Public lender Canara Bank has posted a net profit of Rs 1,105.73 crore for the quarter-ended December, as against Rs 1,052.58 crore last year, up five per cent.
The marginal rise is attributed to the high base effect in the year-ago period, as the bank earned one-time profit of around Rs 550 crore from the sale of investment and write-back of investment provisions.
“Excluding the one-time profit of Rs 550 crore in the third quarter last year, our net profit grew by 120 per cent during October-December in the current fiscal,”chairman and managing director S Raman said.
While the total income rose 17.83 per cent to Rs 6,444.55 crore, operating profit grew 9.6 per cent to Rs 1,513 crore.
Despite the hardening interest rates, NIM was expected to be around 3.2 per cent by the end of the financial year, he added.
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While the cost of deposits decreased to 5.66 per cent from 5.69 per cent in the year-ago period, the yield on advances rose to 9.67 per cent from 9.61 per cent. The bank also witnessed sound growth in both deposit and advances. While the total deposits grew 25 per cent to Rs 2,63,497 crore, advances rose 29 per cent to Rs 1,89,882 crore.
“Total business registered rise of 27 per cent to Rs 453,379 crore, as of December-end. We aim to reach the Rs 5,00,000-crore mark by March-end,” Raman said.
Gross non performing assets (NPAs) reduced to 1.44 per cent from 1.77 per cent. Net NPAs declined to 1.05 per cent from 1.34 per cent an year earlier.
The provisioning coverage ratio stood at 75.91 per cent, as against the 70 per cent mandated by the central bank. Return on assets declined to 1.62 per cent, as against 1.85 per cent in the year-ago period.
“Casa growth was around 27.7 per cent, with an overall ratio of 30.5 per cent of total deposits. We aim to take it to 32 per cent by the end of this fiscal,” Raman added.
On the capitalisation front, the capital-to-risk weighted assets stood at 13.02 per cent as of December-end.
Central Bank net profit up 32% Public lender Central Bank of India today reported a net profit of Rs 403.52 crore for the quarter-ended December, as against Rs 306.44 crore in the year-ago period, up 31.68 per cent.
Total income grew 19.65 per cent to Rs 4,182.59 crore, as against 3,495.42 crore in the year-ago period.
The interest earned expanded 25.6 per cent to Rs 3,933.06 crore, as against Rs 3,131.30 crore in the year-ago period. The bank’s shares were trading at Rs 172.30, up 3.02 per cent from previous close on the Bombay Stock Exchange.
IDFC net up 19% Infrastructure Development Finance Company Limited (IDFC) today reported a net profit of Rs 321.47 crore for the December quarter, as against Rs 269.9 crore in the year-ago period, up 19 per cent.
Total income rose to Rs 1,310 crore from Rs 997.6 crore last year.
On a standalone basis, IDFC reported 27 per cent growth in net profit to Rs 304.22 crore.
Total income on a standalone basis rose to Rs 1,168.21 crore from Rs 881.16 crore.
Shares of IDFC closed at Rs 147.45, down 0.74 per cent over previous close on the Bombay Stock Exchange.
Shriram Transport Finance net rises 27% Shriram Transport Finance, an asset-financing non banking finance company (NBFC), today reported a net profit of Rs 301.36 crore for the quarter-ended December, as against Rs 236.81 crore in the year-ago period, up 27.26 per cent.
The net interest income surged 45.34 per cent to Rs 836.65 crore, as against Rs 575.64 crore in the year-ago period. Total income rose to Rs 1375,66 crore from Rs 1154.54 crore, up 19.15 per cent. Earning per share rose 19.62 per cent to Rs 13.35.
For the first time, the company made a provisioning of Rs 55.27 crore on its standard assets. Through a notification dated January 17, the Reserve Bank of India had directed all NBFCs to make a provisioning of 0.25 per cent on standard assets.