Link/Page Citation
The Economic Times - Bank of India receives Rs 1,128 cr tax demand order - 31/3/2024
Bank of India on Sunday announced that it has been issued a demand notice totaling Rs 1,127.72 crore by the Income Tax Department's Assessment Unit, pertaining to the assessment year 2016-17.
For the complete story, see:
https://m.economictimes.com/industry/banking/finance/banking/bank-of-india-receives-rs-1128-cr-tax-demand-order/amp_articleshow/108923496.cms
Mint - PSBs level up, need good hands at top - 31/3/2024
The government is nudging state-owned banks to be more professional in their functioning.
For the complete story, see:
https://www.livemint.com/economy/psbs-level-up-need-good-hands-at-top-fm-sitharaman-11711906089889.html
The Economic Times - HDFC Bank proposes to sell its subsidiary HDFC Education - 31/3/2024
The transaction will be undertaken through the Swiss challenge method.
For the complete story, see:
https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-proposes-to-sell-its-subsidiary-hdfc-education/articleshow/108914436.cms?from=mdr
Other Stories
The Hindu BusinessLine - Banks' GNPAs set to improve further to 2.1 per cent by FY25 - 29/3/2024
The Economic Time - Bank credit growth in India expected at 14-14.5% in FY25 - 29/3/2024
Business Today - Public sector banks likely to pay dividend in excess of Rs 15,000 crore - 24/3/2024
The Economic Times - Credit card spends jump 30 per cent in January - 23/3/2024
Hindustan Times - Indian, Canadian banks join hands to offer financial services to students from India - 21/3/2024
Media Releases
Bank of Baroda (NSE: BANKBARODA) - Bank of Baroda wins the Co-branding Rights for Three Metro Stations in Delhi - 26/3/2024
Latest Research
Insuring deposits, ensuring stability: A critical evaluation of six decades of deposit insurance in the Indian banking sector - By V Sardana, S Singhania
Industry Overview
The Banking Industry
Overviews of Leading Companies
Axis Bank (NSE: AXISBANK)
Bank of Baroda (NSE: BANKBARODA)
Bank of India (NSE: SBIN)
Canara Bank (NSE: CANBK)
Central Bank of India (NSE: CENTRALBK)
HDFC Bank (NYSE: HDB)
ICICI Bank Limited (NYSE: IBN)
IDBI Bank (NSE: IDBI)
Kotak Mahindra Bank (NSE: KOTAKBANK)
Punjab National Bank (NSE: PNB)
Union Bank of India (NSE: UNIONBANK)
Yes Bank (NSE: YESBANK)
Senior Associate: Joseph Hang Ellision
News and Commentary
The Economic Times - Bank of India receives Rs 1,128 cr tax demand order - 31/3/2024
Bank of India on Sunday announced that it has been issued a demand notice totaling Rs 1,127.72 crore by the Income Tax Department's Assessment Unit, pertaining to the assessment year 2016-17.
For the complete story, see:
https://m.economictimes.com/industry/banking/finance/banking/bank-of-india-receives-rs-1128-cr-tax-demand-order/amp_articleshow/108923496.cms
Mint - PSBs level up, need good hands at top - 31/3/2024
The government is nudging state-owned banks to be more professional in their functioning.
For the complete story, see:
https://www.livemint.com/economy/psbs-level-up-need-good-hands-at-top-fm-sitharaman-11711906089889.html
The Economic Times - HDFC Bank proposes to sell its subsidiary HDFC Education - 31/3/2024
The transaction will be undertaken through the Swiss challenge method.
For the complete story, see:
https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-proposes-to-sell-its-subsidiary-hdfc-education/articleshow/108914436.cms?from=mdr
The Hindu BusinessLine - Banks' GNPAs set to improve further to 2.1 per cent by FY25 - 29/3/2024
GNPAs are likely to come at 2.5-2.7 per cent in FY24 and will improve further to 2.1-2.4 per cent by the end of FY25.
For the complete story, see:
https://www.thehindubusinessline.com/money-and-banking/banks-gnpas-set-to-improve-further-to-21-per-cent-by-fy25-report/article68005800.ece
The Economic Time - Bank credit growth in India expected at 14-14.5% in FY25 - 29/3/2024
In current financial year 2023-24, credit offtake is anticipated to close with a growth of around 16 per cent excluding the HDFC merger.
For the complete story, see:
https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-credit-growth-in-india-expected-at-14-14-5-in-fy25-careedge-ratings/articleshow/108882216.cms
Business Today - Public sector banks likely to pay dividend in excess of Rs 15,000 crore - 24/3/2024
In the first three quarters of the current financial year, all 12 PSBs earned a total profit of Rs 98,000 crore, only Rs 7,000 crore less than the entire FY23.
For the complete story, see:
https://www.businesstoday.in/industry/banks/story/public-sector-banks-likely-to-pay-dividend-in-excess-of-rs-15000-crore-422739-2024-03-24
The Economic Times - Credit card spends jump 30 per cent in January - 23/3/2024
RBI data showed that credit card transactions increased to Rs 1.7 lakh crore in January from Rs 1.3 lakh crore a year ago.
For the complete story, see:
https://economictimes.indiatimes.com/industry/banking/finance/credit-card-spends-jump-30-per-cent-in-january/articleshow/108717541.cms?from=mdr
Hindustan Times - Indian, Canadian banks join hands to offer financial services to students from India - 21/3/2024
The partnership was announced by Canada's Toronto Dominion (TD) Bank and India's HDFC Bank.
For the complete story, see:
https://www.hindustantimes.com/world-news/indian-canadian-banks-join-hands-to-offer-financial-services-to-students-from-india-101711011849536.html
Media Releases
Bank of Baroda (NSE: BANKBARODA) - Bank of Baroda wins the Co-branding Rights for Three Metro Stations in Delhi - 26/3/2024
Delhi Metro Rail Corporation (DMRC) awards the naming rights for Inderlok, South Extension & Rajouri Garden metro stations to Bank of Baroda
Delhi, March 26, 2024: Bank of Baroda (Bank), one of India's leading public sector banks, today announced that it has acquired the exclusive co-branding rights for three Metro Stations in Delhi namely Inderlok, South Extension and Rajouri Garden. Delhi Metro Rail Corporation (DMRC) awarded the naming rights to the Bank for a period of 10 years, beginning from 2024. Shri Ajay K Khurana, Executive Director, Bank of Baroda along with Ms Meenakshi Bhog, DGM - PB of Delhi Metro Rail Corporation (DMRC) inaugurated the new station branding at Inderlok Metro station.
The Delhi Metro is India's largest and busiest metro rail system with daily ridership of more than 60 lakh. Inderlok Metro station is an interchange metro station located on the Red Line (Delhi Metro's first line, which was inaugurated by then Prime Minister Atal Bihari Vajpayee) and Green Line of Delhi Metro. The Union Cabinet has also approved a new corridor of Delhi Metro Phase-IV - from Inderlok station to Indraprastha station.
Speaking on the occasion, Shri Ajay K Khurana, Executive Director, Bank of Baroda said, "The Delhi Metro is a crucial lifeline for millions of commuters every day and we are pleased to have won the co-branding rights for three prominent stations. Bank of Baroda's New Delhi Zone is of strategic importance to the Bank and, similar to the Delhi Metro, its operations extend beyond Delhi, encompassing Gurugram, Faridabad, Noida and Ghaziabad as well. Our collaboration with Delhi Metro will go a long way in enhancing the Bank's brand visibility & recall and deepening our engagement with citizens of the National Capital Region (NCR)."
The South Extension Metro station is situated on the Pink Line, while the Rajouri Garden Metro station is an interchange station on the Blue Line and Pink Line of the Delhi Metro.
In addition to the exclusive co-branding rights, the Bank will get a dedicated space for branding, display of products and installation of an ATM/Digital Banking Unit (DBU)/ kiosk to serve customers.
https://www.bankofbaroda.in/-/media/project/bob/countrywebsites/india/content/media/press-releases/2024/24-03/bank-of-baroda-wins-the-co-branding-rights-30-11.pdf
Latest Research
Insuring deposits, ensuring stability: A critical evaluation of six decades of deposit insurance in the Indian banking sector
V Sardana, S Singhania
Abstract
The deposit insurance system in India is one of the oldest in the world. Though deposit insurance is a well-researched area across the globe, it is relatively unexplored in India. This paper aims to critically evaluate some of the core aspects of the Indian deposit insurer, explicate the strengths and weaknesses of the system, highlight the risks that accrue to the system due to its features and the lessons learned from its 60 years of experience. The study suggests that the Indian deposit insurance system is marred by certain issues, such as irregular revisions of coverage limits, cross-subsidisation, delays in the recovery of settled claims, the restricted role of the insurer and the non-availability of a benchmark for the insurance fund. It further provides policy recommendations for practitioners to overcome these shortcomings and enhance the robustness of the deposit insurer by allowing better risk management under the scheme.
https://www.ingentaconnect.com/contentone/hsp/jrmfi/2024/00000017/00000002/art00007
The Industry
Last updated: Apr, 2023
INTRODUCTION
As per the Reserve Bank of India (RBI), India's banking sector is sufficiently capitalised and well-regulated. The financial and economic conditions in the country are far superior to any other country in the world. Credit, market and liquidity risk studies suggest that Indian banks are generally resilient and have withstood the global downturn well.
The Indian banking industry has recently witnessed the rollout of innovative banking models like payments and small finance banks. In recent years India has also focused on increasing its banking sector reach, through various schemes like the Pradhan Mantri Jan Dhan Yojana and Post payment banks. Schemes like these coupled with major banking sector reforms like digital payments, neo-banking, a rise of Indian NBFCs and fintech have significantly enhanced India's financial inclusion and helped fuel the credit cycle in the country.
The digital payments system in India has evolved the most among 25 countries with India's Immediate Payment Service (IMPS) being the only system at level five in the Faster Payments Innovation Index (FPII).* India's Unified Payments Interface (UPI) has also revolutionized real-time payments and strived to increase its global reach in recent years.
MARKET SIZE
The Indian banking system consists of 12 public sector banks, 22 private sector banks, 46 foreign banks, 56 regional rural banks, 1485 urban cooperative banks and 96,000 rural cooperative banks in addition to cooperative credit institutions As of September 2021, the total number of ATMs in India reached 213,145 out of which 47.5% are in rural and semi urban areas.
In 2020-2022, bank assets across sectors increased. Total assets across the banking sector (including public and private sector banks) increased to US$ 2.67 trillion in 2022.
In 2022, total assets in the public and private banking sectors were US$ 1,594.51 billion and US$ 925.05 billion, respectively.
During FY16-FY22, bank credit increased at a CAGR of 0.62%. As of FY22, total credit extended surged to US$ 1,532.31 billion. During FY16-FY22, deposits grew at a CAGR of 10.92% and reached US$ 2.12 trillion by FY22. Bank deposits stood at Rs. 173.70 trillion (US$ 2.12 trillion) as of November 4, 2022.
According to India Ratings & Research (Ind-Ra), credit growth is expected to hit 10% in 2022-23 which will be a double- digit growth in eight years. As of November 4, 2022 bank credit stood at Rs. 129.26 lakh crore (US$ 1,585.09 billion).
Non-food bank credit registered a growth of 17.6 per cent in November 2022 as compared with 7.1 per cent a year ago on the back of robust credit demand from the segments such as services, industry, personal, and agriculture and allied activities, according to RBI's statement on Sectoral Deployment of Bank Credit.
INVESTMENTS/DEVELOPMENTS
Key investments and developments in India's banking industry include:
M&A activity with an India angle hit a record US$ 171 billion in 2022.
As per report by Refinitiv, Domestic M&A activity saw record levels of activity in 2022 at US$ 119.2 billion, up 156.3% from 2021. Companies like HDFC Bank, HDFC, Ambuja Cements, ACC, Adani Group Biocon, Mindtree, L&T Infotech, AM/NS, Essar Ports were involved in M&A deals in 2022
On June, 2022, the number of bank accounts-opened under the government's flagship financial inclusion drive 'Pradhan Mantri Jan Dhan Yojana (PMJDY)'-reached 45.60 crore and deposits in the Jan Dhan bank accounts totaled Rs. 1.68 trillion (US$ 21.56 billion).
In April 2022, India's largest private bank HDFC Bank announced a transformational merger with HDFC Limited.
On November 09, 2021, RBI announced the launch of its first global hackathon 'HARBINGER 2021 - Innovation for Transformation' with the theme 'Smarter Digital Payments'.
In November 2021, Kotak Mahindra Bank announced that it has completed the acquisition of a 9.98% stake in KFin Technologies for Rs. 310 crore (US$ 41.62 million).
In October 2021, Indian Bank announced that it has acquired a 13.27% stake in the proposed National Asset Reconstruction Company Ltd. (NARCL).
In July 2021, Google Pay for Business has enabled small merchants to access credit through tie-up with the digital lending platform for MSMEs-FlexiLoans.
In February 2021, Axis Bank acquired a 9.9% share in the Max Bupa Health Insurance Company for Rs 90.8 crore (US$ 12.32 million).
In December 2020, in response to the RBI's cautionary message, the Digital Lenders' Association issued a revised code of conduct for digital lending.
On November 6, 2020, WhatsApp started UPI payments service in India on receiving the National Payments Corporation of India (NPCI) approval to 'Go Live' on UPI in a graded manner.
In October 2020, HDFC Bank and Apollo Hospitals partnered to launch the 'HealthyLife Programme', a holistic healthcare solution that makes healthy living accessible and affordable on Apollo's digital platform.
In 2019, banking and financial services witnessed 32 M&A (merger and acquisition) activities worth US$ 1.72 billion.
In April 2020, Axis Bank acquired additional 29% stake in Max Life Insurance.
In March 2020, State Bank of India (SBI), India's largest lender, raised US$ 100 million in green bonds through private placement.
In February 2020, the Cabinet Committee on Economic Affairs gave its approval for continuation of the process of recapitalization of Regional Rural Banks (RRBs) by providing minimum regulatory capital to RRBs for another year beyond 2019-20 - till 2020-21 to those RRBs which are unable to maintain minimum Capital to Risk weighted Assets Ratio (CRAR) of 9% as per the regulatory norms prescribed by RBI.
GOVERNMENT INITIATIVES
National Asset reconstruction company (NARCL) will take over, 15 non-performing loans (NPLs) worth Rs. 50,000 crores (US$ 6.70 billion) from the banks.
National payments corporation India (NPCI) has plans to launch UPI lite which will provide offline UPI services for digital payments. Payments of up to Rs. 200 (US$ 2.67) can be made using this.
In the Union budget of 2022-23 India has announced plans for a central bank digital currency (CBDC) which will be possibly known as Digital Rupee.
National Asset reconstruction company (NARCL) will take over, 15 Non-performing loans (NPLs) worth Rs. 50,000 crores (US$ 6.70 billion) from the banks.
In November 2021, RBI launched the 'RBI Retail Direct Scheme' for retail investors to increase retail participation in government securities.
The RBI introduced new auto debit rules with a mandatory additional factor of authentication (AFA), effective from October 01, 2021, to improve the safety and security of card transactions, as part of its risk mitigation measures.
In September 2021, Central Banks of India and Singapore announced to link their digital payment systems by July 2022 to initiate instant and low-cost fund transfers.
In August 2021, Prime Minister Mr. Narendra Modi launched e-RUPI, a person and purpose-specific digital payment solution. e-RUPI is a QR code or SMS string-based e-voucher that is sent to the beneficiary's cell phone. Users of this one-time payment mechanism will be able to redeem the voucher at the service provider without the usage of a card, digital payments app, or internet banking access.
As per Union Budget 2021-22, the government will disinvest IDBI Bank and privatise two public sector banks.
Government smoothly carried out consolidation, reducing the number of Public Sector Banks by eight.
In May 2022, Unified Payments Interface (UPI) recorded 5.95 billion transactions worth Rs. 10.41 trillion (US$ 133.46 billion).
According to the RBI, India's foreign exchange reserves reached US$ 630.19 billion as of February 18, 2022.
The number of transactions through immediate payment service (IMPS) reached 430.67 million and amounted to Rs. 3.70 trillion (US$ 49.75 billion) in October 2021.
The RBI has launched a pilot to digitalize KCC lending in a bid for efficiency, higher cost savings, and reduction of TAT. This is expected to transform the flow of credit in the rural economy.
The RBI has launched a pilot to digitalize KCC lending in a bid for efficiency, higher cost savings, and reduction of TAT. This is expected to transform the flow of credit in the rural economy
As per the Union Budget 2023-24, the RBI has launched a pilot to digitalize Kisan Credit Card (KCC) lending in a bid for efficiency, higher cost savings, and reduction of TAT. This is expected to transform the flow of credit in the rural economy.
As per the Union Budget 2023-24, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country. Taking forward this agenda, and to mark 75 years of our independence, it is proposed to set up 75 Digital Banking Units in 75 districts of the country by Scheduled Commercial Banks.
Additionally, the government proposed to introduce a digital rupee or a Central Bank Digital Currency (CBDC) which would be issued by the RBI using blockchain and other technologies.
The government also proposed to bring all the 150,000 post offices under the digital banking core business to enable financial inclusion.
