year, the bank reported a 12 per cent rise in net profit at ₹1,182 crore against ₹1,055 crore for the previous year.
During the year, net interest margin increased to 4.16 per cent as against 3.96 per cent recorded during the last financial year.
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