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  • Manappuram Finance PAT up 35% to ₹564 crore in Q4 

    Manappuram Finance PAT up 35% to ₹564 crore in Q4 

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    Manappuram Finance Ltd has reported a consolidated profit after tax of ₹564 crore for the fourth quarter ended March 31, 2024, a growth of 35.7 per cent compared to ₹415 crore reported in the same quarter of the previous year. The full-year PAT stands at ₹2,198 crore, a 47 per cent increase.

    The company’s consolidated Assets under Management (AUM) grew by 18.7 per cent to ₹42,070 crore from ₹35,428 crore in the previous fiscal year. Operating income for the year reached ₹8,848 crore, up by 32 per cent from ₹6,697 crore in the previous fiscal.

    The Board of Directors approved an interim dividend of ₹1 per share of face value ₹2.

    V.P. Nandakumar, MD & CEO, Manappuram Finance Ltd, said, “Our performance in non-gold segments such as microfinance, commercial vehicles and home loans is exceptionally encouraging. In our core business of gold loans too, we’ve achieved commendable increase over the previous fiscal, and I have no doubt that we will not only maintain the rate of growth but also improve upon it in the coming year.”

    Gold loans AUM grew by 8.9 per cent to ₹21,500 crore over the previous year and increased by 3.6 per cent compared to the previous quarter. As of March 31, the number of live gold loan customers stood at 2.5 million.

    Asirvad Microfinance Ltd, the company’s microfinance subsidiary, reported an AUM of ₹11,881 crore, up by 18 per cent from the previous fiscal year. The Vehicle and Equipment Finance division closed the year with an AUM of ₹4,111 crore, showing a 69 per cent growth.

    Manappuram Home Finance Ltd achieved an AUM of ₹1,510 crore, a growth of 38 per cent over the previous fiscal year. Overall, non-gold businesses contributed 49 per cent to the company’s loan book.

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  • IDFC First Bank posts ₹716 crore PAT for Q3, up 18 per cent YoY

    IDFC First Bank posts ₹716 crore PAT for Q3, up 18 per cent YoY

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    IDFC First Bank’s net profit for Q3 FY24 rose 18 per cent on year to ₹716 crore. Sequentially, the profit after tax was 4.7 per cent lower, largely due to a rise in operating expenses and provisions.

    The lender expects profitability to touch ₹12,000-13,000 crore by the end of FY29, with RoA of 1.9-2 per cent and RoE of 17-18 per cent. For Q3 FY24, RoA was 1.2 per cent and RoE was 10.7 per cent.

    Net Interest Income (NII) grew 30 per cent y-o-y and 8.5 per cent q-o-q to ₹4,287 crore. Net interest Margin (NIM) for the quarter was 6.42 per cent compared with 6.13 per cent a year ago.

    Gross loans and advances were up 24.5 per cent on year and 3.4 per cent on quarter to ₹1.89 lakh crore, led by 29.3 per cent on year growth in retail finance and 47.4 per cent in rural finance.

    The bank said rural Finance, CV/CE financing, Business Banking, Gold Loans, and home loans below ₹30 lakh, largely contribute to its PSL requirements and hence are focus areas. Further, it continues to wind down infrastructure financing, which now constitutes 1.6 per cent of total funded assets. Exposure to top 20 single borrowers was at 5.93 per cent.

    Deposits increased 37 per cent y-o-y and 7 per cent q-o-q to ₹1.82 lakh crore, led by 46.6 per cent yoy growth in retail deposits to ₹1.4 lakh crore, accounting for 79 per cent of deposits. CASA deposits grew 29 per cent on year and 8 per cent on quarter to ₹85,492 crore, comprising 46.8 per cent of deposits, slightly higher than 46.4 per cent a quarter ago but lower than 50 per cent a year ago.

    The private sector lender guided that over the next five years, it is aiming for advances to grow to ₹5 lakh crore and deposits to ₹5.8 lakh crore. Gross NPA ratio is projected at 1.5 per cent and net NPA ratio at 0.4 per cent as of March 2029.

    For Q3, gross NPA ratio improved to 2.04 per cent from 2.96 per cent a year ago. Net NPA ratio at 0.68 per cent too was better than 1.03 per cent in the previous year. “On the Retail, Rural & SME business, which is a significant part of our business, the Gross NPA and Net NPA continue to remain low and are at 1.45 per cent and 0.50 per cent, respectively. We will remain very watchful on this front all the time,” said MD and CEO V Vaidyanathan.

