State-owned Canara Bank on Wednesday reported a 17.08 per cent rise in its standalone net profit to Rs 329.07 crore for the first quarter ended June 30, mainly driven by reduction in bad loans. The bank had registered a net profit of Rs 281.49 crore in the April-June period of 2018-19.
Total income rose to Rs 14,062.39 crore in the June quarter from Rs 13,192.46 crore in same period a year ago, Canara Bank said in a regulatory filing. At the same time, interest income rose to Rs 12,200.52 crore in the quarter from 11,359.55 crore in the corresponding period last fiscal. The bank’s income from other sources too improved to Rs 1,861.87 crore from Rs 1,832.91 crore. During the quarter, the bank earned operating profit of Rs 2,440.01 crore.
With regard to asset quality, the bank has exhibited improvement with the gross non-performing assets (NPAs) declining to 8.77 per cent of gross advances at the end of June 2019, as against 11.05 per cent as of June 30, 2018. Net NPA too came down to 5.35 per cent from 6.91 per cent. In absolute value, gross NPAs at the end of June, 2019 declined to Rs 39,399.02 crore from Rs 44,659.56 crore as on June 30, 2018. Net NPAs came down to Rs 23,149.62 crore compared to Rs 26,693.50 crore.
As a result, the provisions for bad loans declined to Rs 2,282.70 crore for the first quarter this fiscal, from Rs 2,466.20 crore parked aside for the same period in 2017-18.
Overall provisions and contingencies too eased to Rs 1,899.13 crore as against Rs 2,582.30 crore. Provision coverage ratio as on June 30, 2019 rose to 68.62 per cent from 60.69 per cent at the end of first quarter last fiscal.
Total business (deposit and advances) of the bank improved by 13 per cent to Rs 10.59 lakh crore at the end of June, 2019. Gross deposits increased by 14.5 per cent to Rs 6.10 lakh crore, while gross advances rose by 11.12 per cent to Rs 4.49 lakh crore at the end of first quarter of the current fiscal.
Syndicate Bank narrows Q1 loss
State-run Syndicate Bank on Wednesday reported narrowing down of its net loss to Rs 980.46 crore in the quarter ended June 2019 due to a fall in provisioning for bad assets. The bank had posted a net loss of Rs 1,281.77 crore in the same April-June quarter of the previous fiscal ended March 2019.
Total income during the June quarter of 2019-20 rose to Rs 6,080.69 crore from Rs 56,37.51 crore in the year-ago period, Syndicate Bank said in a regulatory filing. The bank’s asset quality witnessed a slight improvement with the gross non-performing assets (NPAs) falling to 11.76 per cent of the gross advances by the end of June 2019 quarter, from 12.59 per cent as on June 2018. Net NPAs or bad loan ratio fell to 5.06 per cent, as against 6.64 per cent a year ago period.
The overall provisioning for bad loans and contingencies for the quarter fell to Rs 1,969.09 crore from Rs 2,326.82 crore a year ago. The bank’s provision coverage ratio as on June 30, 2019, stood at 69.02 per cent.
CGCEL Q1 profit rises 17.42% to Rs 122.44 cr
Crompton Greaves Consumer Electricals (CGCEL) on Wednesday reported a 17.42 per cent increase in consolidated net profit at Rs 122.44 crore for the quarter ended June 30, 2019. The company had posted net profit of Rs 104.27 crore in the same period a year ago. The total income of the company in the quarter under review stood at Rs 1,364.14 crore as against Rs 1,212.73 crore in the same quarter a year-ago, a growth of 12.48 per cent, CGCEL said in a regulatory filing.
Asian Paints Q1 net profit rises 18%
Asian Paints on Wednesday reported a 17.90 per cent increase in consolidated net profit at Rs 672.09 crore for the first quarter ended June 30. The company had reported a net profit of Rs 570.02 crore in the year-ago period. The total income for the June 2019 quarter stood at Rs 5,204.19 crore, up 16.67 per cent, as against Rs 4,460.25 crore in June quarter of the previous year, Asian Paints said in a filing to the BSE.
“The decorative business segment in India registered a high double-digit volume growth and delivered strong performance across regions,” Asian Paints MD and CEO KBS Anand said. The automotive coatings JV business was effected by the severe slowdown being witnessed in the automobile industry. Even the industrial coatings JV business was impacted by demand slowdown, Anand added. Benign raw material prices, however, supported the margins for the entire coatings business, he said.
Jubilant FoodWorks Q1 net profit dips marginally
Jubilant FoodWorks Ltd, which operates fast-food chains Domino’s Pizza and Dunkin’ Donuts, on Wednesday reported a marginal decline in its consolidated net profit at Rs 71.48 crore for the first quarter ended June 30, 2019. The company had posted a net profit of Rs 72.12 crore in April-June quarter a year-ago, Jubilant FoodWorks Ltd (JFL) said in a BSE filing. However, its revenue from operations was up 9.94 per cent to Rs 949.11 crore during the quarter under review as against Rs 863.22 crore of the corresponding quarter last fiscal.