As per the economic survey 2022-23, the permission by RBI to lending institutions to grant a total moratorium of 6 (3+3) months in case of payment failure due between 1st March 2020 to 31st August 2020, infusion of US$ 9.1 billion (Rs. 75,000 crore) for Non-Banking Financial Corporations (NBFCs), Housing Finance Companies (HFCs) and Micro Finance Institutions (MFIs), among others, have also contributed to the revival of the real estate sector. The permission by RBI to lending institutions to grant a total moratorium of 6 (3+3) months in case of payment failure due between 1st March 2020 to 31st August 2020, infusion of US$ 9.1 billion (Rs. 75,000 crore) for Non-Banking Financial Corporations (NBFCs), Housing Finance Companies (HFCs) and Micro Finance Institutions (MFIs), among others, have also contributed to the revival of the real estate sector..
According to the Economic Survey 2022-23, Over the last few years, the number of neo banking platforms and global investments in the neo-banking segment has also risen consistently. Neo-banks operate under mainstream finance's umbrella but empower specific services long associated with traditional institutions such as banks, payment providers, etc.
Enhanced spending on infrastructure, speedy implementation of projects and continuation of reforms are expected to provide further impetus to growth in the banking sector. All these factors suggest that India's banking sector is poised for robust growth as rapidly growing businesses will turn to banks for their credit needs. The advancement in technology has brought mobile and internet banking services to the fore. The banking sector is laying greater emphasis on providing improved services to their clients and upgrading their technology infrastructure to enhance customer's overall experience as well as give banks a competitive edge.
In recent years India has experienced a rise in fintech and microfinancing. India's digital lending stood at US$ 75 billion in FY18 and is estimated to reach US$ 1 trillion by FY23 driven by the five-fold increase in digital disbursem*nts. The Indian fintech market has attracted US$ 29 billion in funding over 2,084 deals so far (January 2017-July 2022), accounting for 14% of global funding and ranking second in terms of deal volume. By 2025, India's fintech market is expected to reach Rs. 6.2 trillion (US$ 83.48 billion).
Growth of India's Banking Sector
References:Media Reports, Press releases, Reserve Bank of India, Press Information Bureau, www.pmjdy.gov.in, Union Budget 2023-24, Economic Survey 2022-23
Note: Conversion rate used in February 2023, Rs. 1 = US$ 0.012, * - according to an FIS report, # - Microfinances Institution Network
Source: IBEF
For more details, see:
https://www.ibef.org/industry/banking-india
Reserve Bank of India
Establishment
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the
Reserve Bank of India Act, 1934
.
The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.
Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.
Preamble
The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as: "to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth."
https://www.rbi.org.in/Scripts/AboutusDisplay.aspx
https://www.rbi.org.in/
Indian Banks' Association
IBA is the premier service organization of the banking industry of India.
https://www.iba.org.in/
Leading Companies
Axis Bank (NSE: AXISBANK)
Axis Bank is the third largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses.
The Bank has a large footprint of 4,528 domestic branches (including extension counters) with 12,044 ATMs less than/pgreater thanless thanpgreater than 5,433 cash recyclers spread across the country as on 31st March, 2020. The overseas operations of the Bank are spread over eleven international offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Colombo, Shanghai and Gift City-IBU; representative offices at Dhaka, Dubai, Abu Dhabi, Sharjah and an overseas subsidiary at London, UK. The international offices focus on corporate lending, trade finance, syndication, investment banking and liability businesses.
Axis Bank is one of the first new generation private sector banks to have begun operations in 1994. The Bank was promoted in 1993, jointly by Specified Undertaking of Unit Trust of India (SUUTI) (then known as Unit Trust of India), Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The share holding of Unit Trust of India was subsequently transferred to SUUTI, an entity established in 2003.
With a balance sheet size of Rs. 9,15,165 crores as on 31st March 2020, Axis Bank has achieved consistent growth and with a 5 year CAGR (2014-15 to 2019-20) of 15% each in Total Assets, Deposits and Advances.
https://www.axisbank.com/about-us/corporate-profile
23/1/2024
Axis Bank announces financial results for the quarter ended 31st December 2023
Q3FY24 Operating profit at `9,141 crores up 6% QOQ, PAT at `6,071 crores up 4% QOQ; Consolidated
ROE at 18.61%, aided by a balanced sequential deposit and loan growth of 5% and 4% respectively
9MFY24 PAT at `17,732 crores, up 16% YOY; Consolidated ROE at 18.86%, up 82 bps YOY
o Consolidated ROA at 1.84%, with 9 bps contributed by subsidiaries
o Net Interest Income grew 9% YOY and 2% QOQ, Net Interest Margin at 4.01%
o Fee income grew 29% YOY and 4% QOQ, Retail fee grew 36% YOY and 6% QOQ, granular fees at 93% of total fees
o Core Operating revenue up 14% YOY and 2% QOQ
o Bank's total business grew 20% | 5% of which advances grew 22% | 4% and MEB1 deposits grew 18% | 5% on YOY | QOQ basis
o On a MEB1, retail term deposits grew 17% YOY & 2% QOQ, CASA grew 12% YOY with CASA ratio at 42%
o Retail loans up 27% | 5%, SME up 26% | 4%, Corporate loans (gross of IBPC2 sold) up 15% | 3% on YOY |QOQ basis
o Overall CAR3 stood at 16.63% with CET 1 ratio of 13.71%, organic net accretion to CET-1 of 39 bps in9MFY24
o GNPA% at 1.58% declined by 80 bps YOY and 15 bps QOQ, NNPA% at 0.36% declined by 11 bps YOY
o 1.26 million credit cards issued in Q3, CIF market share4 of 14%, card spends up 79% YOY & 13% QOQ
o Largest player in Merchant Acquiring with market share of 18.9%, incremental share of 26% in last one year4
The Board of Directors of Axis Bank Limited approved the financial results for the quarter and nine months ended 31st December 2023 at its meeting held in Mumbai on Tuesday, 23rd January 2024.
This quarter marked the launch of 'Open,' Axis Bank's advanced digital banking solution. The launch is a culmination of the Bank's multi-year effort to build a digital Bank within the Bank, focused on delivering personalized, intuitive, and hassle-free digital banking experience for its customers. Axis 2.0 is now open by Axis Bank, the future ready mobile application that continues to see strong growth with monthly active users of ~13 million Axis customers and nearly ~10 million non-Axis Bank customers. With a rating of 4.8 on Google Playstore, the power packed mobile app aptly demonstrates the Bank's enhanced digital capabilities and offerings, and is a one stop shop for all digital banking needs with 250+ banking services on the go.
Axis Bank joined forces with the India SME Forum for the 10th India SME 100 Awards, recognizing outstanding MSMEs for their significant contribution to the industry. Some of the accolades won by Axis Bank during the quarter include NASSCOM-DSCI Annual Excellence Awards 2023 for Best Security Practices in Banks; ASSOCHAM's Corporate Bond Market Award for Issuer Investment Banker (Merchant Banker of the Year) and Annual Banking and Financial Sector Lending Award (Large companies) for Best Risk Initiatives, Best Cyber Security Initiatives and Best Digital Initiatives.
Amitabh Chaudhry, MD&CEO, Axis Bank said, "The conversations on India are buoyant and it's being looked upon as an important investment destination, evident in discussions at global platforms like the World Economic Forum. The Indian economic momentum has been strong in FY24, and we believe the trend will continue well into FY25.
At Axis Bank, our focus has been on sustainable and inclusive growth, with customer taking the centerstage in every discussion. This quarter we celebrated 'Sparsh Week', a week-long agenda focused on educative customer centric activities, with 15 events covering 5000+ branches and retail asset centers, reaching out to 95000+ employees.
Performance at a Glance
* Healthy operating performance
o Net Interest Income grew 9% YOY and 2% QOQ, Net Interest Margin at 4.01%
o Core Operating revenues grew 14% YOY and 2% QOQ, operating profit grew 6% QOQ
o Consolidated ROE | ROA at 18.61% | 1.84%, subsidiaries contributed 54 bps | 9 bps respectively
* Strong loan growth delivered across all business segments
o Advances (gross of IBPC sold) up 23% | 4%, Rural loans grew 34% YOY & 7% QOQ
o Small Business Banking loans grew 40% YOY & 6% QOQ, Mid-Corporate (MC) book grew 30% YOY
o SBB + SME + MC mix at â¹1,98,553 crores | 21% of loans, up ~620 bps in last 3 years
* Retail term deposits gaining traction, CASA ratio among the best in the industry
o On QAB1 basis, RTD grew 15% YOY & 3% QOQ, total deposits grew by 18% YOY & 4% QOQ
o On QAB, CASA grew 13% YOY and 1% QOQ, CASA ratio stood at 42%
o Average LCR2 during Q3FY24 was ~118%, outflow rates improved ~ 600 bps over last 2 years
* Well capitalized with self-sustaining capital structure
o Overall capital adequacy ratio (CAR) including profit stood at 16.63% with CET 1 ratio of 13.71%
o Self-sustaining capital structure with net organic accretion to CET-1 of 39 bps in 9MFY24
o COVID provisions of `5,012 crores, not in CAR calculation provides additional cushion of ~43 bps
* Continue to maintain strong position in Payments and Digital Banking
o Axis Mobile & Axis Pay have ~10 mn non-Axis Bank customers
o 100+ digital partnerships across platforms and ecosystems; ~18.8 mn customers on WhatsApp banking
o Axis Mobile remains the world's3 highest rated MB app on Google Play store with rating of 4.8; On the iOS app store our ratings increased from 4.6 to 4.7 during the quarter; ~13 mn MAU4
o Credit card CIF market share at 14%, Retail Card spends grew 88% YOY and 13% QOQ
* Declining slippages, gross NPA and credit cost
o PCR healthy at 78%; On an aggregated basis5, Coverage ratio at 153%
o Net slippage ratio6 at 0.50% declined 43 bps YOY & 9 bps QOQ, Gross slippage ratio6 at 1.62%, declined 41 bps YOY
o Q3FY24 net credit cost6 at 0.28%, declined 14 bps QOQ
* Key domestic subsidiaries7 continue to deliver steady performance
o 9MFY24 profit at `1,108 crores up 17% YOY, with a return on investment in domestic subsidiaries of 50%
o Axis Finance 9MFY24 PAT grew 25% YOY to `425 crores; asset quality metrics improve, ROE at 16.4%
o Axis AMC 9MFY24 PAT stood at `297 crores, Axis Securities 9MFY24 PAT grew 31% YOY to `198 crores
o Axis Capital 9MFY24 PAT stood at `108 crores and executed 71 investment banking deals in 9MFY24
Profit & Loss Account: Period ended 31st December 2023
Operating Profit and Net Profit
The Bank's operating profit for the quarter stood at `9,141 crores, grew 6% QOQ. Core Operating profit for Q3FY24 stood at `8,850 crores. Net profit at `6,071 crores in Q3FY24 grew by 4% YOY.
Net Interest Income and Net Interest Margin
The Bank's Net Interest Income (NII) grew 9% YOY and 2% QOQ to `12,532 crores. Net interest margin (NIM) for Q3FY24 stood at 4.01%.
Other Income
Fee income for Q3FY24 grew 29% YOY and 4% QOQ to `5,170 crores. Retail fees grew 36% YOY and 6% QOQ; and constituted 72% of the Bank's total fee income. Retail cards and payments fee grew 52% YOY and 10% QOQ. Retail Assets (excluding cards and payments) fee grew 26% YOY and 7% QOQ. The Corporate & Commercial banking fees together grew 15% YOY to `1,471 crores. The trading income gain for the quarter stood at `291 crores; miscellaneous income in Q3FY24 stood at `94 crores. Overall, non-interest income (comprising of fee, trading and miscellaneous income) for Q3FY24 grew 22% YOY to `5,555 crores.
Provisions and contingencies
Provision and contingencies for Q3FY24 stood at `1,028 crores. Specific loan loss provisions for Q3FY24 stood at `691 crores. During the quarter, the Bank made a full provision on its entire AIF investments aggregating `182 crores. The Bank has not utilized Covid provisions during the quarter. The Bank holds cumulative provisions (standard + additional other than NPA) of `11,981 crores at the end of Q3FY24. It is pertinent to note that this is over and above the NPA provisioning included in our PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.29% as on 31 st December, 2023. On an aggregated basis, our provision coverage ratio (including specific + standard + additional + Covid provisions) stands at 153% of GNPA as on 31st December, 2023. Credit cost for the quarter ended 31st December, 2023 stood at 0.28%.
9MFY24 Financial Performance:
Net Interest Income for 9MFY24 grew 18% YOY to `36,805 crores from `31,204 crores. Fee income grew 29% YOY to `14,620 crores. Core operating profit grew by 12% to `25,878 crores from `23,206 crores in 9MFY24. Operating profit grew by 16% to `26,587 crores from `22,881 crores in 9MFY24. Total provisions for 9MFY24 stood at `2,878 crores, up 23% YOY. Net Profit for 9MFY24 grew 16% to `17,732 crores from `15,308 crores in 9MFY23.
Balance Sheet: As on 31st December 2023
The Bank's balance sheet grew 14% YOY and stood at `13,98,541 crores as on 31st December 2023. The total deposits grew 18% YOY and 5% QOQ on period end basis, of which savings account deposits grew 16% YOY, current account deposits grew 5% YOY and 1% QOQ; total term deposits grew 24% YOY and 9% QOQ of which retail term deposits grew 17% YOY and 2% QOQ. The share of CASA deposits in total deposits stood at 42%. On QAB basis, total deposits grew 18% YOY and 4% QOQ, within which savings account deposits grew 16% YOY, current account deposits grew 5% YOY and 4% QOQ; and total term deposits grew 22% YOY and 6% QOQ.
The Bank's advances grew 22% YOY and 4% QOQ to `9,32,286 crores as on 31 st December 2023. Gross of transfers through Inter Bank Participation Certificates (IBPC), total Bank advances grew 23% YOY and 4% QOQ. Domestic net loans grew 25% YOY and 4% QOQ. Retail loans grew 27% YOY and 5% QOQ to `5,46,999 crores and accounted for 59% of the net advances of the Bank. The share of secured retail loans$ was ~ 75%, with home loans comprising 30% of the retail book. Home loans grew 10% YOY, Personal loans grew 28% YOY, Credit card advances grew 92% YOY, Small Business Banking (SBB) grew 40% YOY and 6% QOQ; and rural loan portfolio grew 34% YOY and 7% QOQ. SME book remains well diversified across geographies and sectors, grew 26% YOY and 4% QOQ to `1,00,043 crores. Corporate loan book (gross of IBPC sold) grew 15% YOY and 3% QOQ; domestic corporate book grew 20% YOY. Mid-corporate book grew 30% YOY and 6% QOQ. 89% of corporate book is now rated A- and above with 88% of incremental sanctions in 9MFY24 being to corporates rated A- and above.
The book value of the Bank's Investments portfolio as on 31 st December 2023, was `3,09,070 crores, of which `2,46,356 crores were in government securities, while `51,958 crores were invested in corporate bonds and `10,756 crores in other securities such as equities, mutual funds, etc. Out of these, 71% are in Held till Maturity (HTM) category, while 27% of investments are Available for Sale (AFS) and 2% are in Held for Trading (HFT) category.
Payments and Digital
The Bank issued 1.26 million new credit cards in Q3FY24 and has been one of the highest credit card issuers in the country over last eight quarters. The Bank continues to remain among the top players in the Retail Digital banking space.
* 96% - Share of digital transactions in the Bank's total financial transactions by individual customers in Q3FY24
* 76% - Individual Retail term deposits (by volume) opened digitally in 9MFY24
* 71% - SA accounts opened through tab banking in 9MFY24
* 68% - New mutual fund SIPs sourced (by volume) through digital channels in 9MFY24
* 71% - YOY growth in total UPI transaction value in Q3FY24
* 48% - YOY growth in mobile banking transaction volumes in Q3FY24
The Bank's focus remains on reimagining end-to-end journeys and transforming the core and becoming a partner of choice for ecosystems. Axis Mobile is among the world's* highest rated mobile banking app on Google Play store with rating of 4.8 and over 2.4 million reviews. On the iOS app store our ratings increased from 4.6 to 4.7 during the quarter. The Bank's mobile app continues to see strong growth, with Monthly Active Users of ~13 million and nearly ~10 million non-Axis Bank customers using Axis Mobile and Axis Pay apps. The Bank has been among the first to go live on Account Aggregator (AA) network and has seen strong initial traction in AA based digital lending.
The Bank now has over 100+ partnerships across platforms and ecosystems and has 400+ APIs hosted on its API Developer Portal. On WhatsApp banking, the Bank now has over 18.8 million customers on board since its launch in 2021.
Wealth Management Business - Burgundy
The Bank's wealth management business is among the largest in India with assets under management (AUM) of `5,05,407 crores as at end of 31st December 2023 that grew 78% YOY and 12% QOQ. Burgundy Private, the Bank's proposition for high and ultra-high net worth clients, covers 10,389 families. The AUM for Burgundy Private increased 79% YOY and 6% QOQ to `1,76,965 crores.
Capital Adequacy and Shareholders' Funds
The shareholders' funds of the Bank grew 9% YOY and stood at `1,42,984 crores as on 31st December 2023. The Bank now has a self-sustaining capital structure to fund growth, with organic net capital accretion through profits to CET-1 of 39 bps for the 9MFY24. During the quarter, there was a negative impact of regulatory changes on CET-1 of ~70 bps. As on 31st December 2023, the Capital Adequacy Ratio (CAR) and CET1 ratio including profit for 9M was 16.63% and 13.71% respectively. Additionally, the Bank held `5,012 crores of COVID provisions, not considered for CAR calculation, providing cushion of ~43 bps over the reported CAR. The Book value per equity share increased from `425 as of 31st December, 2022 to `464 as of 31st December, 2023.
