Link/Page Citation
The New Indian Express - India finally declares victory over bad loans - 30/5/2024
In all, the combined performance of public and private lenders fills our chests with pride.
For the complete story, see:
https://www.newindianexpress.com/web-only/2024/May/29/hooray-india-finally-declares-victory-over-bad-loans
Business Standard - Shinhan Bank receives CCI approval to acquire 11% stake in HDFC Credila - 30/5/2024
The Competition Commission of India (CCI) has cleared South Korea-based Shinhan Bank's proposed acquisition of an 11 per cent stake in HDFC Credila Financial Services.
For the complete story, see:
https://www.business-standard.com/companies/news/shinhan-bank-receives-cci-approval-to-acquire-11-stake-in-hdfc-credila-124052901846_1.html
The Economic Times - Large Indian banks are expected to improve their asset quality in the current fiscal - 29/5/2024
India's top banks are set for asset quality improvement in the fiscal year.
For the complete story, see:
https://economictimes.indiatimes.com/industry/banking/finance/banking/large-indian-banks-are-expected-to-improve-their-asset-quality-in-the-current-fiscal-sp/articleshow/110535533.cms?from=mdr
Other Stories
Business Standard - Union Bank of India modernises risk management with SAS - 29/5/2024
Times of India - South Africa's central bank fines SBI over compliance - 27/5/2024
Bloomberg - India Eyes $12 Billion Bonanza From RBI Dividends, Helping Meet Budget Target - 23/5/2024
The Business Times - India's Paytm flags further financial impact of banking unit wind down - 22/5/2024
The Economic Times - Bank of Maharashtra tops among PSU banks in business growth in FY24 - 19/5/2024
Media Releases
Union Bank of India (NSE: UNIONBANK) - Union Bank of India Opens Branch in Lakshadweep - 29/5/2024
Latest Research
Performance measurement of Indian banking sector: a cross-section perspective - By S Kumar, S Raina
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 New Indian Express - India finally declares victory over bad loans - 30/5/2024
In all, the combined performance of public and private lenders fills our chests with pride.
For the complete story, see:
https://www.newindianexpress.com/web-only/2024/May/29/hooray-india-finally-declares-victory-over-bad-loans
Business Standard - Shinhan Bank receives CCI approval to acquire 11% stake in HDFC Credila - 30/5/2024
The Competition Commission of India (CCI) has cleared South Korea-based Shinhan Bank's proposed acquisition of an 11 per cent stake in HDFC Credila Financial Services.
For the complete story, see:
https://www.business-standard.com/companies/news/shinhan-bank-receives-cci-approval-to-acquire-11-stake-in-hdfc-credila-124052901846_1.html
The Economic Times - Large Indian banks are expected to improve their asset quality in the current fiscal - 29/5/2024
India's top banks are set for asset quality improvement in the fiscal year.
For the complete story, see:
https://economictimes.indiatimes.com/industry/banking/finance/banking/large-indian-banks-are-expected-to-improve-their-asset-quality-in-the-current-fiscal-sp/articleshow/110535533.cms?from=mdr
Business Standard - Union Bank of India modernises risk management with SAS - 29/5/2024
This modernisation resulted in significant credit risk RWA and capital savings with a single integrated system for RWA computation.
For the complete story, see:
https://www.business-standard.com/content/press-releases-ani/union-bank-of-india-modernises-risk-management-with-sas-124052901624_1.html
Times of India - South Africa's central bank fines SBI over compliance - 27/5/2024
The bank's South Africa branch has made the immediate payment of a penalty of 5.5 million rand.
For the complete story, see:
https://timesofindia.indiatimes.com/business/india-business/south-africas-central-bank-fines-sbi-over-compliance/articleshow/110445321.cms
Bloomberg - India Eyes $12 Billion Bonanza From RBI Dividends, Helping Meet Budget Target - 23/5/2024
India's central bank will pay a 2.1 trillion-rupee ($25 billion) dividend to the government.
For the complete story, see:
https://www.bloomberg.com/news/articles/2024-05-21/india-eyes-12-billion-bonanza-from-central-bank-aiding-budget
The Business Times - India's Paytm flags further financial impact of banking unit wind down - 22/5/2024
The full impact of RBI's move would be felt in the April-June quarter.
For the complete story, see:
https://www.businesstimes.com.sg/companies-markets/indias-paytm-flags-further-financial-impact-banking-unit-wind-down
The Economic Times - Bank of Maharashtra tops among PSU banks in business growth in FY24 - 19/5/2024
With a 15.94% rise in total business and a 15.66% increase in deposits, Bank of Maharashtra led the pack.
For the complete story, see:
https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-of-maharashtra-tops-among-psu-banks-in-business-growth-in-fy24/articleshow/110246524.cms?from=mdr
Media Releases
Union Bank of India (NSE: UNIONBANK) - Union Bank of India Opens Branch in Lakshadweep - 29/5/2024
Union Bank of India, one of the premier public sector Banks in the country has opened a branch in Agatti Island, Lakshadweep on 29th May 2024.
This is the first branch of Union Bank of India in the Lakshadweep.
The new branch was inaugurated by MD and CEO of Union Bank of India, A. Manimekhalai.
The branch will provide full range of services - Saving and Current Accounts, Loans products to Wealth management, Insurance along with ATM and CDM ensuring 100% banking habit among the local population.
www.unionbankofindia.co.in/pdf/Opens%20Branch%20in%20Lakshadweep.pdf
Latest Research
Performance measurement of Indian banking sector: a cross-section perspective
S Kumar, S Raina
Abstract
The objective of the paper is to examine the performance of banks operating in India on the basis of DEA methodology and CAMEL approach. An effectual sample of 44 banks operating in India, out of which 20 are the nationalised banks, 18 are the private sector banks and 6 are the SBI and its associates, is considered for the period. Using cross-section data, the study evaluated the level of underutilisations of public goods/resources and consequent poor technical efficiency and its components along with slack and radial movements for optimal efficiency. The role of slack and radial movements is equally critical for the efficient utilisation of resources. Poor performance and lower technical efficiency results into higher cost and higher price of services to the end customers. The study determines the slack and radial movements by identifying peers and targets for performance improvements with better diagnose and 360 degree review.
https://ideas.repec.org/a/ids/ijbglo/v37y2024i2p210-236.html
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
24/4/2024
Axis Bank announces Financial Results For The Quarter and Year Ended 31 st March 2024
FY24 PAT at `24,861 crores up 160% YOY, NIM at 4.07% up 5 bps YOY, Consolidated ROA at 1.84%, up 99 bps YOY; Consolidated ROE at 19.29% up 1,003 bps YOY; aided by balanced deposit and loan growth of 13% and 14%, respectively
o Q4FY24 Net Interest Income grew 11% YOY and 4% QOQ, Q4FY24 NIM1 at 4.06% up 5 bps QOQ
o Q4FY24 fee income grew 23% YOY | 9% QOQ, Retail fee grew 33% YOY | 12% QOQ, granular fees at 93% of total fees
o Q4FY24 Operating profit grew 15% YOY & QOQ, PAT at `7,130 crores up 17% QOQ
o Q4FY24 Consolidated ROA | ROE on annualized basis at 2.07% | 20.87%, up 23 bps | 226 bps QOQ
o Bank's total business grew 13% | 5% of which advances grew 14% | 4% and MEB2 deposits grew 13% | 6% on YOY | QOQ basis
o MEB retail term deposits grew 17% YOY & 5% QOQ, CASA grew 8% QOQ with CASA ratio at 43%
o Retail loans up 20% | 7%, SME up 17% | 5% on YOY | QOQ basis, Corporate loans (gross of IBPC3 sold) up 7% YOY
o Overall CAR stood at 16.63% with CET 1 ratio of 13.74%, organic net accretion4 to CET-1 of 44 bps in FY24
o GNPA% at 1.43% declined by 59 bps YOY and 15 bps QOQ, NNPA% at 0.31% declined by 8 bps YOY and 5 bps QOQ
o 1.24 million credit cards issued in Q4, CIF market share3 of 14%, card spends up 50% YOY
o Largest player in Merchant Acquiring with market share of 19.8%, incremental share of 28% in last one year
The Board of Directors of Axis Bank Limited approved the financial results for the quarter and year ended 31st March 2024 at its meeting held in Mumbai on Wednesday, 24th April 2024. This financial year, Axis Bank carved out a path of strong growth, innovation and 'many-firsts'. The Bank introduced 'open by Axis Bank', its digital banking proposition, offering ~250 features through a modern, user-friendly interface. In a first, the 'One-View' feature on the Bank's mobile app allows customers to manage their finances seamlessly across various banks.
As a pioneer in embracing numerous innovative technological advancements, Axis was the first Bank to go live with UPI interoperability on its CBDC App. It became the first bank to introduce digital US dollar fixed deposit (FD) for NRI customers at the IFSC Banking Unit in GIFT City, Gujarat. The Bank also launched a first-of-its-kind comprehensive digital proposition "NEO for Business" to cater to the new-age banking needs of MSMEs. In partnership with the RBI Innovation Hub, the Bank now provides access to super-fast digital KCC and MSME loans. Axis Bank has taken significant strides in the adoption of Gen AI by rolling out Microsoft Copilot across select user base, and also a GenAI-based chatbot for ~60,000 users across branches, for enhanced customer service efficiency and personalized banking experiences.