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  • Bank of Baroda PAT up 28% on strong operating metrics, better loan quality

    Bank of Baroda PAT up 28% on strong operating metrics, better loan quality

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    Bank of Baroda’s net profit for Q2 FY24 rose 28.4 per cent y-o-y to ₹4,253 crore, led by 25 per cent growth in operating income to ₹15,002 crore and two-fold increase in non-interest income to ₹4,171 crore.

    In the post earnings call, Executive Director Ajay Khurana said that recoveries from written-off accounts of ₹1,231 crore were from certain large corporate accounts. More such accounts are lined up and the recovery rate for H2 FY24 should be similar to the ₹1,894 crore seen in the first half. However, net interest income (NII) was up a muted 6.5 per cent y-o-y to ₹10,831 crore. Global NIM for the quarter fell 26 bps y-o-y to 3.07 per cent. Yield on advances were up 121 bps against a 133 bps increase in cost of deposits.

    Deposits grow

    Global deposits increased 14.6 per cent to ₹12.5 lakh crore, of which domestic deposits rose 12 per cent to ₹10.7 lakh crore.

    MD and CEO Debadatta Chand said deposit growth has been lagging credit growth for the industry, owing to which the bank expects incremental deposit growth to be lower at 12-13 per cent.

    Bulk deposits were up 59 per cent whereas CASA deposits up 4.4 per cent and retail term deposits 3.9 per cent. “We’re trying to optimalise on the bulk deposit front, moderate that growth so that we can maintain margins and grow strategically going forward,” Chand said adding that in addition to loan offers, the bank has also provided liability-side offers during the ongoing festival season which is expected to help bolster the CASA base as the bank moderates bulk deposit growth. The bank aims to improve the CASA ratio to 41 per cent in the “near future” from 39.6 per cent at present.

    Global advances were up 17.3 per cent y-o-y at ₹10.2 lakh crore. Domestic loans were ₹8.3 lakh crore, 16.5 per cent higher. Retail loans grew 22.2 per cent, led by 13-21 per cent growth in high focus areas such as automobile, home, mortgage and education loans and 67 per cent in personal loans.

    Chand said that 95-96 per cent of the personal loan borrowers are existing bank customers and the new customers are only those that start a salaried account with the bank, due to which the portfolio quality remains strong.

    However, given the industry situation the bank has decided to go slower on personal loans, guiding for FY24 growth of around 35 per cent. Further, the bank now has data for the last 2-3 years which it will analyse to review and recalibrate its strategy going forward.

    Slippages for the quarter were ₹4,331 crore, higher than both a quarter and a year ago, due to one large international account of ₹500 crore and one aviation account worth ₹1,773 crore being classified as bad loans. Recoveries and upgrades for the quarter were ₹2,207 crore.

    The bank’s management said that the outlook on the aviation account, referring to Go Air, remains positive. The CoC (committee of creditors) for the airline undergoing insolvency proceedings, has seen interested bidders and it is difficult to comment on the possibility of liquidation at this point, they said.

    Gross NPA ratio of the bank improved to 3.32 per cent from 5.31 per cent a year ago and 3.51 per cent a quarter ago. Net NPA ratio at 0.76 per cent too was better than 1.16 per cent in the previous year and 0.78 per cent in the previous quarter.

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  • IDFC First Bank Q1 PAT up 61%, asset quality improves

    IDFC First Bank Q1 PAT up 61%, asset quality improves

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    IDFC First Bank posted a net profit of ₹765 crore for Q1 FY24, up 61 per cent y-o-y, driven by strong growth in core operating income of 39 per cent to ₹5,086 crore.

    Net Interest Income (NII) grew 36 per cent y-o-y to ₹3,745 crore. Net interest margin for the quarter was 6.33 per cent against 6.41 per cent a quarter ago and 5.77 per cent a year ago.

    Funded assets, including advances and credit substitutes, rose 25 per cent y-o-y to ₹1.7 lakh crore. Exposure to top 20 single borrowers fell to 7 per cent from 9 per cent a year ago.

    The bank continued to wind down its infrastructure financing book to 2.2 per cent of total funded assets as of June 30.

    Gross NPA improves

    Gross NPA ratio of the bank improved to 2.17 per cent from 2.51 per cent a quarter ago and 3.36 per cent a year ago. Net NPA ratio at 0.70 per cent was also better than 0.86 per cent in the previous quarter and 1.30 per cent in the previous year. “On the retail, rural and SME business, where our bank particularly specialises in, the gross NPA has come down to as low as 1.53 per cent and the net NPA has come down to 0.52 per cent,” said MD and CEO V Vaidyanathan.