Asset Quality
As on 31st December, 2023 the Bank's reported Gross NPA and Net NPA levels were 1.58% and 0.36% respectively as against 1.73% and 0.36% as on 30th September, 2023.
Recoveries from written off accounts for the quarter was `635 crores. Reported net slippages in the quarter adjusted for recoveries from written off pool was `482 crores, of which retail was `1,542 crores, CBG was negative `11 crores and Wholesale was negative `1,049 crores.
Gross slippages during the quarter were `3,715 crores, compared to `3,254 crores in Q2FY24 and `3,807 crores in Q3FY23. Recoveries and upgrades from NPAs during the quarter were `2,598 crores. The Bank in the quarter wrote off NPAs aggregating `1,981 crores.
As on 31 st December, 2023, the Bank's provision coverage, as a proportion of Gross NPAs stood at 78%, as compared to 81% as at 31st December, 2022.
The fund based outstanding of standard restructured loans implemented under resolution framework for COVID-19 related stress (Covid 1.0 and Covid 2.0) declined during the quarter and as at 31st December, 2023 stood at `1,641 crores that translates to 0.16% of the gross customer assets. The Bank carries a provision of ~ 20% on restructured loans, which is in excess of regulatory limits.
Network
The Bank added 100 branches during the quarter and 350 overall in the 9MFY24 period, taking its overall distribution
network to 5,252 domestic branches and extension counters situated across 2,910 centres compared to 4,849 domestic branches and extension counters situated in 2,734 centres as at 31 st December, 2022. As on 31st December, 2023, the Bank had 15,931 ATMs and cash recyclers spread across the country. The Bank's Axis Virtual Centre is present across six centres with over 1,500 Virtual Relationship Managers as on 31 st December 2023.
Key Subsidiaries' Performance
The Bank's domestic subsidiaries delivered steady performance with 9MFY24 PAT of `1,108 crores, up 17% YOY.
* Axis Finance: Axis Finance has been investing in building a strong customer focused franchise. Its overall assets under finance grew 38% YOY. Retail book grew 45% YOY and constituted 44% of total loans, up from 13% three years ago. The focus in its wholesale business continues to be on well rated companies and cash flow backed transactions. Axis Finance remains well capitalized with total Capital Adequacy Ratio of 18.79%. The book quality remains strong with net NPA at 0.32%. Axis Finance 9MFY24 PAT was `425 crores, up 25% YOY from `340 crores in 9MFY23.
* Axis AMC: Axis AMC's overall QAAUM grew 6% YOY to `2,62,398 crores. Its 9MFY24 PAT stood at `297 crores.
* Axis Capital: Axis Capital 9MFY24 PAT stood at `108 crores and completed 71 investment banking transactions in 9MFY24.
* Axis Securities: Axis Securities' broking revenues for 9MFY24 grew 42% YOY to `757 crores. Its 9MFY24 PAT grew 31% YOY and stood at `198 crores.
https://www.axisbank.com/docs/default-source/press-releases/press-release-q3fy24.pdf
Bank of Baroda (NSE: BANKBARODA)
A Saga of Vision and Enterprise
It has been a long and eventful journey of almost a century across 21 countries. Starting in 1908 from a small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre in Mumbai, is a saga of vision, enterprise, financial prudence and corporate governance.
It is a story scripted in corporate wisdom and social pride. It is a story crafted in private capital, princely patronage and state ownership. It is a story of ordinary bankers and their extraordinary contribution in the ascent of Bank of Baroda to the formidable heights of corporate glory. It is a story that needs to be shared with all those millions of people - customers, stakeholders, employees less than/pgreater thanless thanpgreater than the public at large - who in ample measure, have contributed to the making of an institution.
https://www.bankofbaroda.in/overview.htm
Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. It is the second largest bank in India, next to State Bank Of India. Its headquarters is in Vadodara, it has a corporate office in the Mumbai.
Maharaja Sayajirao Gaekwad III
The founder of Bank of Baroda
The bank was founded by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III on 20 July 1908. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the Government of India and has been designated as a profit-making public sector undertaking (PSU).
Key Milestones
The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the Government of India and has been designated as a profit-making public sector undertaking (PSU).
https://www.bankofbaroda.in/history.htm
31/1/2024
Bank of Baroda announces Financial Results for the Quarter ended 31st December 2023
BOB reports a robust growth of 38.2% in its 9MFY24 Net Profit to INR 12,902 crore
Key Highlights
* Global Business grew by 10.7% to reach INR 22,94,627 crore as of 31st December 2023
* Net Profit for Q3FY24 stands at INR 4,579 crore, growth of 18.8% YoY.
* Return on Assets (ROA) for the quarter is 1.20% and 1.15% for 9MFY24.
* Return on Equity (ROE) higher by 168 bps YoY at 18.70% for 9MFY24.
* The growth in profitability was supported by healthy Operating Income growth of 18.8% YoY in 9MFY24.
* Operating income growth was augmented by ~1.5x growth in Non-Interest Income to INR 10,304 crore in 9MFY24.
* Healthy growth in income coupled with subdued increase in Opex has resulted in healthy Operating profit growth of 21.7% YoY for 9MFY24.
* Cost to Income ratio has also reduced by 123 bps YoY to 47.13% for 9MFY24.
* Global Net Interest Margin (NIM) improves by 3 bps sequentially and stands at 3.10% in Q3FY24 as against 3.07% in Q2FY24.
* Net Interest Margin (NIM) for 9MFY24 is 3.14%.
* BOB has witnessed significant improvement in its Asset quality with reduction in GNPA by 145 bps YoY to 3.08% from 4.53% in Q3FY23.
* Bank's NNPA reduced by 29 bps YoY to 0.70% in Q3FY24 as against 0.99% in Q3FY23.
* BOB's balance sheet remains robust with healthy Provision Coverage Ratio (PCR) of 93.39% with TWO & at 77.70% without TWO.
* Credit cost remains below 1% at 0.69% for 9MFY24 & 0.39% for the quarter.
* Healthy Liquidity Coverage Ratio (LCR) at 133% as on 31st Dec 2023.
* BOB's Global Advances registered a growth of 13.6% YoY in Q3FY24 led by robust retail loan book growth. Bank's organic Retail Advances grew by 22%, driven by growth in high focus areas such as Auto Loan (24.3%), Home Loan (15.6%), Personal Loan (60.8%), Mortgage Loan (10.5%), Education Loan (18.3%).
Profitability
â BOB reported a standalone Net Profit of INR 4,579 crore in Q3FY24 as against a profit of INR 3,853 crore in Q3FY23. Net Profit for 9MFY24 stands at INR 12,902 crore (+38.2% YoY) as against INR 9,334 crore in 9MFY23.
â Net Interest Income (NII) grew by 2.6% YoY to INR 11,101 crore in Q3FY24. NII for 9MFY24 registered a growth of 10.4% and stands at INR 32,929 crore.
â Non-Interest Income for 9MFY24 stands at INR 10,304 crore up by 57.1% YoY
â Global NIM improves by 3 bps sequentially and stands at 3.10% in Q3FY24. Global NIM for 9MFY24 stands at 3.14%.
â Yield on Advances increased to 8.51% in Q3FY24 as against 7.78% in Q3FY23.
â Cost of Deposits increased to 4.96% in Q3FY24 as against 4.01% in Q3FY23.
â Operating Income for Q3FY24 stands at INR 13,912 crore. Operating Income for 9MFY24 stands at INR 43,233 crore registering a growth of 18.8%.
â Operating Profit for Q3FY24 stands at INR 7,015 crore. (Excluding impact of MTM, quarterly Operating Profit would have been INR 7,482 crore for Q3FY23 and INR 7,307 crore for Q3FY24)
â Operating Profit for 9MFY24 increased by 21.7% to INR 22,859 crore.
â Cost to Income ratio stands at 49.57% for Q3FY24.
â Return on Assets (annualised) improved to 1.20% in Q3FY24 from 1.13% in Q3FY23.
â Return on Equity (annualised) for Q3FY24 stands at 19.91%. RoE increased by 168 bps YoY to 18.70% for 9MFY24
â For the consolidated entity, Net Profit stood at INR 4,789 crore in Q3FY24 as against INR 4,306 crore in Q3FY23.
Asset Quality
â The Gross NPA of the Bank reduced by 22.8% YoY to INR 32,318 crore in Q3FY24 and Gross NPA Ratio improved to 3.08% in Q3FY24 from 4.53% in Q3FY23.
â The Net NPA Ratio of the Bank stands at a low 0.70% in Q3FY24 as compared with 0.99% in Q3FY23.
â The Provision Coverage Ratio of the Bank stood at 93.39% including TWO and 77.70% excluding TWO in Q3FY24.
â Slippage ratio declined to 1.06% for 9MFY24 as against 1.22% in 9MFY23. Slippage ratio for the quarter is below 1% at 0.95% for Q3FY24 as against 1.05% in Q3FY23.
â Credit cost stands at 0.39% for Q3FY24 and 0.69% for 9MFY24
Capital Adequacy
â CRAR of the Bank stands at 14.72% in Dec'23. Tier-I stood at 12.67% (CET-1 at 11.11%, AT1 at 1.56%) and Tier-II stood at 2.05% as of Dec'23.
â The CRAR and CET-1 of consolidated entity stands at 15.14% and 11.62% respectively
â The Liquidity Coverage Ratio (LCR) consolidated stands at 133%.
Business Performance
â Global Advances of the Bank increased to INR 10,49,327 crore, +13.6% YoY.
â Domestic Advances of the Bank increased to INR 8,62,086 crore, +13.4% YoY.
â Global Deposits increased by 8.3% YoY to INR 12,45,300 crore.
â Domestic Deposits increased by 6.3% YoY to INR 10,67,371 crore in Dec'23.
â International Deposits grew by 22.1% on a YoY basis to INR 1,77,929 crore in Dec'23.
â Organic Retail Advances grew by 22%, led by growth in high focus areas such as Auto Loan (24.3%), Home Loan (15.6%), Personal Loan (60.8%), Mortgage Loan (10.5%),Education Loan (18.3%) on a YoY basis.
â Agriculture loan portfolio grew by 12.6% YoY to INR 1,34,240 crore.
â Total Gold loan portfolio (including retail and agri.) stands at INR 45,074 crore, registering a growth of 28.3% on a YoY basis.
â Organic MSME portfolio grew by 12.6% YoY to INR 1,15,995 crore.
â Corporate advances registered a growth of 10.2% YoY and stands at INR 3,62,813 crore.
About Bank of Baroda
Bank of Baroda ("The Bank") established on July 20, 1908 is an Indian state-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda), in Gujarat, India. Under the 'Alternative Mechanism' scheme, the Government announced the amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda which came into effect on April 1, 2019. Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 8,211 branches and 11,030 ATMs and Cash Recyclers supported by self-service channels. The Bank has a significant international presence with a network of 92 overseas offices spanning 17 countries.
https://www.bankofbaroda.in/-/media/project/bob/countrywebsites/india/pdfs2/2024/24-01/press-release-2.pdf
Bank of India (NSE: SBIN)
History
Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks.
Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks.
The Bank has over 5000 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 55 Zonal Offices and 8 NBG Offices. There are 60 branches/ offices and 5 Subsidaries and 1 joint venture abroad.
The Bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008.
While firmly adhering to a policy of prudence and caution, the Bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure. The Bank has been the first among the nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The Bank is also a Founder Member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio.
Presently Bank has overseas presence in 18 foreign countries spread over 5 continents - with 52 offices including 4 Subsidiaries, 1 Representative Office and 1 Joint Venture, at key banking and financial centres viz., Tokyo, Singapore, Hong Kong, London, Paris and New York.
https://www.bankofindia.co.in/history3
4/11/2023
Performance Analysis
Q2 FY 2023-24
For full release:
https://bankofindia.co.in/documents/20121/570417/Q2Analyst_Presentation.pdf
Canara Bank (NSE: CANBK)
HISTORY
A good bank is not only the financial heart of the community, but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people
Our Beloved Founder
Late Sri Ammembal Subbarao Pai
Founding Principles
To remove Superstition and ignorance.
To spread education among all to sub-serve the first principle.
To inculcate the habit of thrift and savings.
To transform the financial institution not only as the financial heart of the community but the social heart as well.
To assist the needy.
To work with sense of service and dedication.
To develop a concern for fellow human being and sensitivity to the surroundings with a view to make changes/remove hardships and sufferings.
Read more
Significant Milestones
1st July 1906
Canara Hindu Permanent Fund Ltd. formally registered with a capital of 2000 shares of Rs. 50/- each, with 4 employees.
1910
Canara Hindu Permanent Fund renamed as Canara Bank Limited
1969
14 major banks in the country, including Canara Bank, nationalized on July 19
1976
1000th branch inaugurated
1983
Overseas branch at London inaugurated, Cancard (the Bank's credit card) launched
1985
Takeover of Lakshmi Commercial Bank Limited and Commissioning of Indo Hong Kong International Finance Limited (now a full fledged branch)
1987
Canbank Mutual Fund less than/pgreater thanless thanpgreater than Canfin Homes launched
1989
Canbank Venture Capital Fund started
1989-90
Canbank Factors Limited, the factoring subsidiary launched
1992-93
Became the first Bank to articulate and adopt the directive principles of "Good Banking".
1995-96
Became the first Bank to be conferred with ISO 9002 certification for one of its branches in Bangalore
2001-02
Opened a 'Mahila Banking Branch', first of its kind at Bangalore, for catering exclusively to the financial requirements of women clientele.
2002-03
Maiden IPO of the Bank
2003-04
Launched Internet Banking Services
2004-05
100% Branch computerization
2005-06
Entered 100th Year in Banking Service. Launched Core Banking Solution in select branches. Number One Position in Aggregate Business among Nationalized Banks.
2006-07
Retained Number One Position in Aggregate Business among Nationalized Banks. Signed MoUs for Commissioning Two JVs in Insurance and Asset Management with international majors viz., HSBC (Asia Pacific) Holding and Robeco Groep N.V respectively.
2007-08
Launching of New Brand Identity. Incorporation of Insurance and Asset Management JVs. Launching of 'Online Trading' portal. Launching of a 'Call Centre'. Switchover to Basel II New Capital Adequacy Framework.
2008-09
The Bank crossed the coveted Rs. 3 lakh crore in aggregate business. The Bank's 3rd foreign branch at Shanghai commissioned.
2009-10
The Bank's aggregate business crossed Rs. 4 lakh crore mark. Net profit of the Bank crossed Rs. 3000 crore. The Bank's branch network crossed the 3000 mark.
2010-11
The Bank's aggregate business crossed Rs. 5 lakh crore mark. Net profit of the Bank crossed Rs. 4000 crore. 100% coverage under Core Banking Solution. The Bank's 4th foreign branch at Leicester and a Representative office at Sharjah, UAE, opened. The Bank raised Rs. 1993 crore under QIP. Govt. holding reduced to 67.72% post QIP.
2011-12
Total number of branches reached 3600. The Bank's 5th foreign branch at Manama, Bahrain opened.
2012-13
Highest Dividend of 130% paid for the year
2013-14
1027 branches and 2786 ATMs opened during the year. Global business crossed the Rs.7 lakh crore milestone. Switchover to Basel III New Capital Adequacy Framework. Branch Network and Atms increased to 4755 branches and 6312 ATMs.
2014-15
Global Business of the Bank crossed Rs.8 lakh crore.
2015-16
The Bank's 8th foreign branch at DIFC (Dubai) opened.
2016-17
Branch network crossed 6000 milestones.Total number branches rose to 6083.Canara Bank (Tanzania) Ltd., a foreign subsidiary, opened.
2017-18
Global Business of the Bank crossed Rs.9 lakh crore.
2018-19
Global Business of the Bank crossed 10 lakh crore, Bank issued 2 core new equity shares to employees under Canara Bank Employee Share Purchase scheme (CanBank-ESPS).
2019-20
Domestic Business of Canara Bank crossed Rs. 10 Lakh Crore.
Profile
Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks.
Canara Bank has several firsts to its credit. These include:
Launching of Inter-City ATM Network
Obtaining ISO Certification for a Branch
Articulation of 'Good Banking' - Bank's Citizen Charter
Commissioning of Exclusive Mahila Banking Branch
Launching of Exclusive Subsidiary for IT Consultancy
Issuing credit card for farmers
Providing Agricultural Consultancy Services
Over the years, the Bank has been scaling up its market position to emerge as a major 'Financial Conglomerate' with as many as ten subsidiaries/sponsored institutions/joint ventures in India and abroad. As at December 2020, the Amalgamated Canara Bank services over 10.90 crore customers through a network of 10491 branches and 12973 ATMs spread across all Indian states and Union Territories.
Not just in commercial banking, the Bank has also carved a distinctive mark, in various corporate social responsibilities, namely, serving national priorities, promoting rural development, enhancing rural self-employment through several training institutes and spearheading financial inclusion objective. Promoting an inclusive growth strategy, which has been formed as the basic plank of national policy agenda today, is in fact deeply rooted in the Bank's founding principles. "A good bank is not only the financial heart of the community, but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people". These insightful words of our founder continue to resonate even today in serving the society with a purpose. The growth story of Canara Bank in its first century was due, among others, to the continued patronage of its valued customers, stakeholders, committed staff and uncanny leadership ability demonstrated by its leaders at the helm of affairs. We strongly believe that the next century is going to be equally rewarding and eventful not only in service of the nation but also in helping the Bank emerge as a "Preferred Bank" by pursuing global benchmarks in profitability, operational efficiency, asset quality, risk management and expanding the global reach.
https://www.canarabank.com/About-Us.aspx
24/1/2024
Financial Results for the Quarter ended 31st December 2023
Net Profit up by 26.86% YoY
Global Business Up by 9.87% YoY
Key Highlights (9 Months Ended)
(December 2023 V/s December 2022)
Global Business stood at â¹22,13,360 Cr, grew by 9.87%.