Axis Bank inaugurated its milestone 5,000th branch at Ahmedabad. The Bank opened a new regional office in Ranchi as a central hub to oversee banking operations for over 550 branches spread across Jharkhand, Bihar, Odisha, and Chhattisgarh. In Karnataka, it boosted its presence with 21 new branches. A record 100+ new branches were inaugurated in Uttar Pradesh, including an all-women managed branch in Moradabad. The Bank has been steadily gaining market share in the rural and semi urban markets through its 2,482 Bharat Bank branches, complemented by a 64,600+ strong CSC VLE network.
Amitabh Chaudhry, MD&CEO, Axis Bank said, "In FY24, Axis Bank charted a course of steady progress. While we relentlessly focused on our key priority areas - Bharat Banking, Digital and Sparsh (our customer obsession program), I believe we were also nimble in picking up some enticing new opportunities that came our way. Our Citi integration is on track, and we are inching towards the final milestone LD2 in the next six months. In keeping with our credo "Dil Se Open" and with DE&I as one of our core pillars, we have made progress in cultivating a diverse and inclusive workforce in a nurturing ecosystem."
Performance at a Glance
* Strong operating performance
o Q4FY24 Operating revenue up 20% YOY | 10% QOQ
o Q4FY24 Consolidated ROE | ROA at 20.87% | 2.07%, subsidiaries contributed 52 bps | 7 bps respectively
o FY24 Net Interest Income grew 16% YOY; FY24 fee income grew 28% YOY, operating profit grew 16% YOY
* Healthy loan growth delivered across all business segments
o Advances (gross of IBPC sold) up 15% | 4%, Rural loans grew 30% | 15% on YOY | QOQ basis
o Small Business Banking loans grew 33% YOY & 7% QOQ, Mid-Corporate (MC) book grew 22% YOY
o SBB + SME + MC mix at â¹2,08,338 crores | 22% of loans, up ~628 bps in last 3 years
* Retail term deposits gaining traction, CASA ratio among the best in the industry
o On QAB1 basis, RTD grew 16% YOY & 3% QOQ, total deposits grew by 16% YOY & 5% QOQ
o Average LCR2 outflow rates improved ~ 500 bps over last 2 years
* Well capitalized with self-sustaining capital structure; adequate liquidity buffers
o Overall capital adequacy ratio (CAR) stood at 16.63% with CET 1 ratio of 13.74%
o Net organic accretion to CET-1 of 44 bps in FY24, 3 bps in Q4FY24
o `5,012 crores of COVID provisions reclassified to other provisions, not considered for CAR calculation, provides additional cushion of ~41 bps over the reported CAR
o Excess SLR of `85,056 crores, Average LCR2 during Q4FY24 was ~120%
* Continue to maintain strong position in Payments and Digital Banking
o Axis Mobile & Axis Pay have ~11 mn non-Axis Bank customers
o 100+ digital partnerships across platforms and ecosystems; ~20 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 4.7 to 4.8 during the quarter; ~14 mn MAU4
o Credit card CIF market share at 14%, Retail Card spends grew 51% YOY
* Declining slippages, gross NPA and credit cost
o PCR healthy at 79%; On an aggregated basis5, Coverage ratio at 159%
o Gross slippage ratio6 at 1.48% declined 28 bps YOY & 14 bps QOQ, Net slippage ratio6 at 0.57%
o Q4FY24 net credit cost6 at 0.32%, FY24 net credit cost at 0.37% declined 3 bps YOY
* Key domestic subsidiaries7 continue to deliver steady performance
o FY24 profit at `1,591 crores up 22% YOY, with a return on investment of 54% in domestic subsidiaries
o Axis Finance FY24 PAT grew 28% YOY to `610 crores; asset quality metrics improve, ROE at 16.77%
o Axis AMC FY24 PAT stood at `414 crores, Axis Securities FY24 PAT grew 48% YOY to `301 crores
o Axis Capital FY24 PAT stood at `150 crores and executed 90 investment banking deals in FY24
Profit & Loss Account: Period ended 31st March 2024
Operating Profit and Net Profit
The Bank's operating profit for the quarter stood at `10,536 crores, grew 15% YOY and 15% QOQ. Core Operating profit for Q4FY24 at `9,515 crores, grew 5% YOY and 8% QOQ. Net profit stood at `7,130 crores in Q4FY24 as compared to net loss of `5,728 crores in Q4FY23, and grew 17% QOQ.
Net Interest Income and Net Interest Margin
The Bank's Net Interest Income (NII) grew 11% YOY and 4% QOQ to `13,089 crores. Net interest margin (NIM) for Q4FY24 stood at 4.06% and grew 5 bps QOQ.
Other Income
Fee income for Q4FY24 grew 23% YOY and 9% QOQ to `5,637 crores. Retail fees grew 33% YOY and 12% QOQ; and constituted 74% of the Bank's total fee income. Retail cards and payments fee grew 39% YOY and 4% QOQ.
Retail Assets
(excluding cards and payments) fee grew 20% YOY. Fees from Third Party Products grew 59% YOY and 44% QOQ. The Corporate & Commercial banking fees together grew 2% YOY to `1,478 crores. The trading income gain for the quarter stood at `1,021 crores; miscellaneous income in Q4FY24 stood at `107 crores. Overall, non-interest income (comprising of fee, trading and miscellaneous income) for Q4FY24 grew 41% YOY and 22% QOQ to `6,766 crores.
Provisions and contingencies
Provision and contingencies for Q4FY24 stood at `1,185 crores. Specific loan loss provisions for Q4FY24 stood at `832 crores. The Bank has not utilized Covid provisions during the quarter and these are reclassified to other provisions. The Bank holds cumulative provisions (standard + additional other than NPA) of `12,134 crores at the end of Q4FY24. 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 1.26% as on 31st March 2024. On an aggregated basis, our provision coverage ratio (including specific + standard and other provisions) stands at 159% of GNPA as on 31st March 2024. Credit cost for the quarter ended 31st March 2024 stood at 0.32%.
FY24 Financial Performance:
Net Interest Income for FY24 grew 16% YOY to `49,894 crores from `42,946 crores. Fee income grew 28% YOY to `20,257 crores. Operating profit grew by 16% to `37,123 crores from `32,048 crores in FY23. Core operating profit grew by 10% to`35,393 crores from `32,291 crores in FY23. Total provisions for FY24 stood at `4,063 crores, up 53% YOY. Net Profit for FY24 grew 160% to `24,861 crores from `9,580 crores in FY23.
Balance Sheet: As on 31st March 2024
The Bank's balance sheet grew 12% YOY and stood at `14,77,209 crores as on 31st March 2024. The total deposits grew 13% YOY and 6% QOQ on period end basis, of which savings account deposits grew 2% YOY and 4% QOQ, current account deposits grew 5% YOY and 18% QOQ; total term deposits grew 22% YOY and 5% QOQ of which retail term deposits grew 17% YOY and 5% QOQ. The share of CASA deposits in total deposits stood at 43%. On QAB basis, total deposits grew 16% YOY and 5% QOQ, within which savings account deposits grew 10% YOY, current account deposits grew 4% YOY and 7% QOQ. Total term deposits on QAB basis grew 23% YOY and 7% QOQ with retail term deposits growth of 16% YOY and 3% QOQ.
The Bank's advances grew 14% YOY and 4% QOQ to `9,65,068 crores as on 31 st March 2024. Gross of transfers through Inter Bank Participation Certificates (IBPC), total Bank advances grew 15% YOY and 4% QOQ. Domestic net loans grew 15% YOY and 4% QOQ. Retail loans grew 20% YOY and 7% QOQ to `5,83,265 crores and accounted for 60% of the net advances of the Bank. The share of secured retail loans$ was ~ 72%, with home loans comprising 28% of the retail book. Home loans grew 5% YOY, Personal loans grew 31% YOY, Credit card advances grew 30% YOY, Small Business Banking (SBB) grew 33% YOY and 7% QOQ; and rural loan portfolio grew 30% YOY and 15% QOQ. SME book remains well diversified across geographies and sectors, grew 17% YOY and 5% QOQ to `1,04,718 crores. Corporate loan book (gross of IBPC sold) grew 7% YOY; domestic corporate book grew 6% YOY. Mid-corporate book grew 22% YOY and 3% QOQ. 89% of corporate book is now rated A- and above with 88% of incremental sanctions in FY24 being to corporates rated Aand above.
The book value of the Bank's Investments portfolio as on 31 st March 2024, was `3,31,527 crores, of which `2,47,816 crores were in government securities, while `74,093 crores were invested in corporate bonds and `9,618 crores in other securities such as equities, mutual funds, etc. Out of these, 65% are in Held till Maturity (HTM) category, while 23% of investments are Available for Sale (AFS) and 12% are in Held for Trading (HFT) category.
