Indian Overseas Bank (IOB) on Thursday reported a net loss of Rs 647 crore for the quarter ended March as against Rs 936.19 crore in the same quarter last year. Bank’s total income dropped to Rs 5,661.70 crore from Rs 6,157.72 crore. The interest income for the quarter stood at Rs 4,630 crore and the net interest income was at Rs 1,032 crore. The total business stood at Rs 368,119 crore as on March-end with total deposits at Rs 211,33 crore and gross advances at Rs 156,776 crore, the bank said in a statement. Bank’s CASA marginally reduced to 36.09% as in March from 36.19% in December quarter. IOB’s gross NPA as stood at Rs 35,098 crore with a ratio of 22.39% as compared to Rs 34,502.13 crore in December last year, when the ratio was 22.42%.
Recovery in NPA accounts in FY17 stood at Rs 8,710 crore as against Rs 5,872 crore in the previous year. United Bank reports profit as tax write-back nearly doubles United Bank of India on Thursday reported a net profit of Rs 73.56 crore for the fourth quarter ended March 31, against a net loss of Rs 413.04 crore for the same period a year ago, thanks to a large tax write-back during the quarter.
The Kolkata-based bank’s tax write-back nearly doubled to Rs 1,016.88 crore for the March quarter last fiscal from Rs 515.06 crore for the corresponding period of the previous fiscal, according to a stock exchange filing. Excluding this huge tax write-back, the bank would have reported a net loss during the period under review. The lender’s total income for the quarter under review fell by close to 3% year-on-year to Rs 2,672.88 crore from Rs 2,752.35 crore in the year-ago period. Net interest income (NII) during the period grew 23.8% y-o-y to Rs 501.94 crore. The bank’s other income recorded a de-growth of 14% y-o-y to Rs 321.30 crore.
In the latest quarter, the bank’s gross non-performing assets (NPAs) in absolute term rose 15.64% y-o-y to Rs 10,951.99 crore from Rs 9,471.01 crore for the corresponding period last year. Gross NPAs as a percentage of total loans rose to 15.53% in the quarter from 13.26% during the year-ago period. The net NPA ratio stood at 10.02%, compared with 9.04% for same period last year. During the December quarter of FY17, the gross NPA ratio was at 15.98%, while the net NPA ratio stood at 10.62%.
In a statement, United Bank said for the year ended March, 2017 cash recovery from NPAs aggregated Rs 488.37 crore and reduction of NPAs was to the tune of Rs 2,052.10 crore. During the fourth quarter of FY17, provisions and contingencies rose 31.25% y-o-y to Rs 1,059.36 crore, compared with Rs 807.13 crore in the corresponding quarter of FY16. Under Basel lll, the lender’s capital adequacy ratio stood at 11.14%, with the tier 1 capital at 8.94% as on March 31, 2017. On Thursday, the bank’s scrip fell 1.78% to Rs 22.10 on the BSE.
KBV Q4 net rises 58%
Private sector Karur Vysya Bank on Thursday reported a 57.6% rise in its net profit for the fourth quarter ended March 31, 2017 at Rs 217.56 crore, reports PTI in Chennai. The Tamil Nadu-based bank had registered a net profit at Rs 138 crore during the corresponding quarter of last year. For the financial year ended March 31, 2017, the net profit rose by 6.75% to Rs 605.98 crore from Rs 567.63 crore last year.
Total income from operations for the latest quarter grew to Rs 1,665.23 crore from Rs 1,536.30 crore, a bank statement said. For the entire FY17, the total income from operations went up to Rs 6,404.57 crore from Rs 6,150.21 crore. Net interest income for the fourth quarter grew 22.71% to Rs 579.99 crore from Rs 472.65 crore. The net interest margin rose to 4.05% as on March 31, 2017 from 3.43% during the year-ago period.
For the year ended March 31, 2017, the net interest margin improved to 3.70% from 3.43% in the previous year. Bank deposits grew to Rs 53,700 crore as of March 31, 2017 from Rs 50,079 crore during the year-ago period. Gross advances increased to Rs 41,435 crore from Rs 39,476 crore.