Gross Advances stood at â¹9,50,430 Cr, grew by 11.69%.
Net Profit for December 2023 stood at â¹3,656 Cr against Net Profit of â¹2882 cr for December 2022.
Net Interest Income stood at â¹9,417 Cr, grew by 9.50%.
Net Interest Margin stood at 3.02% improved by 9 bps.
RAM Credit grew by 14.56% to â¹5,30,444 Cr against 4,63,038 Cr for December 2022.
Retail Credit grew by 12.14% with Housing loan growth at 12.07%.
Gross NPA Ratio stood at 4.39%, down by 150 bps.
Net NPA Ratio stood at 1.32%, down by 64 bps.
Provision Coverage Ratio (PCR) at 89.01% improved by 269 bps.
CRAR stood at 15.78% as at December 2023 out of which CET1 is 11.28%.
Return on Assets improved to 1.01% for Q3 FY24 against 0.76% for Q3 FY23.
Return on Equity improved to 21.95% for Q3 FY24 against 18.38% for Q3 FY23.
Business
Global Business increased by 9.87% (y.o.y) to â¹22,13,360 Cr as at December 2023 with Global Deposits at â¹12,62,930 Cr and Global Advance (gross) at â¹9,50,430 Cr.
Domestic Deposit of the Bank stood at â¹11,66,848 Cr as at December 2023 with growth of 8.07% (y.o.y).
Domestic Advances(gross) of the Bank stood at â¹9,01,465 Cr as at December 2023 grew by 12.56% (y.o.y).
Retail lending Portfolio increased to â¹1,53,640 Cr i.e grew by 12.14% (y.o.y).
Housing Loan Portfolio increased by 12.07% (y.o.y) to â¹91,800 Cr.
Advances to Agriculture & allied activities grew by 19.26% (y.o.y) to â¹2,42,470 Cr as at December 2023.
Asset Quality
Gross Non-Performing Assets (GNPA) ratio stood at 4.39% as at December 2023 as against 4.76% at September 2023, 5.89% as at December 2022.
Net Non-Performing Assets (NNPA) ratio stood at 1.32% as at December 2023 as against 1.41% as at September 2023, 1.96% as at December 2022.
Provision Coverage Ratio (PCR) improved to 89.01% as at December 2023 from 86.32% as at December 2022.
Capital Adequacy
CRAR stood at 15.78% as at December 2023. Out of which CET1 is 11.28%, Tier-I is 13.38% and Tier-II is 2.40%.
Priority Sector & Financial Inclusion
The Bank has achieved Targets in Priority Sector at 45.91% and Agricultural Credit at 21.77% of ANBC as at December 2023, as against the norm of 40% and 18% respectively.
Credit to small and marginal farmers stood at 15.18% of ANBC, against the norm of 10%.
Credit to Weaker Sections stood at 21.66% of ANBC, against the norm of 12%.
Network
As on 31.12.2023, the Bank has 9585 Number of Branches, out of which 3095 are Rural,2742 Semi Urban,1906 Urban & 1842 Metro along with 10463 ATMs. Bank is also having 3 Overseas Branches in London, New York & Dubai.
https://canarabank.com/UploadedFiles/Pdf/Press%20Release%20%20Q3%20FY24%20English24124.pdf
Central Bank of India (NSE: CENTRALBK)
Profile
History of the Bank
Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. The establishment of the Bank was the ultimate realisation of the dream of Sir Sorabji Pochkhanawala, founder of the Bank. Sir Pherozesha Mehta was the first Chairman of a truly 'Swadeshi Bank'. In fact, such was the extent of pride felt by Sir Sorabji Pochkhanawala that he proclaimed Central Bank of India as the 'property of the nation and the country's asset'. He also added that 'Central Bank of India lives on people's faith and regards itself as the people's own bank'.
During the past 106 years of history the Bank has weathered many storms and faced many challenges. The Bank could successfully transform every threat into business opportunity and excelled over its peers in the Banking industry.
A number of innovative and unique banking activities have been launched by Central Bank of India and a brief mention of some of its pioneering services are as under:
1921 Introduction to the Home Savings Safe Deposit Schemeto build saving/thrift habits in all sections of the society.
1924 An Exclusive Ladies Department to cater to the Bank's women clientele.
1926 Safe Deposit Locker facility and Rupee Travellers' Cheques.
1929 Setting up of the Executor and Trustee Department.
1932 Deposit Insurance Benefit Scheme.
1962 Recurring Deposit Scheme.
Subsequently, even after the nationalisation of the Bank in the year 1969, Central Bank continued to introduce a number of innovative banking services as under:
1976 The Merchant Banking Cell was established.
1980 Centralcard, the credit card of the Bank was introduced.
1986 'Platinum Jubilee Money Back Deposit Scheme' was launched.
1989 The housing subsidiary Cent Bank Home Finance Ltd. was started with its headquarters at Bhopal in Madhya Pradesh.
1994 Quick Cheque Collection Service (QCC) less than/pgreater thanless thanpgreater than Express Service was set up to enable speedy collection of outstation cheques.
Further in line with the guidelines from Reserve Bank of India as also the Government of India, Central Bank has been playing an increasingly active role in promoting the key thrust areas of agriculture, small scale industries as also medium and large industries. The Bank also introduced a number of Self Employment Schemes to promote employment among the educated youth.
Among the Public Sector Banks, Central Bank of India can be truly described as an All India Bank, due to distribution of its large network in all 29 States as also in 6 out of 7 Union Territories in India. Central Bank of India holds a very prominent place among the Public Sector Banks on account of its network of 4659 Branches, 1 Extension counters, along with 10 Satellite Offices (as on February 2019) at various centres throughout the length and breadth of the country
Customers' confidence in Central Bank of India's wide ranging services can very well be judged from the list of major corporate clients such as ICICI, IDBI, UTI, LIC, HDFC as also almost all major corporate houses in the country.
https://www.centralbankofindia.co.in/English/profile.aspx
19/1/2024
FINANCIAL RESULTS FOR THE QUARTER & YEAR ENDED 31st Dec-23
PERFORMANCE HIGHILIGHT
ï¶ Bank continued to show improved performance in all Business parameters on a sustainable basis for the 11 th consecutive quarter.
ï¶ Total Business grew by 11.48 % to â¹ 617368 crore.
ï¶ Total Deposits up by 9.53 % to â¹ 377722 crore.
ï¶ Gross Advance increased by 14.71 % to â¹ 239646 crore.
ï¶ Credit to Deposit (CD) Ratio improved to 63.60 % registering an improvement of 283 bps, from 31st December 2022.
ï¶ Gross NPA improved to 4.50 %, registering an improvement of 435 bps.
ï¶ Net NPA improved to 1.27 %, registering an improvement of 82 bps.
ï¶ Provision Coverage Ratio improved to 93.73%, registering an improvement of 201 bps.
ï¶ Net Profit up by 56.77 % to â¹ 718 crore (Quarter)/ 72.30% to â¹ 1742 crore (Nine Months/ YTD).
ï¶ Net Interest Income (NII) increased by 14.45 % to â¹ 9355 crore for 9 months period ended on 31st December 23, over corresponding period of last year.
ï¶ Net Interest Margin (NIM) improved to 3.33 % (6 bps, for 9 months period ended on 31 st December 23, over corresponding period of last year.), though reduced marginally to 3.28%( 57 bps, quarterly basis), due to increase in interest pay-out on deposits.
ï¶ Bank is maintaining adequate liquidity and the Liquidity Coverage Ratio (LCR) stands at 231.92 %.
ï¶ Return on Assets (ROA) improved to 0.69 % & 0.59 % (quarterly & for 9 months period ended on 31st December 23, over corresponding period of last year.), registering an improvement of 19 & 21 bps, respectively.
ï¶ Return on Equity improved to 2.67 % & 6.61 % quarterly & for 9 months period ended on 31st December 23, over corresponding period of last year, registering an improvement of 81 & 245 bps, respectively.
ï¶ CRAR improved to 14.74 %, of which Tier I is 12.17 %, registering an improvement of 98 bps.
PROFITABILITY
ï° Net Profit up by 56.77 % to â¹ 718 crore in Q3FY24 against â¹ 458 crore in Q3FY23.
ï° Total Income (Interest Income plus Non Interest Income) for Q3FY24 improved by 19.68 %, from â¹ 7636 crore in Q3FY23 to â¹ 9139 crore for Q3FY24.
ï° Bank is maintaining adequate liquidity and the Liquidity Coverage Ratio (LCR) stands at 231.92 %, as against 289.57% in same period of the preceding year & 236.58 % in the immediate preceding quarter.
ï° Return on Assets (ROA) improved to 0.69% for Q3FY24 as against 0.50% for Q3FY23.
ï° Return on Equity (ROE) also improved to 2.67 % for Q3FY24 as against 1.86 % for Q3FY23.
ï° Net Interest Income (NII) marginally declined by 4.04 % on Y-o-Y basis to â¹ 3152 crore in Q3FY24 as against â¹ 3285 crore for Q3FY23. However excluding one off exceptional item, NII was up 3.73 % from â¹ 3042 crore in Q3FY23 to â¹ 3125 crore in Q3FY24.
ï° Net Profit up by 72.30 % to â¹ 1742 crore for 9 months period ended on 31st December 23, over corresponding period of last year of â¹ 1011 crore.
ï° Net Interest Income (NII) grew by 14.45 % on Y-o-Y basis to â¹ 9355 crore in for 9 months period ended on 31st December 23, over corresponding period of last year of â¹ 8174 crore.
ï° Total Income (Interest Income plus Non Interest Income) improved by 22.21 %, for 9 months period ended on 31st December 23, over corresponding period of last year of â¹ 21058 crore.
ï° Return on Assets (ROA) improved to 0.59 % for 9 months period ended on 31 st December 23, over corresponding period of last year of 0.38 %.
ï° Return on Equity (ROE) improved to 6.61 % for 9 months period ended on 31 st December 23, over corresponding period of last year of 4.16 %.
BUSINESS HIGHLIGHTS
ï° Total Business of the Bank, stood at â¹ 617368 crore as on December 31st, 2023 as against â¹ 553768 crore registering growth of â¹ 63600 crore (11.48%) on Y-o-Y basis.
ï° Total Deposits up by 9.53 % to â¹ 377722 crore.
ï° Gross Advance increased by 14.71 % to â¹ 239646 crore on Y-o-Y basis as against â¹ 208921 crore for the same period of preceding year.
ï° Net Advance increased by 19.19 % to â¹ 231815 crore on Y-o-Y basis as against â¹ 194492 crore for the same period of preceding year.
ï° RAM (Retail, Agriculture & MSME) business grew by 15.34 %. The individual sector wise growth stood at 14.11 % (â¹ 68797 crore), 9.87 % (â¹ 44654 core) & 23.08% (â¹ 46994 crore), respectively, for Retail, Agriculture & MSME.
ï° Business per employee improved to â¹ 19.27 crore, during Q3FY24 as against â¹ 17.67 crore for the same period of preceding year.
ASSET QUALITY
ï° Gross NPA improved to 4.50 % with an improvement of 435 bps, on Y-o-Y basis.
ï° Net NPA improved to 1.27 % with an improvement of 82 bps, on Y-o-Y basis.
ï° Provision Coverage Ratio stood at 93.73 %, with an improvement of 201 bps, on Y-oY basis.
CAPITAL ADEQUACY
ï° Total BASEL III Capital Adequacy Ratio improved to 14.74 % (with Common Equity Tier 1 ratio of 12.17 %), as on December 2023, as compared to 14.12 % on December 22, registering an improvement of 98 bps.
BRANCH SEGMENTATION
ï° Bank is having pan India presence with network of 4494 branches with 65.29 % (2934 branches) in rural & semi-urban areas, 4083 ATMs and 11207 BC Points with total 19784 Touch Points as on December '23.
https://www.centralbankofindia.co.in/sites/default/files/pressrelease/Press-Release-Dec-2023.pdf
HDFC Bank (NYSE: HDB)
The Housing Development Finance Corporation Limited or HDFC was among the first financial institutions in India to receive an "in principle" approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. This was done as part of RBI's policy for liberalisation of the Indian banking industry in 1994.
HDFC Bank was incorporated in August 1994 in the name of HDFC Bank Limited, with its registered office in Mumbai, India. The bank commenced operations as a Scheduled Commercial Bank in January 1995.
As of December 31, 2020, the Bank had a nationwide distribution network 5,485 branches and 14,533 ATM's in 2,866 cities/towns.
The Housing Development Finance Corporation Limited or HDFC was among the first financial institutions in India to receive an "in principle" approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. This was done as part of RBI's policy for liberalisation of the Indian banking industry in 1994.
CSR
At HDFC Bank, corporate social responsibility or CSR is all about developing a business model that not only creates economic value but also contributes to a healthy ecosystem and strong communities. Our endeavour is to evolve and develop appropriate business processes and strategies to achieve a common goal that contributes to the greater good.
Our CSR programmes encompass sustainable livelihood, sanitation, education, skilling, community initiatives and environmental sustainability.
Vision, Mission And Values
HDFC Bank's mission is to be a world class Indian bank. We have a two-fold objective: first, to be the preferred provider of banking services for target retail and wholesale customer segments. The second objective is to achieve healthy growth in profitability, consistent with the bank's risk appetite.
The bank is committed to maintaining the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance. HDFC Bank's business philosophy is based on five core values: Operational Excellence, Customer Focus, Product Leadership, People and Sustainability.
Promoter
HDFC is India's premier housing finance company and enjoys an impeccable track record in India as well as in international markets. Since its inception in 1977, the Corporation has maintained a consistent and healthy growth in its operations to remain the market leader in mortgages. Its outstanding loan portfolio covers well over a million dwelling units. HDFC has developed significant expertise in retail mortgage loans to different market segments and also has a large corporate client base for its housing related credit facilities. With its experience in the financial markets, strong market reputation, large shareholder base and unique consumer franchise, HDFC was ideally positioned to promote a bank in the Indian environment.
Business Focus
As on September 30, 2016 the authorised share capital of the Bank is Rs. 650 crores. The paid-up share capital of the Bank is Rs. 509,12,67,434 (2545633717 equity shares of Rs. 2 each). The HDFC Group holds 21.34 % of the bank's equity and about 18.58 % of the equity is held by the ADS / GDR Depositories (in respect of the bank's American Depository Shares (ADS) and Global Depository Receipts (GDR) Issues). Also, 32.04 % of the equity is held by Foreign Institutional Investors (FIIs) and the bank has 4,74,443 shareholders.
HDFC Bank shares are listed on the BSE Limited and The National Stock Exchange of India Limited (NSE). The bank's American Depository Shares (ADS) are listed on the New York Stock Exchange (NYSE) under the symbol 'HDB' and Global Depository Receipts (GDRs) are listed on Luxembourg Stock Exchange under ISIN No US40415F2002.
Capital Structure
As on 31 - December-2020 the authorized share capital of the Bank is Rs. 650 crore. The paid-up share capital of the Bank as on the said date is Rs 550,76,56,932 comprising of 550,76,56,932 equity shares of the face value of Re 1/- each. The HDFC Group holds 21.15 % of the Bank's equity and about 18.67 % of the equity is held by the ADS Depositories (in respect of the Bank's American Depository Shares (ADS) . 32.01 % of the equity is held by Foreign Institutional Investors (FIIs) and the Bank has 13,49,591 shareholders.
The shares are listed on the BSE Limited and The National Stock Exchange of India Limited. The Bank's American Depository Shares (ADS) are listed on the New York Stock Exchange (NYSE) with symbol 'HDB' .
CBoP less than/pgreater thanless thanpgreater than Times Bank Amalgamation
On May 23, 2008, the amalgamation of Centurion Bank of Punjab (CBoP) with HDFC Bank was formally approved by Reserve Bank of India to complete the statutory and regulatory approval process. As per the scheme of amalgamation, shareholders of CBoP received one share of HDFC Bank for every 29 shares of CBoP.
The amalgamation added significant value to HDFC Bank with an increased branch network, geographic reach, customer base, and a larger pool of skilled manpower.
In a milestone transaction in the Indian banking industry, Times Bank Limited (a new private sector bank promoted by Bennett, Coleman less than/pgreater thanless thanpgreater than Co. or Times Group) was merged with HDFC Bank Ltd., effective February 26, 2000. This was the first merger of two private banks in the new generation private sector banks. As per the scheme of amalgamation approved by the shareholders of both banks and the Reserve Bank of India, shareholders of Times Bank received one share of HDFC Bank for every 5.75 shares of Times Bank.
Distribution Network
HDFC Bank is headquartered in Mumbai. As of June 30, 2020, the Bank's distribution network was at 5,326 branches across 2,825 cities. All branches are linked online on a real-time basis. Customers across India are also serviced through multiple delivery channels such as Phone Banking, Net Banking, Mobile Banking, and SMS based banking. The Bank's expansion plans take into account the need to have a presence in all major industrial and commercial centers, where its corporate customers are located, as well as the need to build a strong retail customer base for both deposits and loan products. Being a clearing / settlement bank to various leading stock exchanges, the Bank has branches in centres where the NSE / BSE have a strong and active member base. The Bank also has a network of 14,996 ATMs across India. HDFC Bank's ATM network can be accessed by all domestic and international Visa / MasterCard, Visa Electron / Maestro, Plus / Cirrus and American Express Credit / Charge cardholders.