Payments and Digital
The Bank issued 1.24 million new credit cards in Q4FY24 and has been one of the highest credit card issuers in the country over last nine 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 Q4FY24
* 79% - Individual Retail term deposits (by volume) opened digitally in FY24
* 70% - SA accounts opened through tab banking in Q4FY24
* 74% - New mutual fund SIPs sourced (by volume) through digital channels in FY24 * 39% - YOY growth in total UPI transaction value in Q4FY24
* 52% - YOY growth in mobile banking transaction volumes in Q4FY24
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 2.6 million reviews. On the iOS app store our ratings increased from 4.7 to 4.8 during the quarter. The Bank's mobile app continues to see strong growth, with Monthly Active Users of ~14 million and nearly ~11 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 410+ APIs hosted on its API Developer Portal. On WhatsApp banking, the Bank now has over 20 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 `5,36,609 crores as at end of 31st March 2024 that grew 50% YOY and 6% QOQ. Burgundy Private, the Bank's proposition for high and ultra-high net worth clients, covers 10,651 families. The AUM for Burgundy Private increased 33% YOY and 3% QOQ to `1,83,048 crores.
Capital Adequacy and Shareholders' Funds
The shareholders' funds of the Bank grew 20% YOY and stood at `1,50,235 crores as on 31 st March 2024. The Bank now has a self-sustaining capital structure to fund growth, with organic net capital accretion through profits to CET-1 of 44 bps for the FY24. As on 31st March 2024, the Capital Adequacy Ratio (CAR) and CET1 ratio was 16.63% and 13.74% respectively. Additionally, `5,012 crores of COVID provision has been reclassified to other provisions and is not considered for CAR calculation, providing cushion of ~41 bps over the reported CAR. The Book value per equity share increased from `406 as of 31 st March 2023 to `487 as of 31st March 2024.
Asset Quality
As on 31 st March, 2024 the Bank's reported Gross NPA and Net NPA levels were 1.43% and 0.31% respectively as against 1.58% and 0.36% as on 31st December 2023. Recoveries from written off accounts for the quarter was `919 crores. Reported net slippages in the quarter adjusted for recoveries from written off pool was `398 crores, of which retail was `1,061 crores, CBG was negative `62 crores and Wholesale was negative `601 crores. Gross slippages during the quarter were `3,471 crores, compared to `3,715 crores in Q3FY24 and `3,375 crores in Q4FY23. Recoveries and upgrades from NPAs during the quarter were `2,155 crores. The Bank in the quarter wrote off NPAs aggregating `2,082 crores.
As on 31 st March 2024, the Bank's provision coverage, as a proportion of Gross NPAs stood at 79%, as compared to 81% as at 31st March 2023 and 78% as at 31st December 2023.
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 31 st March 2024 stood at `1,528 crores that translates to 0.14% of the gross customer assets. The Bank carries a provision of ~ 20% on restructured loans, which is in excess of regulatory limits.
Dividend
The Board of Directors has recommended dividend of `1 per equity share of face value of `2 per equity share for the year ended 31st March 2024. This would be subject to approval by the shareholders at the next annual general meeting.
Network
The Bank added 125 branches during the quarter and 475 overall in the FY24 period, taking its overall distribution network to 5,377 domestic branches and extension counters situated across 2,963 centres compared to 4,903 domestic branches and extension counters situated in 2,741 centres as at 31 st March 2023. As on 31st March 2024, the Bank had 16,026 ATMs and cash recyclers spread across the country. The Bank's Axis Virtual Centre is present across six centres with over ~1,590 Virtual Relationship Managers as on 31 st March 2024.
Key Subsidiaries' Performance
The Bank's domestic subsidiaries delivered steady performance with FY24 PAT of `1,591 crores, up 22% 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 51% YOY and constituted 45% of total loans, up from 28% 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 19.24%. The book quality remains strong with net NPA at 0.28%. Axis Finance FY24 PAT was `610 crores, up 28% YOY from `475 crores in FY23.
* Axis AMC: Axis AMC's overall QAAUM grew 14% YOY to `2,74,265 crores. Its FY24 PAT stood at `414 crores.
* Axis Capital: Axis Capital FY24 PAT stood at `150 crores and completed 90 investment banking transactions in FY24.
* Axis Securities: Axis Securities' broking revenues for FY24 grew 58% YOY to `1,143 crores. Its FY24 PAT grew 48% YOY and stood at `301 crores.
https://www.axisbank.com/docs/default-source/press-releases/press-release-q4fy24.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
10/5/2024
Bank of Baroda announces Financial Results for the Quarter & Financial Year ended 3pt March 2024
BOB reports a growth of 26.1% in its FY24 Net Profit to INR 17,789 crore
Key Highlights
* Global Business grew by 11.2% to reach INR 24, 17,464 crore as of 31 st March 2024.
* Net Profit for Q4FY24 stands at INR 4,886 crore, growth of 2.3% YoY.
* Return on Assets (ROA) increased by 14 bps YoY and stands at 1.17% for FY24.
* Return on Equity (ROE) higher by 61 bps YoY at 18.95% for FY24.
* The growth in profitability was supported by healthy Operating Income growth of 15.3% YoY in FY24.
* Operating income growth was augmented by 44.6% YoY growth in Non-Interest Income to INR 14,495 crore in FY24.
* Operating Profit registered a healthy growth of 15.3% YoY and stands at INR 30,965 crore in FY24.
* Global Net Interest Margin (NIM) improves by 17 bps sequentially and stands at 3.27% in Q4FY24.
* Net Interest Margin (NIM) for FY24 is 3.18%.
* BOB has witnessed significant improvement in its Asset quality with reduction in GNPA by 87 bps YoY to 2.92% from 3.79% in Q4FY23.
* Bank's NNPA reduced by 21 bps YoY to 0.68% in Q4FY24 as against 0.89% in Q4FY23.
* BOB's balance sheet remains robust with healthy Provision Coverage Ratio (PCR) of 93.30% with TWO & at 77.34% without TWO.
* Credit cost remains below 1% at 0.67% for FY24 & 0.57% for the quarter.
* Healthy Liquidity Coverage Ratio (LCR) at 120.6% as on 31 st March 2024.
* BOB's Global Advances registered a growth of 12.5% YoY in Q4FY24 led by robust retail loan book growth. Bank's organic Retail Advances grew by 20.7%, driven by strong growth across segments such as Auto Loan (23.8%), Home Loan (14.1 %), Personal Loan (51.6%), Mortgage Loan (11.4%), Education Loan (19.6%).
Profitability
â BOB reported a standalone Net Profit of INR 4,886 crore in Q4FY24 as against a profit of INR 4,775 crore in Q4FY23. Net Profit for FY24 stands at INR 17,789 crore (+26.1 % YoY) as against INR 14,110 crore in FY23. â Net Interest Income (NII) grew by 2.3% YoY to INR 11,793 crore in Q4FY24. NII for FY24 registered a growth of 8.1% and stands at INR 44,722 crore.
â Non-Interest Income for the quarter grew by 20.9% YoY to INR 4,191 crore. Non-Interest Income for FY24 stands at INR 14,495 crore up by 44.6% YoY
â Global NIM improves by 17 bps sequentially and stands at 3.27% in Q4FY24. Global NIM for FY24 stands at 3.18%.
â Yield on Advances increased to 8.75% in Q4FY24 as against 8.47% in Q4FY23.
â Cost of Deposits increased to 5.06% in O4FY24 as against 4.43% in Q4FY23.
â Operating Income for Q4FY24 stands at INR 15,984 crore. Operating Income for FY24 stands at INR 59,217 crore registering a growth of 15.3%.
â Operating Profit for Q4FY24 stands at INR 8,106 crore and Operating Profit for FY24 increased by 15.3% to INR 30,965 crore.
â Cost to Income ratio stands at 49.29% for Q4FY24.
â Return on Assets (annualised) sequentially improved by 5 bps and stands at 1.25% for Q4FY24. It stands at 1.17% for FY24 higher by 14 bps YoY.
â Return on Equity (annualised) for Q4FY24 stands at 20.83%. RoE increased by 61 bps YoY to 18.95% for FY24
â For the consolidated entity, Net Profit stood at INR 18,767 crore in FY24 as against INR 14,905 crore in FY23.
Asset Quality
â The Gross NPA of the Bank reduced by 13.4% YoY to INR 31,834 crore in Q4FY24 and Gross NPA Ratio improved to 2.92% in Q4FY24 from 3.79% in Q4FY23.
â The Net NPA Ratio of the Bank stands at 0.68% in Q4FY24 as compared with 0.89% in Q4FY23.
â The Provision Coverage Ratio of the Bank stood at 93.30% including TWO and 77.34% excluding TWO in Q4FY24.
â Slippage ratio declined to 0.99% for FY24 as against 1.07% in FY23. Slippage ratio for the quarter stands at 1.12%
â Credit cost stands at O 57% for Q4FY24 and O 67% for FY24
Business Performance
â Global Advances of the Bank increased to INR 10,90,506 crore, +12.5% YoY.
â Domestic Advances of the Bank increased to INR 8,98, 116 crore, +12.9% YoY.
â Global Deposits increased by 10.2% YoY to INR 13,26,958 crore.
â Domestic Deposits increased by 7.7% YoY to INR 11,28,514 crore in Mar'24.
â Domestic CASA deposits registered a growth of 5.4% YoY and stands at INR 4,66,401 crore as of 31 st March 2024.
â International Deposits grew by 27% on a YoY basis to INR 1,98,444 crore in Mar'24.