    Standard restructured book stood at 0.47 per cent as against 0.59 per cent a quarter ago and 1.27 per cent a year ago.

    Deposits increased 44 per cent y-o-y to ₹1.5 lakh crore. CASA deposits grew 27 per cent to ₹71,765 crore. The CASA ratio fell to 46.5 per cent from 50 per cent a year ago owing to shift from savings accounts to term deposits due to prevailing interest rates, the bank said.

    Retail deposits were up 51 per cent at ₹1.1 lakh crore, accounting for 77 per cent of total deposits as of June 30.

    Capital adequacy ratio of the bank was 16.96 per cent, of which CET-1 ratio was 13.70 per cent.

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  • Kotak Bank Q1 PAT up 67% on strong NII, other income growth

    Kotak Bank Q1 PAT up 67% on strong NII, other income growth

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    Kotak Mahindra Bank posted a net profit of ₹3,452 crore for Q1 FY24, up 67 per cent y-o-y led by strong growth in net interest and other income.

    Fees and services income was up 20 per cent y-o-y to ₹1,827 crore for the quarter.

    Sequentially, the profit after tax was 1.3 per cent lower on account of higher provisions due to increase in slippages as the bank maintained higher provisions on restructured and unsecured loans.

    Net Interest Income (NII) was up 33 per cent y-o-y at ₹6,234 crore. Net Interest Margin (NIM) for the quarter was 5.57 per cent.

    In the earnings call, the management said that it expects NIM to keep moderating in the coming few quarters due to deposit repricing and eventually stabilise at the long-term average of around 5.25 per cent.

    Customer Assets, including advances and credit substitutes, increased by 18 per cent yoy to ₹3.6 lakh crore as at June 30. However, the bank continues to be cautious on growing the corporate portfolio given the pricing issues in the market.

    The bank sees loan growth for FY24 in high teens to early 20, also aided by a pick up in corporate loans which grew 7 per sequentially during the quarter.

    Unsecured retail advances (including Retail Micro Finance) accounted for 10.7 per cent of net advances as of June 30, up from 7.9 per cent a year ago, with growth across segments such as credit cards, personal and business loans and MFI, the bank said.

    On stress in the unsecured book, Joint MD Dipak Gupta said that the portfolio is holding well for now given also that the growth is on a small base. The bank, is however, continuously monitoring and watching the portfolio to ensure portfolio quality, he said.

    Deposits of the bank were at ₹3.9 lakh crore as of June 30, led by 49 per cent growth in CASA deposits, largely led by current account deposits which grew 8 per cent y-o-y.

    Kotak Bank’s cost of funds increased sequentially, largely due to the increase in the share of higher cost ActivMoney and term deposits even as cost for savings deposits declined due to 1 per cent y-o-y degrowth.

    The bank saw slippages of ₹1,205 crore in Q1, of which ₹288 crore were written back during the quarter itself. Slippages were slightly elevated, driven by unsecured retail loans and tractor finance. Recoveries and upgrades were at ₹692 crore for the quarter.

    Gross NPA ratio of the bank improved to 1.77 per cent from 1.78 per cent a quarter ago and 2.24 per cent a year ago. Net NPA ratio at 0.40 per cent was also better than 0.62 per cent in the previous year and 0.37 per cent in the previous quarter.

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  • Dr Reddy’s PAT rises 12% at Rs 1,113 cr in Q2

    Dr Reddy’s PAT rises 12% at Rs 1,113 cr in Q2

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     Dr Reddy’s Laboratories Ltd on Friday said its consolidated profit after tax (PAT) for the quarter ended September 30, 2022 was up by 12 per cent at Rs 1,112.80 crore as against Rs 992 crore in the same quarter a year ago.

    Revenues during the quarter under discussion were up by nine per cent to Rs 6,305.70 crore compared to Rs 5,763.20 crore in the first quarter of FY ’22.

    Commenting on the results, Co-Chairman and MD, G V Prasad said, “We are pleased with the strong financial performance in the current quarter, driven by the launch of Lenalidomide capsules in the US market. Our focus is to build a robust pipeline with products that improve affordability and access to patients globally. We continue to progress well in our productivity, innovation and sustainability agenda.”

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