Technology
HDFC Bank operates in a highly automated environment powered by information technology and communication systems. All branches have online connectivity which enables speedy funds transfer for customers. Multi-branch access is also provided to retail customers through the branch network and Automated Teller Machines (ATMs).
We have made substantial efforts and investments in acquiring the best technology available internationally to build the infrastructure for a world class bank.
For our core banking software needs, the corporate banking business is supported by Flexcube, and the retail banking business by Finware, both from i-Flex Solutions Ltd. The systems are open, scaleable and web-enabled.
HDFC Bank has prioritised its engagement in technology and the internet as one of its key goals and has already made significant progress in web-enabling its core businesses. In each of its businesses, the bank has succeeded in leveraging its market position, expertise and technology to create a competitive advantage and build market share.
MOGO - Our Musical Logo
HDFC Bank's MOGO - our Musical Logo - is a vibrant expression of the values that have driven the Bank to become India's premier digital bank. It helps form a powerful emotional connect with customers and builds recall among stakeholders across platforms - ATMs, PhoneBanking, Apps and other touch-points
Our MOGO reflects the two dimensions of what we stand for:
Trust
Created through being caring and reliable over the last two decades
Progressive change
To address the ever changing needs of our customers
This piece is inspired on the one hand, by Raag Bilawal which expresses innovation and dynamism, and on the other by Raag Shudh Kalyan which reflects the caring, humane nature of HDFC Bank. You will find contemporary western instruments such as the Piano and Guitar accompanying our very own Sitar, thus creating a wholesome blend of global aspiration and Indian earthiness.
MOGO is a registered trademark of Brand Musiq.
https://www.hdfcbank.com/personal/about-us/overview/who-we-are
16/1/2024
FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023
The Board of Directors of HDFC Bank Limited approved the Bank's (Indian GAAP) results for the quarter and nine months ended December 31, 2023, at its meeting held in Mumbai on Tuesday, January 16, 2024. The accounts have been subjected to a 'Limited Review' by the statutory auditors of the Bank.
CONSOLIDATED FINANCIAL RESULTS:
The Bank's consolidated net revenue grew by 113.5% to â¹ 717.7 billion for the quarter ended December 31, 2023 from â¹ 336.2 billion for the quarter ended December 31, 2022. The consolidated profit after tax for the quarter ended December 31, 2023 was â¹ 172.6 billion, up 35.9%, over the quarter ended December 31, 2022. Earnings per share for the quarter ended December 31, 2023 was â¹ 22.7 and book value per share as of December 31, 2023 was â¹ 576.0.
The consolidated profit after tax for the nine months ended December 31, 2023 was â¹ 464.4 billion, up 39.0%, over the nine months ended December 31, 2022.
STANDALONE FINANCIAL RESULTS:
Profit & Loss Account: Quarter ended December 31, 2023
The Bank's net revenue grew by 25.8% to â¹ 396.1 billion for the quarter ended December 31, 2023 from â¹ 314.9 billion for the quarter ended December 31, 2022.
Net interest income (interest earned less interest expended) for the quarter ended December 31, 2023 grew by 23.9% to â¹ 284.7 billion from â¹ 229.9 billion for the quarter ended December 31, 2022. Core net interest margin was at 3.4% on total assets, and 3.6% based on interest earning assets.
Other income (non-interest revenue) for the quarter ended December 31, 2023 was â¹ 111.4 billion as against â¹ 85.0 billion in the corresponding quarter ended December 31, 2022. The four components of other income for the quarter ended December 31, 2023 were fees & commissions of â¹ 69.4 billion (â¹ 60.5 billion in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of â¹ 12.1 billion (â¹ 10.7 billion in the corresponding quarter of the previous year), net trading and mark to market gain of â¹ 14.7 billion (gain of â¹ 2.6 billion in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of â¹ 15.2 billion (â¹ 11.1 billion in the corresponding quarter of the previous year).
Operating expenses for the quarter ended December 31, 2023 were â¹ 159.6 billion, an increase of 28.1% over â¹ 124.6 billion during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 40.3%.
Pre-provision operating profit (PPOP) at â¹ 236.5 billion grew by 24.3% over the corresponding quarter of the previous year.
Provisions and contingencies for the quarter ended December 31, 2023 were â¹ 42.2 billion as against â¹ 28.1 billion for the quarter ended December 31, 2022. Total provisions for the current quarter included contingent provisions of â¹ 12.2 billion.
The total credit cost ratio (excluding the contingent provisions mentioned above) was at 0.49%, as compared to 0.74% for the quarter ending December 31, 2022.
Profit before tax (PBT) for the quarter ended December 31, 2023 was at â¹ 194.3 billion. After providing â¹ 30.6 billion for taxation, the Bank earned a net profit of â¹ 163.7 billion, an increase of 33.5% over the quarter ended December 31, 2022.
Balance Sheet: As of December 31, 2023
Total balance sheet size as of December 31, 2023 was â¹ 34,926 billion as against â¹ 22,953 billion as of December 31, 2022.
Total Deposits were at â¹ 22,140 billion as of December 31, 2023, an increase of 27.7% over December 31, 2022. CASA deposits grew by 9.5% with savings account deposits at â¹ 5,799 billion and current account deposits at â¹ 2,558 billion. Time deposits were at â¹ 13,783 billion, an increase of 42.1% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 37.7% of total deposits as of December 31, 2023.
Gross advances were at â¹ 24,693 billion as of December 31, 2023, an increase of 62.4% over December 31, 2022. Grossing up for transfers through inter-bank participation certificates and bills rediscounted, advances grew by 60.7% over December 31, 2022. Domestic retail loans grew by 111.1%, commercial and rural banking loans grew by 31.4% and corporate and other wholesale loans (excluding non-individual loans of eHDFC Ltd of approximately â¹ 989 billion) grew by 11.2%. Overseas advances constituted 1.7% of total advances.
Nine months ended December 31, 2023
For the nine months ended December 31, 2023, the Bank earned a total income of â¹ 2,179.4 billion as against â¹ 1,389.5 billion in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2023 were â¹ 1,105.3 billion, as against â¹ 860.0 billion for the nine months ended December 31, 2022. Profit after tax for the nine months ended December 31, 2023 was â¹ 443.0 billion, up by 38.2% over the corresponding nine months ended December 31, 2022.
Capital Adequacy:
The Bank's total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.4% as on December 31, 2023 (19.4% as on December 31, 2022) as against a regulatory requirement of 11.7%. Tier 1 CAR was at 16.8% and Common Equity Tier 1 Capital ratio was at 16.3% as of December 31, 2023. Risk-weighted Assets were at â¹ 23,865 billion.
NETWORK
As of December 31, 2023, the Bank's distribution network was at 8,091 branches and 20,688 ATMs across 3,872 cities / towns as against 7,183 branches and 19,007 ATMs across 3,552 cities / towns as of December 31, 2022. 52% of our branches are in semi-urban and rural areas. In addition, we have 15,053 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,08,066 as of December 31, 2023 (as against 1,66,890 as of December 31, 2022).
ASSET QUALITY
Gross non-performing assets were at 1.26% of gross advances as on December 31, 2023, as against 1.34% as on September 30, 2023, and 1.23% as on December 31, 2022. Net non-performing assets were at 0.31% of net advances as on December 31, 2023.
SUBSIDIARIES
Amongst the Bank's key subsidiaries, HDFC Life Insurance Company Ltd and HDFC ERGO General Insurance Company Ltd prepare their financial results in accordance with Indian GAAP, while others do so in accordance with the notified Indian Accounting Standards ('Ind-AS'). The financial numbers of the subsidiaries mentioned herein below are in accordance with the accounting standards used in their standalone reporting.
HDB Financial Services Ltd (HDBFSL), in which the Bank holds an 94.7% stake, is a non-deposit taking NBFC offering wide a range of loans and asset finance products. For the quarter ended December 31, 2023, HDBFSL's net revenue was at â¹ 23.5 billion as against â¹ 22.3 billion for the quarter ended December 31, 2022, a growth of 5.0%. Profit after tax for the quarter ended December 31, 2023 was â¹ 6.4 billion compared to â¹ 5.0 billion for the quarter ended December 31, 2022, a growth of 27.1%. Profit after tax for the nine months ended December 31, 2023 was â¹ 18.0 billion compared to â¹ 14.1 billion for the nine months ended December 31, 2022. The total loan book was â¹ 840 billion as on December 31, 2023 compared to â¹ 651 billion as on December 31, 2022, a growth of 29.0%. Stage 3 loans were at 2.25% of gross loans. As on December 31, 2023, total CAR was at 18.0% with Tier-I CAR at 14.5%.
HDFC Life Insurance Company Ltd (HDFC Life), in which the Bank holds a 50.4% stake, is a leading, long-term life insurance solutions provider in India. For the quarter ended December 31, 2023, HDFC Life's total premium income was at â¹ 155.3 billion as against â¹ 145.8 billion for the quarter ended December 31, 2022, a growth of 6.5%. Profit after tax for the quarter ended December 31, 2023 was â¹ 3.7 billion compared to â¹ 3.2 billion for the quarter ended December 31, 2022, a growth of 15.8%. Profit after tax for the nine months ended December 31, 2023 was â¹ 11.6 billion compared to â¹ 10.0 billion for the nine months ended December 31, 2022.
HDFC ERGO General Insurance Company Ltd (HDFC ERGO), in which the Bank holds a 50.5% stake, offers a complete range of general insurance products. For the quarter ended December 31, 2023, premium earned (net) by HDFC ERGO was at â¹ 25.6 billion as against â¹ 21.1 billion for the quarter ended December 31, 2022, a growth of 21.4%. Profit after tax for the quarter ended December 31, 2023 was â¹ 1.3 billion, up 6.2%, over the quarter ended December 31, 2022. Profit after tax for the nine months ended December 31, 2023 was â¹ 5.7 billion compared to â¹ 4.5 billion for the nine months ended December 31, 2022.
HDFC Asset Management Company Ltd (HDFC AMC), in which the Bank holds a 52.6% stake, is the Investment Manager to HDFC Mutual Fund, one of the largest mutual funds in India and offers a comprehensive suite of savings and investment products. For the quarter ended December 31, 2023, HDFC AMC's Quarterly Average Assets Under Management were approximately â¹ 5,515 billion, a growth of 24.0% over the quarter ended December 31, 2022. Profit after tax for the quarter ended December 31, 2023 was â¹ 4.9 billion compared to â¹ 3.7 billion for the quarter ended December 31, 2022, a growth of 32.6%. Profit after tax for the nine months ended December 31, 2023 was â¹ 14.0 billion compared to â¹ 10.5 billion for the nine months ended December 31, 2022.
HDFC Securities Ltd (HSL), in which the Bank holds a 95.4% stake, is amongst the leading broking firms in India. For the quarter ended December 31, 2023, HSL's total revenue was â¹ 7.0 billion, as against â¹ 5.0 billion for the quarter ended December 31, 2022. Profit after tax for the quarter was at â¹ 2.3 billion, as against â¹ 2.0 billion for the quarter ended December 31, 2022. Profit after tax for the nine months ended December 31, 2023 was â¹ 6.3 billion compared to â¹ 5.8 billion for the nine months ended December 31, 2022.
Note:
The figures for the period ended December 31, 2023 include the operations of erstwhile HDFC Ltd which amalgamated with and into HDFC Bank on July 01, 2023 and hence the comparisons with the previous periods have to be looked at in light of the same.
â¹ = Indian Rupees
1 crore = 10 million
All figures and ratios are in accordance with Indian GAAP unless otherwise specified.
BSE: 500180
NSE: HDFCBANK
NYSE: HDB
Certain statements are included in this release which contain words or phrases such as "will," "aim," "will likely result," "believe," "expect," "will continue," "anticipate," "estimate," "intend," "plan," "contemplate," "seek to," "future," "objective," "goal," "project," "should," "will pursue" and similar expressions or variations of these expressions, that are "forward-looking statements." Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for various banking services, future levels of our non-performing loans, our growth and expansion, the adequacy of our allowance for credit and investment losses, technological changes, volatility in investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to pay dividends, the impact of changes in banking regulations and other regulatory changes on us in India and other jurisdictions, our ability to roll over our short-term funding sources and our exposure to market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: general economic and political conditions, instability or uncertainty in India and the other countries which have an impact on our business activities or investments caused by any factor, including terrorist attacks in India, the United States or elsewhere, anti-terrorist or other attacks by the United States, a United States-led coalition or any other country, tensions between India and Pakistan related to the Kashmir region or between India and China, military armament or social unrest in any part of India; the monetary and interest rate policies of the government of India, natural calamities, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices; the performance of the financial markets in India and globally, changes in Indian and foreign laws and regulations, including tax, accounting and banking regulations, changes in competition and the pricing environment in India, and regional or general changes in asset valuations.
For more information please log on to: www.hdfcbank.com
For media queries please contact:
Madhu Chhibber
Head - Corporate Communications
HDFC Bank Ltd., Mumbai.
Mobile: +91 9833775515
[emailprotected]
For investor queries please contact:
Investor Relations
HDFC Bank Ltd., Mumbai.
Tel: 91 - 22 - 6652 1054 (D) / 6652 1000 (B)
[emailprotected]
https://www.hdfcbank.com/personal/about-us/news-room/press-release/2024/financial-results-indian-gaap-for-the-quarter-and-nine-months-ended-december-31-2023
ICICI Bank Limited (NYSE: IBN)
About Us
ICICI Bank is a leading private sector bank in India. The Bank's consolidated total assets stood at Rs. 14.76 trillion at September 30, 2020. ICICI Bank currently has a network of 5,288 branches and 15,158 ATMs across India.
History
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary.
ICICI Group Companies
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Board of Directors
ICICI Bank's Board members include eminent individuals with a wealth of experience in international business, management consulting, banking and financial services.
Investor Relations
All the latest, in-depth information about ICICI Bank's financial performance and business initiatives.
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Awards
Time and again our innovative banking services has been recognized and rewarded world over.
News Room
Catch up with ICICI Bank's latest business and social initiatives, as well as innovative product launches.
Corporate Social Responsibility
ICICI Bank is deeply engaged in human and economic development at the national level. The Bank works closely with ICICI Foundation across diverse sectors and programs.
Notice Board
Catch up with ICICI Bank's latest communication related to Acknowledgements, information on regulatory notices, banking ombudsman schemes and others.
https://www.icicibank.com/aboutus/about-us.page?#toptitle
20/1/2024
Performance Review: Quarter ended December 31, 2023
Profit before tax excluding treasury grew by 23.4% year-on-year to â¹ 13,551 crore (US$ 1.6 billion) in the quarter ended December 31, 2023 (Q3-2024)
Core operating profit grew by 10.3% year-on-year to â¹ 14,601 crore (US$ 1.8 billion) in Q3-2024
Profit after tax grew by 23.6% year-on-year to â¹ 10,272 crore (US$ 1.2 billion) in Q3-2024
Total period-end deposits grew by 18.7% year-on-year to â¹ 13,32,315 crore (US$ 160.1 billion) at December 31, 2023
Average current account and savings account (CASA) ratio was 39.4% in Q3-2024
Domestic loan portfolio grew by 18.8% year-on-year to â¹ 11,14,820 crore (US$ 134.0 billion) at December 31, 2023
Net NPA ratio was 0.44% at December 31, 2023 compared to 0.43% at September 30, 2023
Provisioning coverage ratio on non-performing assets was 80.7% at December 31, 2023
Including profits for the nine months ended December 31, 2023 (9M-2024), total capital adequacy ratio was 16.70% and CET-1 ratio was 16.03%, on a standalone basis, at December 31, 2023
The Board of Directors of ICICI Bank Limited (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) at its meeting held at Mumbai today, approved the standalone and consolidated accounts of the Bank for the quarter ended December 31, 2023 (Q3-2024). The statutory auditors have conducted a limited review and have issued an unmodified report on the standalone and consolidated financial statements for the quarter ended December 31, 2023.