â Organic Retail Advances grew by 20.7%, led by strong growth across segments such as Auto Loan (23.8%), Home Loan (14.1 %), Personal Loan (51.6%), Mortgage Loan (11 .4%), Education Loan (19.6%) on a YoY basis.
â Agriculture loan portfolio grew by 11.6% YoY to INR 1,38,640 crore.
â Total Gold loan portfolio (including retail and agri.) stands at INR 47,472 crore, registering a growth of 24.1 % on a YoY basis.
â Organic MSME portfolio grew by 10.4% YoY to INR 1,19,415 crore.
â Corporate advances registered a growth of 11.6% YoY and stands at INR 3,79,747 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 8,243 branches and 11,033 ATMs and Cash Recyclers supported by self-service channels. The Bank has a significant international presence with a network of 91 overseas offices spanning 17 countries.
https://www.bankofbaroda.in/-/media/project/bob/countrywebsites/india/pdfs2/2024/24-05/press-release.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
2/2/2024
Performance Analysis
Q3 FY 2023-24
For full release:
https://bankofindia.co.in/documents/d/guest/boi_analyst_presentation-dec23
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
10/5/2024
Financial Results For The Year/Quarter Ended 31 st March 2024
Net Profit up by 18.33% YoY
Global Deposit up by 11.29% YoY
Dividend @161% of Paid up Capital as against 120% during FY 23
Key Highlights
(March 2024 V/s March 2023)
Global business stood at Rs. 22,72,968 cr grew by 11.31%.
Gross Advances stood at Rs. 9,60,602 cr grew by 11.34%.
Global Deposit stood at Rs. 13,12,366 cr grew by 11.29%.
Net-Interest Income grew by 11.18%.
Net Profit stood at Rs. 3,757 cr grew by 18.33%.
Return on Assets stood at 1.01% improved by 20 bps.
Provision Coverage Ratio (PCR) at 89.10% improved by 179 bps.
Credit Cost at 0.96% down by 21 bps.
Gross NPA Ratio stood at 4.23% down by 112 bps.
Net NPA Ratio stood at 1.27% down by 46 bps.
RAM Credit grew by 13.52%.
Retail Credit grew by 11.68 % with Housing loan at 10.81 % and Vehicle loan at 14.03%.
Agriculture & Allied grew by 18.69% with Portfolio amount of Rs.2,53,206 cr.
Net Interest Margin stood at 3.05% improved by 10 bps.
Return on Equity stood at 22.06% improved by 257 bps.
The Board of Directors has recommended a dividend of Rs. 16.10 per equity share (i.e.161% of face value of Rs 10 per share) for the year ended on 31.03.2024 subject to requisite approvals
Key Summary of Business Performance (as on 31.03.2024)
Business
Global Business increased by 11.31% (y.o.y) to Rs 2272968 cr as at Mar 2024 with Global Deposits at Rs 1312366 cr 11.29% (y.o.y) and Global Advance (gross) at Rs 960602 cr 11.34% (y.o.y).
Domestic Deposit of the Bank stood at Rs 1214951 Cr as at Mar 2024 with growth of 10.98% (y.o.y).
Domestic Advances (gross) of the Bank stood at Rs 908182 Cr as at Mar 2024 grew by 11.06% (y.o.y).
Retail lending Portfolio increased 11.68% (y.o.y) to Rs 156414 Cr as at Mar 2024.
Housing Loan Portfolio increased 10.81% y.o.y to Rs 93482 Cr
Advances to Agriculture & Allied grew by 18.69% (y.o.y) to Rs. 253206 Cr as at Mar 2024.
Asset Quality
Gross Non-Performing Assets (GNPA) ratio reduced to 4.23% as at Mar 2024 down from 4.39% as at Dec 2023, 5.35% as at Mar 2023.
Net Non-Performing Assets (NNPA) ratio reduced to 1.27% as at Mar 2024 down from 1.32% as at Dec 2023, 1.73% as at Mar 2023.
Provision Coverage Ratio (PCR) stood at 89.10% as at Mar 2024 against 89.01% as at Dec 2023, 87.31% as at Mar 23.
Capital Adequacy
CRAR stood at 16.28% as at Mar 2024 (15.78% as at Dec 2023). Out of which Tier-I is 13.95% (13.38% as at Dec 2023), CET1 is 11.58% (11.28% as at Dec 2023) and Tier-II is 2.33% (2.40% as at Dec 2023)
Bank successfully raised capital during FY23 through: AT-1 Bonds: Rs.3403 Cr
Priority Sector & Financial Inclusion
The Bank has achieved Targets in Priority Sector at 46.08% and Agricultural Credit at 22.71% of ANBC as at Mar 2024, as against the norm of 40% and 18% respectively.
Credit to Small and Marginal Farmers stood at 16.08% of ANBC, against the norm of 10.00%.
Credit to Weaker Sections stood at 22.36% of ANBC, against the norm of 12.00%.
Credit to Micro Enterprises stood at 9.92% of ANBC, against the norm of 7.50%.
Credit to Non Corporate Farmers stood at 19.13% of ANBC, against the norm of 13.78%.
Network
As on 31.03.2024, the Bank has 9604 Number of Branches, out of which 3103 are Rural, 2751 SemiUrban, 1907 Urban & 1843 Metro along with 10209 ATMs. Bank is also having 4 International Branches in London, New York, Dubai and Gift City, Gujarat.
https://canarabank.com/UploadedFiles/Pdf/Press%20Release%20-%20Q4%20FY24%20English.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
20/4/2024
Financial results for the quarter and year ended 31 st March 2024
The Board of Directors of HDFC Bank Limited approved the Bank's (Indian GAAP) results for the quarter and year ended March 31, 2024, at its meeting held in Mumbai on Saturday, April 20, 2024. The accounts have been subjected to an audit by the statutory auditors of the Bank.
CONSOLIDATED FINANCIAL RESULTS:
The Bank's consolidated net revenue grew by 133.6% to â¹ 807.0 billion for the quarter ended March 31, 2024 from â¹ 345.5 billion for the quarter ended March 31, 2023. The consolidated profit after tax for the quarter ended March 31, 2024 was â¹ 176.2 billion, up 39.9%, over the quarter ended March 31, 2023. Earnings per share for the quarter ended March 31, 2024 was â¹ 23.2 and book value per share as of March 31, 2024 was â¹ 600.8.
The consolidated profit after tax for the year ended March 31, 2024 was â¹ 640.6 billion, up 39.3%, over the year ended March 31, 2023.
STANDALONE FINANCIAL RESULTS:
Profit & Loss Account: Quarter ended March 31, 2024
The Bank's net revenue grew by 47.3% to â¹ 472.4 billion (including transaction gains of â¹ 73.4 billion from stake sale in subsidiary HDFC Credila Financial Services Ltd) for the quarter ended March 31, 2024 from â¹ 320.8 billion for the quarter ended March 31, 2023.
Net interest income (interest earned less interest expended) for the quarter ended March 31, 2024 grew by 24.5% to â¹ 290.8 billion from â¹ 233.5 billion for the quarter ended March 31, 2023. Core net interest margin was at 3.44% on total assets, and 3.63% based on interest earning assets.
Other income (non-interest revenue) for the quarter ended March 31, 2024 was â¹ 181.7 billion as against â¹ 87.3 billion in the corresponding quarter ended March 31, 2023. The four components of other income for the quarter ended March 31, 2024 were fees & commissions of â¹ 79.9 billion (â¹ 66.3 billion in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of â¹ 11.4 billion (â¹ 10.1 billion in the corresponding quarter of the previous year), net trading and mark to market gain of â¹ 75.9 billion, including transaction gains of â¹ 73.4 billion mentioned above (loss of â¹ 0.4 billion in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend of â¹ 14.4 billion (â¹ 11.3 billion in the corresponding quarter of the previous year).
Operating expenses for the quarter ended March 31, 2024 were â¹ 179.7 billion, an increase of 33.5% over â¹ 134.6 billion during the corresponding quarter of the previous year. Operating expenses for the quarter ended March 31, 2024 included staff ex-gratia provision of â¹ 15 billion. The cost-to-income ratio for the quarter was at 38.0%. Excluding certain transaction gains and the ex-gratia provision, cost to income ratio for the quarter was at 41.3%.
The credit environment in the economy remains benign, and the Bank's credit performance across all segments continues to remain healthy. The Bank's GNPA at 1.24% has shown an improvement over the prior quarter. The Bank has considered this as an opportune stage to enhance its floating provisions, which are not specific to any portfolio, but act as a countercyclical buffer for making the balance sheet more resilient, and these also qualify as Tier 2 Capital within the regulatory limits. Therefore, the Bank has made floating provisions of â¹ 109.0 billion during the quarter.
Provisions and contingencies for the quarter ended March 31, 2024 were â¹ 135.1 billion (including the floating provisions of â¹ 109.0 billion mentioned above). Provisions and contingencies, excluding the floating provisions, for the quarter ended March 31, 2024 were â¹ 26.1 billion as against â¹ 26.9 billion for the quarter ended March 31, 2023.
The total credit cost ratio (excluding the floating provisions mentioned above) was at 0.42%, as compared to 0.67% for the quarter ending March 31, 2023.
Profit before tax (PBT) for the quarter ended March 31, 2024 was at â¹ 157.6 billion. Profit after tax (PAT) for the quarter, after certain tax credits, was at â¹ 165.1 billion, an increase of 37.1% over the quarter ended March 31, 2023.
Balance Sheet: As of March 31, 2024
Total balance sheet size as of March 31, 2024 was â¹ 36,176 billion as against â¹ 24,661 billion as of March 31, 2023.
Total Deposits were at â¹ 23,798 billion as of March 31, 2024, an increase of 26.4% over March 31, 2023. CASA deposits grew by 8.7% with savings account deposits at â¹ 5,987 billion and current account deposits at â¹ 3,100 billion. Time deposits were at â¹ 14,710 billion, an increase of 40.4% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 38.2% of total deposits as of March 31, 2024.
Gross advances were at â¹ 25,078 billion as of March 31, 2024, an increase of 55.4% over March 31, 2023. Grossing up for transfers through inter-bank participation certificates and bills rediscounted, advances grew by 53.8% over March 31, 2023. Domestic retail loans grew by 108.9%, commercial and rural banking loans grew by 24.6% and corporate and other wholesale loans (excluding non-individual loans of eHDFC Ltd of approximately â¹ 807 billion) grew by 4.2%. Overseas advances constituted 1.5% of total advances.
Year ended March 31, 2024
For the year ended March 31, 2024, the Bank earned net revenues (net interest income plus other income) of â¹ 1,577.7 billion, as against â¹ 1,180.6 billion for the year ended March 31, 2023. Net interest income for the year ended March 31, 2024, crossed â¹ 1 trillion and was â¹ 1,085.3 billion, up 25.0%, over the year ended March 31, 2023.
Profit after tax for the year ended March 31, 2024 was â¹ 608.1 billion, up by 37.9% over the year ended March 31, 2023.
Capital Adequacy:
The Bank's total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.8% as on March 31, 2024 (19.3% as on March 31, 2023) 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 March 31, 2024. Risk-weighted Assets were at â¹ 24,680 billion.
DIVIDEND
The Board of Directors recommended a dividend of â¹ 19.5 per equity share of â¹ 1 for the year ended March 31, 2024. This would be subject to approval by the shareholders at the next annual general meeting.
NETWORK
As of March 31, 2024, the Bank's distribution network was at 8,738 branches and 20,938 ATMs across 4,065 cities / towns as against 7,821 branches and 19,727 ATMs across 3,811 cities / towns as of March 31, 2023. 52% of our branches are in semi-urban and rural areas. In addition, we have 15,182 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,13,527 as of March 31, 2024 (as against 1,73,222 as of March 31, 2023).
ASSET QUALITY
Gross non-performing assets were at 1.24% of gross advances as on March 31, 2024, as against 1.26% as on December 31, 2023, and 1.12% as on March 31, 2023. Net non-performing assets were at 0.33% of net advances as on March 31, 2024.
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 and other subsidiaries 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 under the applicable GAAP.
HDB Financial Services Ltd (HDBFSL), in which the Bank holds an 94.6% stake, is a non-deposit taking NBFC offering wide a range of loans and asset finance products. For the quarter ended March 31, 2024, HDBFSL's net revenue was at â¹ 22.9 billion as against â¹ 22.6 billion for the quarter ended March 31, 2023, a growth of 1.2%. Profit after tax for the quarter ended March 31, 2024 was â¹ 6.6 billion compared to â¹ 5.5 billion for the quarter ended March 31, 2023, a growth of 20.3%. Profit after tax for the year ended March 31, 2024 was â¹ 24.6 billion compared to â¹ 19.6 billion for the year ended March 31, 2023. The total loan book was â¹ 902 billion as on March 31, 2024 compared to â¹ 700 billion as on March 31, 2023, a growth of 28.8%. Stage 3 loans were at 1.90% of gross loans. As on March 31, 2024, total CAR was at 19.2% with Tier-I CAR at 14.1%.
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 March 31, 2024, HDFC Life's total premium income was at â¹ 209.4 billion as against â¹ 196.3 billion for the quarter ended March 31, 2023, a growth of 6.7%. Profit after tax for the quarter ended March 31, 2024 was â¹ 4.1 billion compared to â¹ 3.6 billion for the quarter ended March 31, 2023, a growth of 14.8%. Profit after tax for the year ended March 31, 2024 was â¹ 15.7 billion compared to â¹ 13.6 billion for the year ended March 31, 2023.
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 March 31, 2024, premium earned (net) by HDFC ERGO was at â¹ 24.2 billion as against â¹ 21.3 billion for the quarter ended March 31, 2023, a growth of 13.7%. Loss after tax for the quarter ended March 31, 2024 was â¹ 1.3 billion, as against profit after tax of â¹ 2.1 billion for the quarter ended March 31, 2023. Profit after tax for the year ended March 31, 2024 was â¹ 4.4 billion compared to â¹ 6.5 billion for the year ended March 31, 2023.
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 March 31, 2024, HDFC AMC's Quarterly Average Assets Under Management were approximately â¹ 6,129 billion, a growth of 36.3% over the quarter ended March 31, 2023. Profit after tax for the quarter ended March 31, 2024 was â¹ 5.4 billion compared to â¹ 3.8 billion for the quarter ended March 31, 2023, a growth of 43.8%. Profit after tax for the year ended March 31, 2024 was â¹ 19.5 billion compared to â¹ 14.2 billion for the year ended March 31, 2023.
HDFC Securities Ltd (HSL), in which the Bank holds a 95.1% stake, is amongst the leading broking firms in India. For the quarter ended March 31, 2024, HSL's total revenue was â¹ 8.6 billion, as against â¹ 4.9 billion for the quarter ended March 31, 2023. Profit after tax for the quarter was at â¹ 3.2 billion, as against â¹ 1.9 billion for the quarter ended March 31, 2023, a growth of 64.2%. Profit after tax for the year ended March 31, 2024 was â¹ 9.5 billion compared to â¹ 7.8 billion for the year ended March 31, 2023.
Note:
The figures for the period ended March 31, 2024 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-year-ended
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
ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its group companies.
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.
Career Opportunities
Explore diverse openings with ICICI Bank.
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
27/4/2024
Performance Review: Quarter ended March 31, 2024
April 27, 2024
Profit before tax excluding treasury grew by 19.2% year-on-year to â¹ 14,602 crore (US$ 1.8 billion) in the quarter ended March 31, 2024 (Q4-2024)
Core operating profit grew by 10.5% year-on-year to â¹ 15,320 crore (US$ 1.8 billion) in Q4-2024
Profit after tax grew by 17.4% year-on-year to â¹ 10,708 crore (US$ 1.3 billion) in Q4-2024
Profit before tax excluding treasury grew by 28.3% year-on-year to â¹ 54,479 crore (US$ 6.5 billion) in the year ended March 31, 2024 (FY2024)
Core operating profit grew by 18.3% year-on-year to â¹ 58,122 crore (US$ 7.0 billion) in FY2024
Profit after tax grew by 28.2% year-on-year to â¹ 40,888 crore (US$ 4.9 billion) in FY2024
Total period-end deposits grew by 19.6% year-on-year to â¹ 14,12,825 crore (US$ 169.4 billion) at March 31, 2024
Average current account and savings account (CASA) ratio was 38.9% in Q4-2024
Domestic loan portfolio grew by 16.8% year-on-year to â¹ 11,50,955 crore (US$ 138.0 billion) at March 31, 2024
Net NPA ratio declined to 0.42% at March 31, 2024 from 0.44% at December 31, 2023
Provisioning coverage ratio on non-performing assets was 80.3% at March 31, 2024
Total capital adequacy ratio was 16.33% and CET-1 ratio was 15.60%, on a standalone basis, at March 31, 2024 after reckoning the impact of proposed dividend
The Board has recommended a dividend of â¹ 10 per share for FY2024. The declaration and payment of dividend is subject to requisite approvals.
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 March 31, 2024 (Q4- 2024) and the year ended March 31, 2024 (FY2024). The statutory auditors have audited the standalone and consolidated financial statements and have issued an unmodified report on the standalone and consolidated financial statements for Q4-2024 and FY2024.