Profit & loss account
Profit before tax excluding treasury grew by 23.4% year-on-year to â¹ 13,551 crore (US$ 1.6 billion) in Q3-2024 from â¹ 10,978 crore (US$ 1.3 billion) in the quarter ended December 31, 2022 (Q3-2023)
The core operating profit grew by 10.3% year-on-year to â¹ 14,601 crore (US$ 1.8 billion) in Q3-2024 from â¹ 13,235 crore (US$ 1.6 billion) in Q3-2023; excluding dividend income from subsidiaries/associates, core operating profit grew by 9.7% year-on-year in Q3-2024
Net interest income (NII) increased by 13.4% year-on-year to â¹ 18,678 crore (US$ 2.2 billion) in Q3-2024 from â¹ 16,465 crore (US$ 2.0 billion) in Q3-2023
The net interest margin was 4.43% in Q3-2024 compared to 4.53% in Q2-2024 and 4.65% in Q3-2023. The net interest margin was 4.57% in 9M-2023
Non-interest income, excluding treasury, increased by 19.8% year-on-year to â¹ 5,975 crore (US$ 718 million) in Q3-2024 from â¹ 4,987 crore (US$ 599 million) in Q3-2023
Fee income grew by 19.4% year-on-year to â¹ 5,313 crore (US$ 638 million) in Q3-2024 from â¹ 4,448 crore (US$ 535 million) in Q3-2023. Fees from retail, rural, business banking and SME customers constituted about 79% of total fees in Q3-2024
There was a treasury gain of â¹ 123 crore (US$ 15 million) in Q3-2024 compared to â¹ 36 crore (US$ 4 million) in Q3-2023
Provisions (excluding provision for tax) were â¹ 1,050 crore (US$ 126 million) in Q3-2024 compared to â¹ 2,257 crore (US$ 271 million) in Q3-2023
In Q3-2024, provisions included â¹ 627 crore (US$ 75 million) on investments in Alternate Investment Funds as per RBI circular dated December 19, 2023
The profit before tax grew by 24.2% year-on-year to â¹ 13,674 crore (US$ 1.6 billion) in Q3-2024 from â¹ 11,014 crore (US$ 1.3 billion) in Q3-2023
The profit after tax grew by 23.6% year-on-year to â¹ 10,272 crore (US$ 1.2 billion) in Q3-2024 from â¹ 8,312 crore (US$ 999 million) in Q3-2023
Growth in digital and payments platforms
There have been more than one crore activations from non-ICICI Bank account holders on the Bank's mobile banking app, iMobile Pay as of end-December 2023.
ICICI Bank's Merchant STACK offers an array of banking and value-added services to retailers, online businesses and large e-commerce firms such as digital current account opening, instant overdraft facilities based on point-of-sale transactions, connected banking services and digital store management, among others. The value of the Bank's merchant acquiring transactions through UPI grew by 85.0% year-on-year and 20.7% sequentially in Q3-2024. The Bank had a market share of about 28.8% by value in electronic toll collections through FASTag in Q3-2024, with a 11.9% year-on-year growth in collections in Q3-2024.
The Bank has created more than 20 industry specific STACKs which provide bespoke and purpose-based digital solutions to corporate clients and their ecosystems. The Bank's Trade Online and Trade Emerge platforms allow customers to perform most of their trade finance and foreign exchange transactions digitally. The Bank's digital solutions integrate the import transaction lifecycle with bespoke solutions providing frictionless experience to our clients and simplify customer journeys. About 72% of trade transactions were done digitally in Q3-2024. The volume of transactions done through Trade Online platform in Q3-2024 grew by 26.2% year-on-year.
The Bank has further simplified cross-border remittance journeys with new enhancements. SmartIRM is a multi-party cross-border inward remittance solution with virtual account architecture, enhanced security features and remittances reconciliation with payer identification. SmartORM enables pre-vetting of outward remittance transactions to ensure error-free submission before booking foreign exchange deals.
iLens, the retail lending platform currently enable for the mortgage, is being upgraded on an ongoing basis with new features such as integration with account aggregators, opening of instant paperless saving bank account for newly on-boarded mortgage customers and instant property valuation reports for select developers to provide enhanced customer experience and serve the customer's 360° needs digitally.
Credit growth
The net domestic advances grew by 18.8% year-on-year and 3.8% sequentially at December 31, 2023. The retail loan portfolio grew by 21.4% year-on-year and 4.5% sequentially, and comprised 54.3% of the total loan portfolio at December 31, 2023. Including non-fund outstanding, the retail portfolio was 46.4% of the total portfolio at December 31, 2023. The business banking portfolio grew by 31.9% year-on-year and 6.5% sequentially at December 31, 2023. The SME business, comprising borrowers with a turnover of less than â¹ 250 crore (US$ 30 million), grew by 27.5% year-on-year and 6.7% sequentially at December 31, 2023. The rural portfolio grew by 18.2% year-on-year and 4.6% sequentially at December 31, 2023. The domestic corporate portfolio grew by 13.3% year-on-year and 2.9% sequentially at December 31, 2023. Total advances increased by 18.5% year-on-year and 3.9% sequentially to â¹ 11,53,771 crore (US$ 138.7 billion) at December 31, 2023.
Deposit growth
Total period-end deposits increased by 18.7% year-on-year and 2.9% sequentially to â¹ 13,32,315 crore (US$ 160.1 billion) at December 31, 2023. Period-end term deposits increased by 31.2% year-on-year and 4.9% sequentially to â¹ 8,04,320 crore (US$ 96.7 billion) at December 31, 2023. Average current account deposits increased by 11.6% year-on-year in Q3-2024. Average savings account deposits increased by 2.8% year-on-year in Q3-2024.
With the addition of 471 branches in 9M-2024, the Bank had a network of 6,371 branches and 17,037 ATMs and cash recycling machines at December 31, 2023.
Asset quality
The gross NPA ratio declined to 2.30% at December 31, 2023 from 2.48% at September 30, 2023. The net NPA ratio was 0.44% at December 31, 2023 compared to 0.43% at September 30, 2023 and 0.55% at December 31, 2022. The net additions to gross NPAs, excluding write-offs and sale, were â¹ 363 crore (US$ 44 million) in Q3-2024 compared to â¹ 116 crore (US$ 14 million) in Q2-2024. The gross NPA additions were â¹ 5,714 crore (US$ 687 million) in Q3-2024 compared to â¹ 4,687 crore (US$ 563 million) in Q2-2024. Recoveries and upgrades of NPAs, excluding write-offs and sale, were â¹ 5,351 crore (US$ 643 million) in Q3-2024 compared to â¹ 4,571 crore (US$ 549 million) in Q2-2024. The Bank has written off gross NPAs amounting to â¹ 1,389 crore (US$ 167 million) in Q3-2024. The provisioning coverage ratio on NPAs was 80.7% at December 31, 2023.
Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to â¹ 3,318 crore (US$ 399 million) or 0.3% of total advances at December 31, 2023 from â¹ 3,536 crore (US$ 425 million) at September 30, 2023. The Bank holds provisions amounting to â¹ 1,032 crore (US$ 124 million) against these borrowers under resolution, as of December 31, 2023. In addition, the Bank continues to hold contingency provisions of â¹ 13,100 crore (US$ 1.6 billion) at December 31, 2023. The loan and non-fund based outstanding to performing corporate and SME borrowers rated BB and below was â¹ 5,853 crore (US$ 703 million) at December 31, 2023 compared to â¹ 4,789 crore (US$ 576 million) at September 30, 2023. The loan and non-fund based outstanding of â¹ 5,853 crore (US$ 703 million) at December 31, 2023 includes â¹ 661 crore (US$ 79 million) to borrowers under resolution.
Capital adequacy
Including profits for the nine months ended December 31, 2023, the Bank's total capital adequacy ratio at December 31, 2023 was 16.70% and CET-1 ratio was 16.03% compared to the minimum regulatory requirements of 11.70% and 8.20% respectively.
Consolidated results
The consolidated profit after tax increased by 25.7% year-on-year to â¹ 11,053 crore (US$ 1.3 billion) in Q3-2024 from â¹ 8,792 crore (US$ 1.1 billion) in Q3-2023.
Consolidated assets grew by 17.0% year-on-year to â¹ 22,08,018 crore (US$ 265.3 billion) at December 31, 2023 from â¹ 18,87,209 crore (US$ 226.8 billion) at December 31, 2022.
Key subsidiaries and associates
The annualised premium equivalent increased by 1.7% year-on-year to â¹ 5,430 crore (US$ 653 million) in 9M-2024 compared to â¹ 5,341 crore (US$ 642 million) in 9M-2023. The VNB margin was 26.7% in 9M-2024 compared to 32.0% in FY2023 and 32.0% in 9M-2023. Value of New Business (VNB) of ICICI Prudential Life Insurance (ICICI Life) was â¹ 1,451 crore (US$ 174 million) in 9M-2024 compared to 1,710 crore (US$ 205 million) in 9M-2023. The profit after tax was â¹ 679 crore (US$ 82 million) in 9M-2024 compared to â¹ 576 crore (US$ 69 million) in 9M-2023 and â¹ 227 crore (US$ 27 million) in Q3-2024 compared to â¹ 221 crore (US$ 27 million) in Q3-2023.
The Gross Direct Premium Income (GDPI) of ICICI Lombard General Insurance Company (ICICI General) grew by 13.4% year-on-year to â¹ 6,230 crore (US$ 749 million) in Q3-2024 from â¹ 5,493 crore (US$ 660 million) in Q3-2023. The combined ratio stood at 103.6% in Q3-2024 compared to 104.4% in Q3-2023. Excluding the impact of CAT losses, the combined ratio was 102.3% in Q3-2024. The profit after tax of ICICI General grew by 22.1% to â¹ 431 crore (US$ 52 million) in Q3-2024 from â¹ 353 crore (US$ 42 million) in Q3-2023.
The profit after tax of ICICI Prudential Asset Management Company, as per Ind AS, grew by 30.0% year-on-year to â¹ 546 crore (US$ 66 million) in Q3-2024 from â¹ 420 crore (US$ 50 million) in Q3-2023.
The profit after tax of ICICI Securities, on a consolidated basis, as per Ind AS, grew by 65.8% year-on-year to â¹ 466 crore (US$ 56 million) in Q3-2024 from â¹ 281 crore (US$ 34 million) in Q3-2023.
Summary Profit and Loss Statement (as per standalone Indian GAAP accounts)
â¹ crore
FY2023
Q3-2023
9M-2023
Q2-2024
Q3-2024
9M-2024
Audited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Net interest income
62,129
16,465
44,462
18,308
18,678
55,213
Non-interest income
19,883
4,987
14,755
5,861
5,975
17,019
- Fee income
18,001
4,448
13,171
5,204
5,313
15,360
- Dividend income from subsidiaries/associates
1,784
516
1511
648
650
1,589
- Other income
98
23
73
9
12
70
Less:
Operating expense
32,873
8,217
23,945
9,855
10,052
29,430
Core operating profit1
49,139
13,235
35,272
14,314
14,601
42,802
Total net provision
6,666
2,257
5,045
583
1,050
2,924
- Impact of change in provisioning norms
-
1,196
1,196
-
-
-
- Contingency provisions2
5,650
1,500
4,050
-
-
-
- Other provisions
1,016
(439)
(201)
583
1,050
2,924
Profit before tax excl. treasury
42,473
10,978
30,237
13,731
13,551
39,878
Treasury
(52)
36
(12)
(85)
123
290
Profit before tax
42,421
11,014
30,215
13,646
13,674
40,168
Less:
Provision for taxes
10,525
2,702
7,440
3,385
3,402
9,987
Profit after tax
31,896
8,312
22,775
10,261
10,272
30,181
Summary balance sheet
â¹crore
31-Dec-22
31-Mar-23
30-Sep-23
31-Dec-23
Unaudited
Audited
Unaudited
Unaudited
Capital and liabilities
Capital
1,396
1,397
1,401
1,403
Employee stock options outstanding
635
761
1,078
1,243
Reserves and surplus
1,89,238
1,98,558
2,13,570
2,24,191
Deposits
11,22,049
11,80,841
12,94,742
13,32,315
Borrowings (includes subordinated debt)
1,30,550
1,19,325
1,16,758
1,26,871
Other liabilities and provisions
77,880
83,325
93,231
97,199
Total capital and liabilities
15,21,748
15,84,207
17,20,780
17,83,222
Assets
Cash and balances with
Reserve Bank of India
62,281
68,526
66,221
64,869
Balances with banks and
money at call and short notice
60,190
50,912
43,241
34,459
Investments
3,37,050
3,62,330
4,13,253
4,36,650
Advances
9,74,047
10,19,638
11,10,542
11,53,771
Fixed assets
9,575
9,600
10,166
10,354
Other assets
78,605
73,201
77,357
83,119
Total assets
15,21,748
15,84,207
17,20,780
17,83,222
Prior period figures have been re-grouped/re-arranged wherever necessary
Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospects) are forward-looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non-performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India's sovereign rating, as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circ*mstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov.
This release does not constitute an offer of securities.
For further press queries please email Sujit Ganguli / Kausik Datta at [emailprotected] / [emailprotected] or [emailprotected]
For investor queries please email Abhinek Bhargava at [emailprotected] or Nitesh Kalantri [emailprotected] or [emailprotected].
1 crore = 10.0 million
US$ amounts represent convenience translations at US$1=â¹ 83.21
https://www.icicibank.com/about-us/article/performance-review-quarter-ended-december-31-2023
IDBI Bank (NSE: IDBI)
IDBI Bank Ltd., as a full service universal bank, provides a wide gamut of financial products and services encompassing deposits, loans, payment services and investment solutions. We are committed to understanding our customers' needs and aim at consistently delivering relevant financial solutions and excellent customer service.
Understanding today's fast - paced and digital world, we offer an innovative range of digital services that complement our pan-India network of branches and ATMs. Customers can also reach out to us through our 24x7 customer care facilities. We strive to provide our customers with the best possible combination of safety, convenience and innovation in all of our financial products and services.
The vision 'to be the most preferred and trusted bank enhancing value for all stakeholders' defines and shapes our day-to-day business, helping us to build long-lasting relationships.
https://www.idbibank.in/idbi-bank-about-us.aspx
History
Industrial Development Bank of India
Industrial Development Bank of India (IDBI) was constituted under Industrial Development Bank of India Act, 1964 as a Development Financial Institution (DFI) and came into being as on July 01, 1964 vide GoI notification dated June 22, 1964. It was regarded as a Public Financial Institution in terms of the provisions of Section 4A of the Companies Act, 1956. It continued to serve as a DFI for 40 years till the year 2004 when it was transformed into a Bank.
Industrial Development Bank of India Limited
In response to the felt need and on commercial prudence, it was decided to transform IDBI into a Bank. For the purpose, Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 [Repeal Act] was passed repealing the Industrial Development Bank of India Act, 1964. In terms of the provisions of the Repeal Act, a new company under the name of Industrial Development Bank of India Limited (IDBI Ltd.) was incorporated as a Banking Company under the Companies Act, 1956 on September 27, 2004. Thereafter, the undertaking of IDBI was transferred to and vested in IDBI Ltd. with effect from October 01, 2004.
Merger of United Western Bank with IDBI Ltd.
The United Western Bank Ltd. (UWB), a Satara-based private sector bank, was placed under moratorium by RBI. Upon IDBI Ltd. showing interest to take over the said bank towards its further inorganic growth, UWB was amalgamated with IDBI Ltd., in terms of the provisions of Section 45 of the Banking Regulation Act, 1949. The merger came into effect on October 03, 2006.
Change of name of IDBI Ltd. to IDBI Bank Ltd.
To truly capture its widened business functions, the name of the Bank was changed to IDBI Bank Ltd. with effect from May 07, 2008 upon issue of the Fresh Certificate of Incorporation by Registrar of Companies, Maharashtra.
Merger of IDBI Home Finance Ltd. and IDBI Gilts with IDBI Bank Ltd.
Two wholly owned subsidiaries of IDBI Bank Ltd., viz. IDBI Home Finance Ltd. and IDBI Gilts Ltd. were amalgamated with IDBI Bank Ltd. under Section 391-394 of the Companies Act, 1956 vide Government of India, Ministry of Corporate Affairs order dated April 08, 2011. The appointed day under the scheme of amalgamation has been approved as January 01, 2011. In terms of Section 394(3) of the Companies Act 1956, the Government of India's above Order has been filed with the Registrar of Companies on April 26, 2011.
Re-categorization of IDBI Bank Ltd. as a Private Sector Bank
LIC of India completed acquisition of 51% controlling stake in IDBI Bank on January 21, 2019 making it the majority shareholder of the bank. Subsequent to enhancement of equity stake by LIC of India on January 21, 2019, Reserve Bank Of India has clarified vide a Press Release dated March 14, 2019, that IDBI Bank stands re-categorized as a Private Sector Bank, with retrospective effect from January 21, 2019.
https://www.idbibank.in/idbi-bank-history.asp
21/10/2023
FINANCIAL RESULTS Q2 - FY 2023-24
Profitability - Strong operating momentum
PAT at Rs.1323 crore, up by 60% YoY and 8% QoQ
PBT at Rs.2299 crore, up by 60% YoY and 26% QoQ
Operating Profit at Rs.2072 crore
NII at Rs.3067 crore, grew by 12% YoY
NIM at 4.33%
Cost to Net Income Ratio (CIR) at 47.63%
Business Performance - Focus on Granularity
CASA ratio at 51.49%. CASA at Rs.128464 crore
Retail : Corporate Ratio (Gross Advances) stood at 70:30 against 65:35 as on Sep 2022
Net Advances at Rs.168502 crore grew by 15% YoY and 2% QoQ
Asset Quality - Improving Trend
Net NPA at 0.39%, reduction of 77 bps YoY and 5 bps QoQ
GNPA at 4.90%, reduction of 1161 bps YoY and 15 bps QoQ
PCR stood at 99.10%, improved by 126 bps YoY and 11 bps QoQ
Capital - Adequately Capitalised
Tier 1 Capital at 18.86%, up by 181 bps YoY and 93 bps QoQ
Total CRAR at 21.26%, up by 178 bps YoY and 93 bps QoQ
Total RWA stood at Rs.161618 crore
https://www.idbibank.in/pdf/Analyst_Sep_2023.pdf
Kotak Mahindra Bank (NSE: KOTAKBANK)
Our Story
From launching Kotak Mahindra Finance Ltd. in 1985 to becoming one of the country's most trusted financial institutions today, it's been quite a journey.
Here are some of the biggest milestones we've crossed along the way.
Kotak has evolved over the years
1996
Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Ltd., for financing Ford vehicles.