Profit & loss account
Profit before tax excluding treasury grew by 19.2% year-on-year to â¹ 14,602 crore (US$ 1.8 billion) in Q4-2024 from â¹ 12,247 crore (US$ 1.5 billion) in the quarter ended March 31, 2023 (Q4-2023)
The core operating profit grew by 10.5% year-on-year to â¹ 15,320 crore (US$ 1.8 billion) in Q4-2024 from â¹ 13,866 crore (US$ 1.7 billion) in Q4-2023
Net interest income (NII) increased by 8.1% year-on-year to â¹ 19,093 crore (US$ 2.3 billion) in Q4-2024 from â¹ 17,667 crore (US$ 2.1 billion) in Q4-2023
The net interest margin was 4.40% in Q4-2024 compared to 4.43% in Q3-2024 and 4.90% in Q4-2023
Non-interest income, excluding treasury, increased by 15.7% year-on-year to â¹ 5,930 crore (US$ 711 million) in Q4-2024 from â¹ 5,127 crore (US$ 615 million) in Q4-2023
Fee income grew by 12.5% year-on-year to â¹ 5,436 crore (US$ 652 million) in Q4-2024 from â¹ 4,830 crore (US$ 579 million) in Q4-2023. Fees from retail, rural, business banking and SME customers constituted about 77% of total fees in Q4-2024
There was a treasury loss of â¹ 281 crore (US$ 34 million) in Q4-2024 compared to â¹ 40 crore (US$ 5 million) in Q4-2023 due to transfer of negative balance of â¹ 340 crore (US$ 41 million) in Foreign Currency Translation Reserve related to Bank's Offshore Unit in Mumbai to profit and loss account in view of the proposed closure of the Unit
Provisions (excluding provision for tax) were â¹ 718 crore (US$ 86 million) in Q4-2024 compared to â¹ 1,619 crore (US$ 194 million) in Q4-2023
The profit before tax grew by 17.3% year-on-year to â¹ 14,321 crore (US$ 1.7 billion) in Q4-2024 from â¹ 12,207 crore (US$ 1.5 billion) in Q4-2023
The profit after tax grew by 17.4% year-on-year to â¹ 10,708 crore (US$ 1.3 billion) in Q4-2024 from â¹ 9,122 crore (US$ 1.1 billion) in Q4-2023
The profit after tax grew by 28.2% year-on-year to â¹ 40,888 crore (US$ 4.9 billion) in FY2024 from â¹ 31,896 crore (US$ 3.8 billion) in the year ended March 31, 2023 (FY2023)
Credit growth
The net domestic advances grew by 16.8% year-on-year and 3.2% sequentially at March 31, 2024. The retail loan portfolio grew by 19.4% year-on-year and 3.7% sequentially, and comprised 54.9% of the total loan portfolio at March 31, 2024. Including non-fund outstanding, the retail portfolio was 46.8% of the total portfolio at March 31, 2024. The business banking portfolio grew by 29.3% year-on-year and 5.7% sequentially at March 31, 2024. The SME business, comprising borrowers with a turnover of less than â¹ 250 crore (US$ 30 million), grew by 24.6% year-on-year and 3.8% sequentially at March 31, 2024. The rural portfolio grew by 17.2% year-on-year and 4.5% sequentially at March 31, 2024. The domestic corporate portfolio grew by 10.0% year-on-year and was flat sequentially at March 31, 2024. Total advances increased by 16.2% year-on-year and 2.7% sequentially to â¹ 11,84,406 crore (US$ 142.0 billion) at March 31, 2024.
The Bank continues to enhance the use of technology in its operations and to provide solutions to customers. iLens, the retail lending platform, is being upgraded on an ongoing basis, with personal loans and education loans now integrated in the platform along with mortgages. About 71% of trade transactions were done digitally in FY2024. The volume of transactions done through Trade Online platform grew by 29.2% year-on-year in FY2024. The Bank has further simplified bank guarantee journeys with new enhancements. Smart BG Assist is a solution to enable digital execution of bank guarantees for creating and validating text, e-stamping, digital signatures among others.
Deposit growth
Total period-end deposits increased by 19.6% year-on-year and 6.0% sequentially to â¹ 14,12,825 crore (US$ 169.4 billion) at March 31, 2024. Period-end term deposits increased by 27.7% year-on-year and 1.6% sequentially to â¹ 8,16,953 crore (US$ 98.0 billion) at March 31, 2024. Average current account deposits increased by 13.0% year-on-year in Q4-2024. Average savings account deposits increased by 4.6% year-on-year in Q4-2024.
With the addition of 623 branches in FY2024, the Bank had a network of 6,523 branches and 17,190 ATMs & cash recycling machines at March 31, 2024.
The value of the Bank's merchant acquiring transactions through UPI grew by 67.7% year-on-year and 8.7% sequentially in Q4-2024. The Bank had a market share of about 30% by value in electronic toll collections through FASTag in Q4-2024, with a 14.5% year-on-year growth in collections in Q4-2024.
Asset quality
The gross NPA ratio declined to 2.16% at March 31, 2024 from 2.30% at December 31, 2023. The net NPA ratio was 0.42% at March 31, 2024 compared to 0.44% at December 31, 2023 and 0.48% at March 31, 2023. The net additions to gross NPAs, excluding write-offs and sale, were â¹ 1,221 crore (US$ 146 million) in Q4-2024 compared to â¹ 363 crore (US$ 44 million) in Q3-2024. The gross NPA additions were â¹ 5,139 crore (US$ 616 million) in Q4-2024 compared to â¹ 5,714 crore (US$ 685 million) in Q3-2024. Recoveries and upgrades of NPAs, excluding write-offs and sale, were â¹ 3,918 crore (US$ 470 million) in Q4-2024 compared to â¹ 5,351 crore (US$ 642 million) in Q3-2024. The Bank has written off gross NPAs amounting to â¹ 1,707 crore (US$ 205 million) in Q4-2024. The provisioning coverage ratio on NPAs was 80.3% at March 31, 2024.
Excluding NPAs, the total fund based outstanding to all borrowers under resolution as per the various extant regulations/guidelines declined to â¹ 3,059 crore (US$ 367 million) or 0.3% of total advances at March 31, 2024 from â¹ 3,318 crore (US$ 398 million) at December 31, 2023. The Bank holds provisions amounting to â¹ 975 crore (US$ 117 million) against these borrowers under resolution, as of March 31, 2024. In addition, the Bank continues to hold contingency provisions of â¹ 13,100 crore (US$ 1.6 billion) at March 31, 2024. The loan and non-fund based outstanding to performing corporate and SME borrowers rated BB and below was â¹ 5,528 crore (US$ 663 million) at March 31, 2024 compared to â¹ 5,853 crore (US$ 702 million) at December 31, 2023. The loan and non-fund based outstanding of â¹ 5,528 crore (US$ 663 million) at March 31, 2024 includes â¹ 645 crore (US$ 77 million) to borrowers under resolution.
Capital adequacy
The Bank's total capital adequacy ratio at March 31, 2024 was 16.33% and CET-1 ratio was 15.60% after reckoning the impact of proposed dividend compared to the minimum regulatory requirements of 11.70% and 8.20% respectively.
Dividend on equity shares
The Board has recommended a dividend of â¹ 10 per share (equivalent to dividend of US$ 0.24 per ADS) in line with applicable guidelines. The declaration of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course.
Consolidated results
The consolidated profit after tax increased by 18.5% year-on-year to â¹ 11,672 crore (US$ 1.4 billion) in Q4-2024 from â¹ 9,853 crore (US$ 1.2 billion) in Q4-2023.
Consolidated assets grew by 20.7% year-on-year to â¹ 23,64,063 crore (US$ 283.4 billion) at March 31, 2024 from â¹ 19,58,490 crore (US$ 234.8 billion) at March 31, 2023.
Key subsidiaries and associates
The annualised premium equivalent of ICICI Prudential Life Insurance (ICICI Life) increased by 4.7% year-on-year to â¹ 9,046 crore (US$ 1.1 billion) in FY2024 compared to â¹ 8,640 crore (US$ 1.0 billion) in FY2023. Value of New Business (VNB) of ICICI Life was â¹ 2,227 crore (US$ 267 million) in FY2024 compared to â¹ 2,765 crore (US$ 332 million) in FY2023. The VNB margin was 24.6% in FY2024 compared to 32.0% in FY2023. The profit after tax was â¹ 852 crore (US$ 102 million) in FY2024 compared to â¹ 811 crore (US$ 97 million) in FY2023 and â¹ 174 crore (US$ 21 million) in Q4-2024 compared to â¹ 235 crore (US$ 28 million) in Q4-2023.
During the quarter, the Bank purchased equity shares of ICICI Lombard General Insurance Company Limited through secondary market transactions. Consequently, the company is now a subsidiary of the Bank. The Gross Direct Premium Income (GDPI) of ICICI Lombard General Insurance Company (ICICI General) grew by 17.8% year-on-year to â¹ 24,776 crore (US$ 3.0 billion) in FY2024 from â¹ 21,025 crore (US$ 2.5 billion) in FY2023. The combined ratio stood at 103.3% in FY2024 compared to 104.5% in FY2023. The profit after tax of ICICI General grew by 11.0% to â¹ 1,919 crore (US$ 230 million) in FY2024 from â¹ 1,729 crore (US$ 207 million) in FY2023. The profit after tax was â¹ 520 crore (US$ 62 million) in Q4-2024 compared to â¹ 437 crore (US$ 52 million) in Q4-2023.
The profit after tax of ICICI Prudential Asset Management Company, as per Ind AS, was â¹ 529 crore (US$ 63 million) in Q4-2024 compared to â¹ 385 crore (US$ 46 million) in Q4-2023. The profit after tax grew by 35.2% year-on-year to â¹ 2,050 crore (US$ 246 million) in FY2024 from â¹ 1,516 crore (US$ 182 million) in FY2023.
The profit after tax of ICICI Securities, on a consolidated basis, as per Ind AS, grew to â¹ 537 crore (US$ 64 million) in Q4-2024 from â¹ 263 crore (US$ 32 million) in Q4-2023. The profit after tax grew by 51.8% year-on-year to â¹ 1,697 crore (US$ 203 million) in FY2024 from â¹ 1,118 crore (US$ 134 million) in FY2023.