2003
KMFL becomes India's first non-banking finance company to be converted into a commercial bank.
2014
Innovative solutions such as Jifi and KayPay launched for digital and social media.
2019
We have a lot more in store for you coming up this year.
https://www.kotak.com/en/about-us.html
20/1/2024
Kotak Mahindra Bank Announces Results
Kotak Mahindra Bank Standalone PAT for 9MFY24 â¹ 9,648 crore, up 30% YoY
Q3FY24 â¹ 3,005 crore, up 8% YoY
Consolidated PAT for 9MFY24 â¹ 12,876 crore, up 24% YoY
Q3FY24 â¹ 4,265 crore, up 7% YoY
Mumbai, 20th
January, 2024: The Board of Directors of Kotak Mahindra Bank ("the Bank") approved the unaudited standalone and consolidated results for the quarter and nine months ended December 31, 2023, at the Board meeting held in Mumbai, today.
Kotak Mahindra Bank standalone results
The Bank's PAT for 9MFY24 increased to â¹ 9,648 crore from â¹ 7,444 crore in 9MFY23, up 30% YoY. PAT for Q3FY24 stood at â¹ 3,005 crore, up 8% YoY from â¹ 2,792 crore in Q3FY23. Q3FY24 results for the Bank include â¹143 cr provision (post tax) on applicable Alternate Investment Fund (AIF) investments pursuant to RBI's circular dated December 19, 2023.
Net Interest Income (NII) for 9MFY24 increased to â¹ 19,084 crore, from â¹ 15,449 crore in 9MFY23, up 24% YoY and for Q3FY24 increased to â¹ 6,554 crore, from â¹ 5,653 crore in Q3FY23, up 16% YoY. Net Interest Margin (NIM) was 5.22% for Q3FY24.
Fees and services for 9MFY24 increased to â¹ 5,998 crore from â¹ 4,861 crore in 9MFY23, up 23% YoY and for Q3FY24 increased to â¹ 2,144 crore from â¹ 1,695 crore in Q3FY23, up 26% YoY.
Operating profit for 9MFY24 increased to â¹ 14,126 crore from â¹ 10,201 crore, up 38% YoY and for Q3FY24 was â¹ 4,566 crore, up 19% YoY (Q3FY23: â¹ 3,850 crore).
Customers as at December 31, 2023 were 4.8 cr (3.9 cr as at December 31, 2022).
Advances (incl. IBPC & BRDS) increased 19% YoY to â¹ 3,72,464 crore as at December 31, 2023 from â¹ 3,13,154 crore as at December 31, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 17% YoY to â¹ 4,00,759 crore as at December 31, 2023 from â¹ 3,41,733 crore as at December 31, 2022.
Unsecured retail advances (incl. Retail Micro Finance) as a % of net advances stood at 11.6% as at December 31, 2023. (9.3% as at December 31, 2022).
CASA ratio as at December 31, 2023 stood at 47.7%.
Average Current deposits grew to â¹ 59,337 crore for Q3FY24 compared to â¹ 56,372 crore for Q3FY23 up 5% YoY.
Average Savings deposits grew to â¹ 1,23,227 crore for Q3FY24 compared to â¹ 1,18,442 crore for Q3FY23 up 4%
YoY . Average Term deposit up 43% YoY from â¹ 1,51,470 crore for Q3FY23 to â¹ 2,16,344 crore for Q3FY24.
ActivMoney was launched in Q1FY24 and TD sweep balance grew 13% QoQ (non-annualised) to â¹ 41,784 crore.
As at December 31, 2023, GNPA was 1.73% & NNPA was 0.34% (GNPA was 1.90% & NNPA was 0.43% at December 31, 2022). The provision coverage ratio stood at 80.6%.
Capital Adequacy Ratio of the Bank, as per Basel III, as at December 31, 2023 was 21.2% and CET I ratio of 20.1% (both including unaudited profits).
Consolidated results at a glance
Consolidated PAT for 9MFY24 increased to â¹ 12,876 crore from â¹ 10,359 crore in 9MFY23, up 24% YoY and for Q3FY24 was â¹ 4,265 crore, up 7% YoY from â¹ 3,995 crore in Q3FY23.
PAT of Bank and key subsidiaries given below:
PAT (â¹ crore) 9MFY24 9MFY23 Q3FY24 Q3FY23
Kotak Mahindra Bank 9,648* 7,444 3,005* 2,792
Kotak Securities 849 683 306 241
Kotak Mahindra Prime 666 604 239 225
Kotak Mahindra Life Insurance 580 848 140 330
Kotak Mahindra Investments 386 227 157 86
Kotak Asset Management &
Trustee Company 375 363 146 150
BSS Microfinance 307 208 104 82
Kotak Mahindra Capital Company 117 101 35 28
*Q3FY24 results for the Bank include â¹143 cr provision (post tax) on applicable Alternate Investment Fund (AIF) investments pursuant to RBI's circular dated December 19, 2023.
At the consolidated level, the Return on Assets (ROA) for Q3FY24 (annualized) was 2.46% (2.76% for Q3FY23). Return on Equity (ROE) for Q3FY24 (annualized) was 13.83% (15.04% for Q3FY23).
Consolidated Capital Adequacy Ratio as per Basel III as at December 31, 2023 was 22.2% and CET I ratio was 21.2% (both including unaudited profits).
Consolidated Capital and Reserves & Surplus as at December 31, 2023 was â¹ 1,25,039 crore (â¹ 1,07,670 crore as at December 31, 2022). The Book Value per Share was â¹ 627.
Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew by 19% YoY from â¹ 3,79,820 crore as at December 31, 2022 to â¹ 4,51,524 crore as at December 31, 2023.
Total assets managed / advised by the Group as at December 31, 2023 were â¹ 5,33,365 crore up 32% YoY over â¹ 4,05,269 crore as at December 31, 2022. The Domestic MF Equity AUM increased by 44% YoY to â¹ 2,29,168 crore as at December 31, 2023.
About Kotak Mahindra Group
Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd (KMBL). Kotak Mahindra Group (Group) offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life and general insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The premise of Kotak Mahindra Group's business model is concentrated India, diversified financial services. The bold vision that underscores the Group's growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. Kotak Mahindra Group has a global presence through its subsidiaries in UK, USA, Gulf Region, Singapore and Mauritius with offices in London, New York, Dubai, Abu Dhabi, Singapore and Mauritius respectively. As on 31 st December, 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,869 branches and 3,239 ATMs, and branches in GIFT City and DIFC (Dubai).
For full release:
https://www.kotak.com/content/dam/Kotak/about-us/media-press-releases/2024/Media-Release-Q3FY24.pdf
Punjab National Bank (NSE: PNB)
Punjab National Bank, India first Swadeshi Bank, commenced its operations on April 12, 1895 from Lahore, with an authorised capital of Rs 2 lac and working capital of Rs 20,000. The Bank was established by the spirit of nationalism by establishing the first bank purely managed by Indians with Indian Capital. During the long history of the Bank, 7 banks have merged with PNB.
The Bank brand image and trust reposed by its customers have been reflected in growing customer base and rising business graph of the Bank. Successful in accretion of Rs. 1,00,000 crore in Domestic Business of the Bank which is now over Rs.11.45 lakh crore and the Bank continues to maintain its forte in low cost CASA deposits. The Bank has shaken off one of the biggest adversities in its history and has rebounded back. Focus on recovery and arresting fresh slippages with a simultaneous shift towards higher earnings through qualitative credit growth alongwith rationalization of Risk Weighted Assets (RWAs).
The Bank has been able to achieve better results in the quarter owing to MISSION PARIVARTAN, a transformational exercise underway for Business Excellence aimed at enhancing Efficiency, Productivity and Profitability for long term sustenance and giving the Bank an edge over its competitors. `Mission Parivartan Division`, an independent `THINK TANK` formed to initiate, implement and drive change through improvement in People, Products and Processes, has enabled Bank to serve the customers with enhanced vigour and zeal to live upto its tagline "The Name you can Bank Upon".
https://www.pnbindia.in/profile.html
27/10/2023
Financial Results for the Quarter Ended 30th June 2023
Key Highlights
ï¶ Net profit for Q1 FY24 was at â¹1255 Crore and grew by 307.02 % on YoY basis.
ï¶ Operating Profit was at â¹ 5,968 Crore during Q1 FY'24 grew by 10.95% on YoY basis.
ï¶ Net Interest Income increased by 26.00% YoY to â¹ 9,504 Crore in Q1 FY24.
ï¶ Global NIM improved by 29 bps on YoY basis to 3.08% in Q1 FY24 from 2.79% in Q1 FY'23.
ï¶ GNPA ratio improved by 354 bps on YoY basis to 7.73% as on June'23 from 11.27% as on June'22.
ï¶ NNPA ratio improved by 230 bps on YoY basis to 1.98% as on June'23 from 4.28% as on
June'22.
ï¶ Provision Coverage Ratio (including TWO) improved by 679 bps on YoY basis to 89.83% as on June'23 from 83.04% as on June'22.
ï¶ Provision Coverage Ratio (PCR) Excluding TWO improved by 1105 bps YoY to 75.84% in June'23 from 64.79% in June'22.
ï¶ Slippage ratio improved to 1.19 % in Q1 FY24 from 3.75 % in Q1FY'23.
ï¶ Credit Cost declined by 47 bps on YoY basis to 1.99% in Q1 FY'24.
ï¶ Global Business increased by 14.3%on YoY basis to â¹ 22,14,741 Crore as on June'23 as against â¹19,36,924 Crore as on June'22.
ï¶ Global deposits grew by 14.18% on YoY basis to â¹ 12,97,905 Crore as on June'23.
ï¶ Global Advances grew by 14.58% on YoY basis to â¹ 9,16,836 Crore as on June'23.
ï¶ RAM share improved by 217 bps on YoY basis to 54.74% as on June'23.
Business Performance in Key Parameters
ï¶ Savings deposits increased to â¹ 4,64,004 Crore as on June'23 from â¹4,47,258 Crore as on June'22.
ï¶ Current deposits were at â¹ 66,838 Crore as on June'23.
ï¶ CASA Share (Domestic) stands at 41.9% as on June'23.
ï¶ Core Retail Advances grew YoY by 16.2% to â¹ 1,41,040 Crore as on June'23. Within Core Retail Credit:
Housing Loan increased by 12.5% on YoY basis to â¹83,893 Crore.
Vehicle loan increased by 27.1% on YoY basis to â¹17,093 Crore.
Personal Loan increased by 46.4% on YoY basis to â¹18,940 Crore.
ï¶ Total Retail increased by 40.14% YoY basis from â¹ 1,46,321 Crore in June'22 to â¹ 2,05,058 Crore in June'23.
ï¶ Agriculture Advances grew by 9.26% on YoY basis to â¹1,45,572 Crore in June'23.
ï¶ MSME Advances grew by 5.96% on YoY basis to â¹1,32,398 Crore in June'23
Profitability
ï¶ Net interest income was at â¹ 9504 Crore for Q1 FY'24 registering growth of 26.0% on YoY basis.
ï¶ Total Income of the Bank for Q1 FY'24 was at â¹ 28,579 Crore recording growth of 34.2% on YoY basis.
ï¶ Total Interest Income of the Bank for Q1 FY'24 was at â¹ 25,145 Crore recording growth of 34.1% on YoY basis.
ï¶ Non-interest income for Q1 FY'24 was at â¹ 3,434 Crore and it grew by 35.3 % on YoY basis.
ï¶ Total Interest Expenses of the Bank for Q1 FY'24 was at â¹ 15,641 Crore recording growth of 39.5 % on YoY basis.
ï¶ Other Operating Expenses for Q1 FY'24 was at â¹ 2,483 Crore and it grew by 15.3% on YoY basis.
Efficiency/Productivity Ratio
ï¶ Global Yield on Advances improved to 8.05% in Q1FY'24 as compared to 6.49% in Q1FY'23.
ï¶ Global Cost of Deposits increased to 4.72% in Q1FY'24 as compared 3.79% in Q1FY'23.
ï¶ Business per employee improved to â¹ 22.22 Crore in June'23 from â¹ 19.14 Crore in June22.
ï¶ Business per branch improved to â¹ 214.77 Crore in June'23 from â¹ 188.85 Crore in June'22.
ï¶ Net profit per employee improved to â¹ 5.18 lakh in Q1FY'24 from â¹1.24 lakh in Q1FY'23.
ï¶ Net profit per branch improved to â¹ 49.95 lakh in Q1FY'24 from â¹ 12.28 lakh in Q1FY'23.
Asset Quality
ï¶ Gross Non-Performing Assets (GNPA) were at â¹ 70,899 Crore as on June'23 as against â¹ 90,167 Crore as on June'22 declined by â¹ 19268 crore on YoY basis.
ï¶ Net Non-Performing Assets (NNPA) were at â¹ 17,129 Crore as on June'23 as against â¹ 31,744 Crore as on June'22 declined by â¹ 14615 crore on YoY basis.
Capital Adequacy
ï¶ CRAR improved from 14.82% as on June'22 to 15.54% as on June'23. Tier-I is at 12.29 % (CET1 was at 10.85%, AT1 was at 1.44%) and Tier-II is at 3.25% as at June'23.
Priority Sector Achievement
ï¶ Priority Sector Advances exceeded the National Goal of 40% and was at 42.52 % of ANBC
ï¶ Agriculture advances exceeded the National Goal of 18% and was at 18.12 % of ANBC
ï¶ Credit to Weaker Sections exceeded the National Goal achievement of 12 % and was at 13.52 % of ANBC
ï¶ Credit to Micro Enterprises exceeded the National Goal achievement of 7.50% and was at 8.16 % of ANBC.
Digital Progress
ï¶ Number of UPI Transactions increased by 3.4 times to 26.3 lakh in Q1 FY24 from 7.6 lakh in Q1 FY'23.
ï¶ Active PNB ONE (Mobile App) users increased to 134 Lakhs recorded 139% YoY growth during Q1 FY24 from 56 lakh in Q1 FY'23.
ï¶ Number of transactions done through PNB ONE (Mobile App) increased by 1.8 times to 112 lakh in Q1 FY24 from 62 lakh in Q1 FY'23.
ï¶ Internet Banking Services (IBS) users increased to 399 Lakhs recorded 15% YoY growth during Q1 FY24.
PNB One App Adoption
ï¶ Average daily downloads increased from 14.6 thousand in March'22 to 28.9 thousand in June'23.
ï¶ Average daily active users increased from 3.3 Lakh in March'22 to 6.7 lakh in June'23.
ï¶ Daily login improved from 6 Lakh in March'22 to 13 Lakh in June'23.
ï¶ Daily Transactions improved from 76 thousand in March'22 to 130 thousand in June'23.
Distribution Network
As on 30th June'23, the Bank has 10080 number of Domestic branches. Rural: 3898 (39%) Semi-Urban: 2456 (24%), Urban: 1998 (20%) & Metro: 1728 (17%), 2 International Branches, 12820 number of ATMs and 25115 BCs.
Awards & Accolades
Bank received following awards during Q1 FY' 24:
ï¶ Atal Pension Yojana (APY) National Championship and Annual Target Achievement Award by Pension Fund Regulatory and Development Authority (PFRDA).
ï¶ Infosys Finacle Innovation Awards 2023: - Maximizing Customer Engagement - Platinum winner-PNB One - Super App. - Channel Innovation - Gold winner-e-OTS.
ï¶ 3 rd position under Public Sector Banks category in the NPS Recognition Programme for FY 2022-23 by Pension Fund Regulatory and Development Authority (PFRDA).
ï¶ Industry Best Data Quality (DQ) - Index for FY 2022-23 in consumer segment by TransUnion CIBIL.
Social Media Presence of the Bank: (No. of Followers)
âFacebook: 19,26,827 with YoY growth of 23.10% https://www.facebook.com/pnbindia/
âTwitter: 4,13,200 with YoY growth of 35.23% https://twitter.com/pnbindia
âLinkedIn: 1,21,508 with YoY growth of 30.42% https://in.linkedin.com/company/pnbindia
âInstagram: 1,37,741 with YoY growth of 51.97% https://www.instagram.com/pnbindia
âYoutube: 1,38,000 with YoY growth of 63.26% https://www.youtube.com/pnbindia
âKoo: 44,300 with YoY growth of 157.50% https://www.kooapp.com/pnbindia
https://www.pnbindia.in/downloadprocess.aspx?fid=evuM+ZTijzj6mM6xsnNBgg==
Union Bank of India (NSE: UNIONBANK)
About Union Bank of India
Union Bank of India is one of the leading public sector banks of the country. The Bank is a listed entity and the Government of India holds 89.07 percent in Bank's total share capital. The Bank, having its headquarters at Mumbai (India), was registered on November 11, 1919 as a limited company. Today, it has a network of 9500+ domestic branches, 13300+ ATMs, 11700+ BC Points, serving over 120 million customers with 75000+ employees. The Bank also has 3 branches overseas at Hong Kong, Dubai International Financial Centre (UAE) less than/pgreater thanless thanpgreater than Sydney (Australia); 1 representative office in Abu Dhabi (UAE); 1 banking subsidiary at London (UK), 1 banking joint venture in Malaysia; 3 para-banking subsidiaries and 3 joint ventures (including 2 in life insurance business). Union Bank of India is the first large public sector bank in the country to have implemented 100% core banking solution. Recently, Andhra Bank and Corporation Bank were amalgamated into Union Bank of India with effect from 01.04.2020. with this, the Bank's total business as of 1st April 2020 stood at Rs.15,34,749 crore, comprising Rs. 868632 crore of deposits and Rs. 666117 crore of advances.The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources.