Summary Profit and Loss Statement (as per standalone Indian GAAP accounts)
â¹ crore
FY2023
Q4-2023
Q3-2024
Q4-2024
FY2024
Audited
Audited
Unaudited
Audited
Audited
Net interest income
62,129
17,667
18,678
19,093
74,306
Non-interest income
19,883
5,127
5,975
5,930
22,949
- Fee income
18,001
4,830
5,313
5,436
20,796
- Dividend income from subsidiaries/associates
1,784
273
650
484
2,073
- Other income
98
24
12
10
80
Less:
Operating expense
32,873
8,928
10,052
9,703
39,133
Core operating profit1
49,139
13,866
14,601
15,320
58,122
Total net provision
6,666
1,619
1,050
718
3,643
- Contingency provisions2
5,650
1,600
-
-
-
- Other provisions
1,016
19
1,050
718
3,643
Profit before tax excl. treasury
42,473
12,247
13,551
14,602
54,479
Treasury
(52)
(40)
123
(281)3
93
Profit before tax
42,421
12,207
13,674
14,321
54,488
Less:
Provision for taxes
10,525
3,085
3,402
3,613
13,600
Profit after tax
31,896
9,122
10,272
10,708
40,888
Excluding treasury
The Bank continues to hold contingency provision of â¹ 13,100 crore (US$ 1.6 billion) at March 31, 2024
The treasury loss during Q4-2024 due to transfer of negative balance of â¹ 340 crore (US$ 41 million) in Foreign Currency Translation Reserve related to Bank's Offshore Unit in Mumbai to profit and loss account in view of the proposed closure of the Unit
Prior period numbers have been re-arranged wherever necessary
Summary balance sheet
â¹ crore
31-Mar-23
30-Sep-23
31-Dec-23
31-Mar-24
Audited
Unaudited
Unaudited
Audited
Capital and liabilities
Capital
1,397
1,401
1,403
1,405
Employee stock options outstanding
761
1,078
1,243
1,405
Reserves and surplus
1,98,558
2,13,570
2,24,191
2,35,589
Deposits
11,80,841
12,94,742
13,32,315
14,12,825
Borrowings (includes subordinated debt)
1,19,325
1,16,758
1,26,871
1,24,968
Other liabilities and provisions
83,325
93,231
97,199
95,323
Total capital and liabilities
15,84,207
17,20,780
17,83,222
18,71,515
Assets
Cash and balances with
Reserve Bank of India
68,526
66,221
64,869
89,712
Balances with banks and
money at call and short notice
50,912
43,241
34,459
50,214
Investments
3,62,330
4,13,253
4,36,650
4,61,942
Advances
10,19,638
11,10,542
11,53,771
11,84,406
Fixed assets
9,600
10,166
10,354
10,860
Other assets
73,201
77,357
83,119
74,381
Total assets
15,84,207
17,20,780
17,83,222
18,71,515
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 the Bank has operations or which affect global or Indian economic conditions, increase in nonperforming 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 the Bank believes 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 83.41
https://www.icicibank.com/about-us/article/performance-review-quarter-ended-march-31-2024
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
4/5/2024
FINANCIAL RESULTS Q4 - FY 2023-24
Major Highlights for Q4 FY 2024 - Sustained Strong Performance
PAT - Rs.1628 crore
PBT - Rs.2061 crore
Operating Profit - Rs.2175 crore
ROA - 1.82%
ROE - 20.55%
NII - Rs.3688 crore
NIM - 4.91%
[Core NIM - 3.84%]
Total RWA - Rs.176531 crore
Total CRAR - 22.26%
Tier 1 Capital - 20.11%
Yield on advances - 10.82%
Cost of deposit - 4.48%
Cost of funds - 4.74%.
Net Adv. - Rs.188621 crore
Deposit - Rs.277657 crore
CASA ratio - 50.43%
Net NPA - 0.34%
GNPA - 4.53%
PCR - 99.09%
For full release:
https://www.idbibank.in/pdf/Analyst_Mar_2024.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
4/5/2024
Kotak Mahindra Bank Announces Results
Kotak Mahindra Bank Standalone PAT for FY24 â¹ 13,782 crore, up 26% YoY
Q4FY24 â¹ 4,133 crore, up 18% YoY and 38% QoQ
Consolidated PAT for FY24 â¹ 18,213 crore, up 22% YoY
Q4FY24 â¹ 5,337 crore, up 17% YoY and 25% QoQ
Mumbai, 4th May, 2024: The Board of Directors of Kotak Mahindra Bank ("the Bank") approved the audited standalone and consolidated results for the quarter and financial year ended March 31, 2024, at the Board meeting held in Mumbai, today.
Kotak Mahindra Bank standalone results
The Bank's PAT for FY24 increased to â¹ 13,782 crore from â¹ 10,939 crore in FY23, up 26% YoY. PAT for Q4FY24 stood at â¹ 4,133 crore, up 18% YoY from â¹ 3,496 crore in Q4FY23 (up 38% QoQ from â¹ 3,005 crore in Q3FY24).
Net Interest Income (NII) for FY24 increased to â¹ 25,993 crore, from â¹ 21,552 crore in FY23, up 21% YoY and for Q4FY24 increased to â¹ 6,909 crore, from â¹ 6,103 crore in Q4FY23, up 13% YoY (up 5% QoQ from â¹ 6,554 crore in Q3FY24). Net Interest Margin (NIM) was 5.28% for Q4FY24.
Fees and services for FY24 increased to â¹ 8,464 crore from â¹ 6,790 crore in FY23, up 25% YoY and for Q4FY24 increased to â¹ 2,467 crore from â¹ 1,928 crore in Q4FY23, up 28% YoY (up 15% QoQ from â¹ 2,144 crore in Q3FY24).
Operating costs increased to â¹ 16,679 crore in FY24 (â¹13,787 crore in FY23). Technology expenses were 10% of total operating cost in FY24.
Operating profit for FY24 increased to â¹ 19,587 crore from â¹ 14,848 crore, up 32% YoY and for Q4FY24 increased to â¹ 5,462 crore from â¹ 4,647 crore in Q4FY23, up 18% YoY (up 20% QoQ from â¹ 4,566 crore in Q3FY24).
Customers as at March 31, 2024 were 5.0 cr (4.1 cr as at March 31, 2023).
Advances (incl. IBPC & BRDS) increased 20% YoY to â¹ 391,729 crore as at March 31, 2024 from â¹ 325,543 crore as at March 31, 2023. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 20% YoY to â¹ 423,324 crore as at March 31, 2024 from â¹ 352,652 crore as at March 31, 2023.
Unsecured retail advances (incl. Retail Micro Finance) as a % of net advances stood at 11.8% as at March 31, 2024 (10.0% as at March 31, 2023).
Bank completed acquisition of Sonata Microfinance, an entity based out of North of India in FY24. CASA ratio as at March 31, 2024 stood at 45.5%.
Average Current deposits grew to â¹ 60,160 crore for Q4FY24 compared to â¹ 58,415 crore for Q4FY23 up 3% YoY.
Average Savings deposits grew to â¹ 123,457 crore for Q4FY24 compared to â¹ 117,824 crore for Q4FY23 up 5% YoY. Average Term deposit grew to â¹ 224,703 crore for Q4FY24 compared to â¹ 166,644 crore for Q4FY23 up 35% YoY.
ActivMoney was launched in Q1FY24 and TD sweep balance grew 102% YoY to â¹ 47,052 crore.
As at March 31, 2024, GNPA was 1.39% & NNPA was 0.34% (GNPA was 1.78% & NNPA was 0.37% at March 31, 2023).
Capital Adequacy Ratio of the Bank, as per Basel III, as at March 31, 2024 was 20.5% and CET1 ratio of 19.2%.
Standalone Return on Assets (ROA) for FY24 was 2.61% and for Q4FY24 was 2.97%. Return on Equity (ROE) for FY24 was 15.34% and for Q4FY24 was 17.54%.
The Board of Directors of the Bank has recommended dividend of â¹ 2.00 per equity share having face value of â¹ 5, for the year ended March 31, 2024, subject to approval of shareholders.
Consolidated results at a glance
Consolidated PAT for FY24 increased to â¹ 18,213 crore from â¹ 14,925 crore in FY23, up 22% YoY and for Q4FY24 was â¹ 5,337 crore, up 17% YoY from â¹ 4,566 crore in Q4FY23 (up 25% QoQ from â¹ 4,265 crore in Q3FY24).
PAT of Bank and key subsidiaries given below:
PAT (â¹ crore) FY24 FY23 Q4FY24 Q4FY23
Kotak Mahindra Bank 13,782 10,939 4,133 3,496
Kotak Securities 1,226 865 378 182
Kotak Mahindra Prime 888 829 223 224
Kotak Mahindra Life Insurance 689 1,053 109 205
Kotak Asset Management &
Trustee Company 525 555 150 192
Kotak Mahindra Investments 514 326 129 100
Kotak Mahindra Capital Company 215 150 97 49
BSS Microfinance 383 297 76 89
At the consolidated level, the Return on Assets (ROA) for FY24 was 2.66% and for Q4FY24 was 2.92%. Return on Equity (ROE) for FY24 was 15.08% and for Q4FY24 was 16.85%.