Corporate and Registered Office :
The registered as well as corporate headquarters of Union Bank of India is in the prestigious Nariman Point area of Mumbai, the commercial capital of India.
Address in detail
Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai -
400 021, Maharashtra, India
Phone number [Board]
+91 22-22892000
Bank Website
www.unionbankofindia.co.in
Internet Banking site
www.unionbankonline.co.in
Call Centre 24x7
All-India Toll Free numbers : 1800 22 22 44 / 1800 208 2244 /
18004251515
Charged Numbers : 080-25300175
Dedicated number for NRI : +918025302510
Board of Directors :
Union Bank of India's Board members include eminent individuals with a wealth of experience in areas like, economy, rural and agriculture sector, banking and financial services, commerce less than/pgreater thanless thanpgreater than accountancy, strategy, Business development, analytics, risk management, central banking, merger less than/pgreater thanless thanpgreater than acquisition.
History :
Union Bank of India was established on 11th November 1919 with its headquarters in Mumbai. It was promoted by Seth Sitaram Poddar.
The Head Office building of the Bank in Mumbai was inaugurated by Mahatma Gandhi, the Father of the nation in the year 1921, and he said on the occasion:
"We should have the ability to carry on a big bank, to manage efficiently crores of rupees in the course of our national activities. Though we have not many banks amongst us, it does not follow that we are not capable of efficiently managing crores and tens of crores of rupees." His prescient words anticipated the growth of the bank that has taken place in the decades that followed.
Logo:
The logo features two interlocking U's in red and blue, stands for the consumer and the bank. The two U's stand for union and the integrity, security and strength, which Union Bank of India stands for. The colour blue represents commitment, while red is symbolic of the passion that exists at Union Bank of India
Tagline : Good people to bank with
Did you know :
The First safe deposit vault was formally opened on 22 April 1939.
At the time of Independence in 1947 .Union Bank of India had 4 Branches.
In 1964, Bank's 100th Branch opened at Irinjalakuda in Kerala. 3 Pvt sector Banks Perunbavoor Bank Ltd, Catholic Union Bank Ltd, Nadar Mercantile Bank Ltd were taken over.
In 1969 when Bank was nationalized Mr F.K.F Nariman became its first custodian.
In 1974 Bank was assigned 8 Lead districts - 4 in UP, 2 each in Kerala and MP for assisting rural development.
In 1975 Belgaum Bank Limited, a private sector Bank was taken over by Union Bank of India adding as many as 40 Branches.
In 1978 Bank became the first Nationalised Bank to publish Annual Report in Hindi.
In 1982 Bank received Government's National Award from President of India for outstanding export performance during 1979-80.
In the post reforms era Bank doubled itself in business from 1993 to 1996.
In 1999 Sikkim Bank Ltd with 8 Branches merged with the Bank.
In 2002 Public Issue of 18 Crore shares oversubscribed by 5.22 times. Shares listed on BSE and NSE.
In 2003 Bank was among the 1st Public Sector Banks to initiate Anytime and Anywhere Banking along with Telebanking.
In 2004 the Bank was among the 7 new entrants to Forbes - 2000 list of world's biggest and most powerful companies.
In 2007 Bank opened record number of 56 new branches across the country in a single Day. Bank opened its first Bio-metric ATM. Bank opened India's highest altitude ATM at 14300 ft in Serethang, Nathulla, Sikkim.
In 2008 Bank became the 1st Large nationalized Bank to achieve 100 % CBS networking. Bank unveils new logo and launches re-branding initiative. U-Mobile Launched -Becomes 1st Public sector Bank to launch Mobile Banking Facility in 2008.
In 2009 Bank sponsored Rewa Siddhi Gramin Bank becomes the first RRB in the country to achieve 100 % CBS connectivity.
In 2012 Bank inaugurates First Talking ATM specially made for the benefit of visually challenged.
In 2013 Bank opened record 111 branches on its foundation day 11.11.2013.
In 2014 Bank opened 96 branches on its foundation day i.e 11.11.2014.
In 2015 Bank launched its UK subsidiary in London.
Amalgamation :
In August 2019 Union Bank of India has been selected by Government of India as Anchor Bank for the amalgamation of Andhra Bank, Corporation Bank into Union Bank of India. The amalgamation took place on 1st April 2020. Our proven history of reliability stems from excellence in customer service and trust built over combined legacy of 300+ years. The amalgamation will help us to offer best-in-class products through wider network of branches spanning each and every state of India.
Energetic and Committed Workforce :
Behind all these achievements is a dedicated team of staff, which is truly cosmopolitan in its composition. Many generations of members of staff have contributed in building up the strong edifice of the Bank. The present team of over 75000+ members of staff distinguishes itself with its customer centricity, willingness to learn and adherence to values enabling us to be recognized as a caring organization where people enjoy their work and relationship with customers.
Investor Relations :
All the latest, in-depth information about Union Bank of India's financial performance, business initiatives.
Link to Investor Relations
RECRUITMENT :
All the information related to Openings for recruitment in one of the Top 5 Public Sector Banks of India
Link to Recruitment
Corporate Social Responsibility :
Union Bank of India is engaged in social and economic development at the national level. The Bank works closely with Union Bank Social Foundation Trust across diverse sectors and programs of social welfare.
https://www.unionbankofindia.co.in/english/aboutus-profile.aspx
20/1/2024
Financial Results for the Quarter ended December 31, 2023
The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter ended December 31, 2023.
Key Highlights in Q3FY24
1. Strong Financial Performance:
Net Profit of the Bank increased by 60.00% on YoY basis during Q3FY24. Net interest income of Bank grew by 6.26% on YoY basis during Q3FY24.
2. Bank continues to demonstrate a strong Liability franchise:
The CASA deposits have increased by 5.62% YoY. Bank now have a total deposits base of Rs.11,72,455 Crores as on December 31, 2023.
3. Business Growth gaining momentum:
Total Business of the Bank increased by 10.67% YoY, wherein Gross Advances increased by 11.44% YoY & Total Deposit grew by 10.09% YoY. Bank have a total Business of Rs.20,68,429 Crores as on December 31, 2023.
4. Growth in Retail, Agri and MSME (RAM) segments:
RAM Segment of the Bank increased by 13.85% YoY, where 12.60% growth in Retail, 17.88% growth in Agriculture and 10.51% growth in MSME advances is achieved on YoY basis. RAM advances as a percent of Domestic Advances stood at 56.28%.
5. Reduction in NPA:
Gross NPA (%) reduced by 310 bps on YoY basis to 4.83% and Net NPA (%) reduced by 106 bps on YoY basis to 1.08% as on 31.12.2023.
6. Strong Capital Ratios:
CRAR improved from 14.45% as on 31.12.2022 to 15.03% as on 31.12.2023. CET1 ratio improved to 11.71% as on 31.12.2023 from 10.71% as on 31.12.2022.
7. Improved Returns:
Bank's Return on Assets & Return on Equity improved to 1.07% and 17.25% respectively during Q3FY24.
Network:
8,479 Branches including foreign branches
9,889 ATMs
18,987 BC points
135 MLPs (MSME Loan Points)
159 RLPs (Retail Loan Points)
43 ALPs (Agriculture Loan Points)
105 MSME First Branches
1,685 Gold Loan Points
19 LCBs & 40 MCBs
9 SAMBs & 29 ARBs
Financial Inclusion schemes:
Financial Inclusion schemes launched by GOI with an aim to eliminate barriers and provide economically priced financial services to the less accessible sections of the society through government-backed schemes like PMJJBY, PMSBY, PMJDY and APY.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
This is a Government- backed insurance scheme; where 1.98 lakhs new enrollments were done by the Bank for the quarter ended December 31, 2023.
Pradhan Mantri Suraksha Bima Yojana (PMSBY):
This is Government- backed accidental insurance scheme; where 8.87 lakhs new enrollments were done by the Bank for the quarter ended December 31, 2023.
Pradhan Mantri Jan Dhan Yojana (PMJDY):
Our bank is instrumental in opening 2.88 Crores accounts under PMJDY Scheme with balance of Rs. 9,604 Crores as on 31.12.2023. The corresponding figure was 2.86 Crores account with balance of Rs. 8,162 Crores as on 31.12.2022.
Atal Pension Yojana (APY):
APY is a pension scheme, primarily targeted at the individuals working in unorganized sector, 2.09 lakh new enrollments were done by Bank for the quarter ended December 31, 2023.
Union Nari Shakti Scheme for Women Entrepreneurs:
Sanctioned 18,017 Applications for Rs.2,011 crores during 9M FY24
Credit facility towards Green initiatives: -
1) Renewable Energy Sector: -Sanctioned Rs. 25,256 crores as on 31.12.2023
2) Union Green Miles: -Sanctioned amount Rs. 398 crores as on 31.12.2023
https://www.unionbankofindia.co.in/pdf/final%20press%20release%20q3fy2024%20english.pdf
Yes Bank (NSE: YESBANK)
YES BANK has been recognized amongst the Top and Fastest Growing Banks in various Indian Banking League Tables by prestigious media houses and Global Advisory Firms, and has received several national and international honours for our various Businesses including Corporate Investment Banking, Treasury, Transaction Banking, and Sustainable practices through Responsible Banking.
https://www.yesbank.in/about-us
YES BANK, is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a 'Full Service Commercial Bank' providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME less than/pgreater thanless thanpgreater than retail customers. YES BANK operates its Investment banking, Merchant banking less than/pgreater thanless thanpgreater than Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
https://www.yesbank.in/about-us/overview
21/10/2023
Yes Bank announces financial results for the quarter ended September 30, 2023
Key Highlights
* Net Profit for Q2 FY24 at INR 225 Cr grows 47.4% Y-o-Y
* Non-Interest Income at INR 1,210 Cr, up 38.4% Y-o-Y and 6.0% Q-o-Q
* Provision Costs (non-tax) down 14.1% Y-o-Y
* Sustained momentum in Balance Sheet Granularity
* Advances growth at 11.2% Y-o-Y (adjusted for ARC transaction)
o Retail Advances cross INR 1 Lakh Crore during the quarter, up 27.2% Y-o-Y
o SME Advances cross INR 30,000 Cr during the quarter up 25.0% Y-o-Y
o Mid Corporate Segment Advances up 26.7% Y-o-Y
o New Disbursem*nts
1 of over INR 28,000 Cr in Q2FY24
* Deposits grew 17.2% Y-o-Y and 6.8% Q-o-Q
o CASA Ratio stable Q-o-Q at 29.4% despite challenging environment
o 3.91 lakh CASA Accounts opened during the quarter
* All around improvement in Asset Quality parameters
* GNPA ratio at 2.0% vs. 12.9% in Q2 FY23 and flat Q-o-Q
* NNPA ratio lower at 0.9% v/s. 3.6% last year and 1.0% last quarter
* Net carrying value of SRs as % of Advances at 1.1% in Q2 FY24 vs. 1.3% last quarter
* Provision Coverage Ratio (PCR) at 56.4% v/s. 48.4% last quarter. Including Technical W/O, PCR at 72.1% v/s. 67.8%
* Resolution Momentum strong with Total Recoveries & Upgrades for Q2 FY24 at INR 1,352 Cr. H1-FY24 cumulative recoveries and upgrades at INR 2,553 Cr
Commenting on the results and financial performance, Mr. Prashant Kumar, Managing Director & CEO, YES BANK said, "The Bank's Q2 FY24 performance is a testament to the strength of the core franchise that the Bank has built through significant strategic interventions during the last three years. Amidst a challenging environment with respect to interest rates, deposit growth slowdown, as well as tightening liquidity, the Bank has managed to deliver Yo-Y expansion in both operating profitability and net profitability. At the same time, the fortification of Balance Sheet from Asset Quality standpoint continues, supported by robust redemptions from the Security Receipts.
The Bank has also been consistently putting together the key pieces of the puzzle as it accelerates along its path of profitability expansion. Few such highlights during the quarter included the launch of our next gen mobile banking app 'iris by YES BANK', setup of a dedicated Strategy & Transformation Office; and further strengthening of our Management Team through two key senior level appointments - Head of Wholesale Banking and Head of Strategy & Transformation."
Financial Highlights
Profit and Loss
* Q2 FY24 NII at INR 1,925 Cr down 3.3% Y-o-Y
* NIM for Q2 FY24 at 2.3% down by nearly 30 bps Y-o-Y and 20 bps Q-o-Q
* Q2 FY24 Non-Interest Income at INR 1,210 Cr, up 38.4% Y-o-Y and 6.0% Q-o-Q
* Q2 FY24 Operating Expenses at INR 2,334 Cr, up 12.5% Y-o-Y and 0.5% Q-o-Q despite INR 36 Cr of PSLC cost during the quarter vs. NIL in Q2 FY23 and INR 12 Cr in Q1 FY24
* Operating profit for Q2 FY24 stands at INR 801 Cr, up 1.4% Y-o-Y
* Q2 FY24 Provision costs (non-tax) at INR 500 Cr down 14.1% Y-o-Y
* Q2 FY24 Net Profit at INR 225 Cr, up 47.4% Y-o-Y
Balance Sheet
* Net Advances at INR 2,09,106 Cr, registered growth of 8.7% Y-o-Y. Adjusted for the ARC Transaction, Advances growth at 11.2% Y-o-Y
* Sustained improvement in Granularity - Retail & SME: Mid Corp.: Corp. mix at 63:14:23 vs. 54:12:34 last year and 61:14:25 last quarter
* Retail Advances mix at 48.0% vs. 41.1% in Q2 FY23 and 47.2% last quarter
* New Sanctions / Disbursem*nts of INR 28,077 Cr in Q2 FY24
o Gross Retail Assets Disbursem*nts of INR 11,149 Cr in Q2 FY24
o Rural Disbursem*nts of INR 1,208 Cr
o SME Disbursem*nts1 of INR 7,666 Cr
o Mid Corporate Disbursem*nts of INR 1,440 Cr
* Total Balance Sheet grew 9.2% Y-o-Y
* CD Ratio at 89.2% vs. 96.1% in Q2 FY23 and 91.3% last quarter
* Total Deposits at INR 2,34,360 Cr, up 17.2% Y-o-Y & 6.8% Q-o-Q. Excluding CDs, Deposits growth at 18.3% Y-o-Y
* CASA ratio at 29.4% vs. 31.0% in Q2 FY23 and flattish Q-o-Q
* 3.91 lakh new CASA Accounts opened in Q2 FY24
* Retail and Small Business Deposits (Gross LCR Definition) grew 18.8% Y-o-Y
* Average LCR during the quarter remains healthy at 120.9%; LCR as on September 30, 2023 at 117.1%
* CET 1 ratio at 13.1%2: Total CRAR at 17.3%2
* RWA to Total Assets at 70.6% vs. 71.2% in Q2 FY23 and 69.1% in Q1 FY24
* Investments at INR 76,204 Cr up 31.4% Y-o-Y
* Borrowings at INR 70,726 Cr down 7.5% Y-o-Y
Asset Quality
* (NNPA + net carrying value of SR) as % of Advances at 2.0% in Q2 FY24 v/s. 2.4% in Q1 FY24
* GNPA ratio at 2.0% vs. 12.9% in Q2 FY23 and 2.0% in Q1 FY24
* NNPA ratio at 0.9% vs. 3.6% in Q2 FY23 and 1.0% in Q1 FY24
* Gross Slippages for Q2 FY24 at INR 1,199 Cr v/s. INR 896 Cr in Q2 FY23 and INR 1,430 Cr in Q1 FY24
* Slippages Net of Recoveries and Upgrades, at INR 543 Cr vs. INR 764 Cr last quarter
* Overdue Book of 31-90 days flattish Q-o-Q at: INR 3,898 Cr vs INR 3,863 Cr last quarter
* 31-60 days book at INR 1,477 Cr vs INR 1,269 Cr last quarter
* 61-90 days book at INR 2,421 Cr vs INR 2,594 Cr last quarter
* Resolution Momentum continues to be strong with Recoveries & Upgrades for Q2 FY24 at INR 1,352 Cr. H1-FY24 cumulative recoveries and upgrades at INR 2,553 Cr
Digital & Other Highlights/ Achievements
* Launched 'iris by YES BANK'- A comprehensive mobile banking solution that offers end-to-end life cycle management and enables customers to bank 'on the go'
* Two Senior Management Appointments during the quarter: Mr. Manish Jain as Country Head - Wholesale Banking and Mr. Pankaj Sharma as Chief Strategy & Transformation Officer
* Credit Rating Upgrade by CRISIL, India Ratings & CARE: Basel III Tier II Bonds & Infrastructure Bonds upgraded to A from A- / BBB+
* YES BANK included in FTSE4Good Index
* Digital Innovation: Launched UPI payments through RuPay Credit Cards; enabled UPI Interoperability on the RBI CBDC app; became the first bank in the country to issue an 'ONDC Network Gift Card'
ABOUT YES BANK
YES BANK is a full service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to retail, MSME as well as corporate clients. YES BANK operates its Investment banking, merchant banking and brokerage businesses through YES SECURITIES, a wholly owned subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi. For more information, please visit the Bank's website at
https://www.yesbank.in/
https://www.yesbank.in/pdf?name=q2_fy24_Press_Release.pdf
ACQ_REF: IS/42690/20240401/IND/22/3
ACQ_AUTHOR: Senior Associate/Joseph Hang Ellision
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