Consolidated Capital Adequacy Ratio as per Basel III as at March 31, 2024 was 21.8% and CET I ratio was 20.7%.
Consolidated Networth as at March 31, 2024 was â¹ 129,892 crore. The Book Value per Share was â¹ 653.
Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew to â¹ 479,169 crore as at March 31, 2024 from â¹ 393,882 crore as at March 31, 2023, up 22% YoY.
Total Assets Under Management as at March 31, 2024 were â¹ 560,140 crore up 33% YoY over â¹ 420,880 crore as at March 31, 2023. The Domestic MF Equity AUM increased by 58% YoY to â¹ 246,771 crore as at March 31, 2024.
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 March, 2024 , Kotak Mahindra Bank Ltd has a national footprint of 1,948 branches and 3,291 ATMs (incl. cash recyclers), and branches in GIFT City and DIFC (Dubai).
https://www.kotak.com/content/dam/Kotak/about-us/media-press-releases/2024/Q4FY24_Media-Release.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
9/5/2024
Financial Results for the Quarter and Year Ended 31st March 2024
Key Highlights
ï¶ The Board of Directors have recommended a dividend of â¹1.50 per equity share (75%) for the year ended March 31, 2024 subject to requisite approvals.
ï¶ Net Profit increased Y-o-Y by 159.8% and Q-o-Q by 35.4% to â¹3,010 Cr in Q4 FY'24 from â¹1,159 Crore in Q4 FY'23 and â¹2,223 Cr in Q3 FY'24. During FY'24, Net Profit rose to â¹8,245 Crore recording a robust growth of 228.8% against â¹2,507 Crore posted during FY'23.
ï¶ Return on Assets (RoA) improved to 0.77% in Q4 FY'24 from 0.58% in Q3 FY'24 and 0.32% in Q4 FY'23. RoA improved Y-o-Y by 36 bps to 0.54% in FY'24 against 0.18% recorded in FY'23.
ï¶ Return on Equity (RoE) improved to 16.48% in Q4 FY'24 from 12.45% in Q3 FY'24 and 7.11% in Q4 FY'23. RoE improved by 772 bps to 11.66% in FY'24 from 3.94% in FY'23.
ï¶ Net Interest Income (NII) increased to â¹10,363 Cr in Q4 FY'24 from â¹10,293 Cr in Q3 FY'24 and â¹9,499 Cr in Q4 FY'23 showing an improvement of 9.1% on Y-o-Y basis. During FY'24, NII rose by 16.2% to â¹40,083 Crore from â¹34,492 Crore in FY'23.
ï¶ Global Net Interest Margin increased by 3 bps from 3.06% in FY'23 to 3.09% in FY'24.
ï¶ Operating Profit increased by 9.4% on Y-o-Y basis to â¹6,416 Cr in Q4 FY'24 from â¹6,331 Cr in Q3 FY'24 and â¹5,866 Cr in Q4 FY'23. Operating Profit rose by 10.7% to â¹24,931 Crore in FY'24 from â¹22529 Crore in FY'23.
ï¶ Credit Cost improved by 91 bps from 1.72% in Q4 FY'23 to 0.81% in Q4 FY'24 and by 63 bps from 2.03% in FY'23 to 1.40% in FY'24.
ï¶ GNPA ratio improved by 301 bps on Y-o-Y basis to 5.73% as on March'24 from 8.74% as on March'23.
ï¶ NNPA ratio improved by 199 bps from 2.72% as on March'23 to 0.73% as on March'24.
ï¶ Provision Coverage Ratio (including TWO) improved by 849 bps on Y-o-Y basis to 95.39% as on March'24.
ï¶ Provision Coverage Ratio (Excluding TWO) improved by 1710 bps to 87.9% in Mar'24 from 70.8% in March'23.
ï¶ Slippage ratio improved Y-o-Y by 159 bps to 0.72% in FY'24 from 2.31% in FY'23.
ï¶ Global Business grew by 8.6% on Y-o-Y basis to â¹23,53,038 Crore as on March'24 from â¹21,65,844 Crore as on March'23.
ï¶ Global Deposits registered a growth of 6.9% to â¹13,69,713 Crore as on March'24 from â¹12,81,163 Crore as on March'23.
ï¶ Global Advances increased by 11.2% on Y-o-Y basis to â¹9,83,325 Crore as on March'24 from â¹8,84,681 Crore as on March'23.
ï¶ CD Ratio stands at 71.8% as on March'24 as against 69.1% in March'23 and 73.1% in Dec'23.
Business Performance in Key Parameters
Deposits
ï¶ Savings Deposits increased to â¹4,80,298 Crore registering a Y-o-Y growth of 3.5%.
ï¶ Current Deposits grew by â¹3,565 Crore as on March'24 to â¹72,201 Crore on Quarter-onQuarter basis.
ï¶ CASA Deposits increased to â¹5,52,499 Crore recording a Y-o-Y growth of 2.7%.
ï¶ CASA Share of the bank stands at 41.44% as on March'24.
ï¶ Retail Term Deposit (less than 2 Crores) witnessed a growth of 9.5% on Y-o-Y basis to â¹5,62,705 Crore in March'24.
Advances
ï¶ Total Retail credit increased by 12.6% to â¹2,22,574 Crore in March'24.
ï¶ The bank grew impressively under Core Retail recording a Y-o-Y growth of 15.2%. Within Core Retail Credit:
* Housing Loan grew by 14.5% to â¹93,694 Crore.
* Vehicle loan posted a growth of 25.6% to reach â¹20,692 Crore.
* Personal Loan increased by 14.4% to â¹20,766 Crore.
ï¶ Agriculture Advances grew by 11.3% on Y-o-Y basis to â¹1,58,188 Crore
ï¶ MSME Advances increased Y-o-Y by 7.0% to â¹1,39,288 Crore in March'24.
Asset Quality
ï¶ Gross Non-Performing Assets (GNPA) declined by â¹20,985 Crore to â¹56,343 Crore as on March'24 from â¹77,328 Crore as on March'23.
ï¶ Net Non-Performing Assets (NNPA) declined by â¹15,786 Crore from March'23 to â¹6,799 Crore as on March'24.
ï¶ Net Slippages declined by â¹8646 Crore from â¹14198 crore in FY'23 to â¹5552 Crore in FY'24.
Profitability
ï¶ Total Income of the Bank was booked at â¹32,361 Crore for Q4 FY'24 and â¹1,20,285 Crore for FY'24, recording a growth of 18.7% and 23.6% respectively on Y-o-Y basis.
ï¶ Total Interest Income of the Bank was â¹28,113 Crore for Q4 FY'24 and â¹1,06,902 Crore for FY'24, registering a Y-o-Y growth of 17.9% and 25.6% respectively.
ï¶ Fee based income recorded a Y-o-Y growth of 8.4% from â¹5,612 Crore in FY'23 to â¹6,084 Crore in FY'24.
Efficiency/Productivity Ratio
ï¶ Domestic Net Interest Margin stands at 3.25% in Q4 FY'24.
ï¶ Global Yield on Advances improved Y-o-Y by 50 bps to 8.44% in Q4 FY'24 and by 112 bps to 8.28% in FY'24.
ï¶ Business per employee improved to â¹23.84 Crore in March'24 from â¹21.64 Crore in March'23 and â¹23.08 Crore in Dec'23.
ï¶ Business per branch improved to â¹225.25 Crore in March'24 from â¹209.53 Crore in March'23 and â¹220.51 Crore in Dec'23.
ï¶ Net profit per employee improved to â¹8.61 lakhs in FY'24 from â¹2.57 lakhs in FY'23.
ï¶ Net profit per branch improved to â¹81.33 lakhs in FY'24 from â¹24.88 lakhs in FY'23.
Capital Adequacy
ï¶ CRAR increased to 15.97% as on March'24 from 15.50% as on March'23 registering an improvement of 47 bps.
ï¶ Tier-I was at 13.17% (CET-1 improved to 11.04% from 9.86% as at Dec'23 and AT1 improved to 2.13% from 1.87% as at Dec'23) and Tier-II at 2.80% as on March'24.
Priority Sector Achievement
ï¶ Priority Sector Advances exceeded the National Goal of 40% and stands at 40.57% of ANBC.
ï¶ Agriculture advances exceeded the National Goal of 18% and stands at 18.27% of ANBC.
ï¶ Credit to Small & Marginal Farmers exceeded the National Goal of 10% and stands at 10.09% of ANBC.
ï¶ Credit to Weaker Sections surpassed the National Goal of 12% and stands at 13.57% of ANBC
ï¶ Credit to Micro Enterprises surpassed the National Goal of 7.50% and stands at 8.16% of ANBC.
Financial Inclusion
ï¶ PMJDY account increased to 5 Crore 5 Lakhs as on March'24 from 4 Crore 59 Lakhs in March'23.
ï¶ Enrollments under PMJJBY, PMSBY & APY in March'24 are as under:
Digital Progress and Initiatives
ï¶ Number of Digital Transactions increased to 659 Crore during FY'24 from 408 Crore during FY'23 registering a growth of 62% on Y-o-Y basis.
ï¶ Internet Banking Services (IBS) users increased to 423 Lakhs as on March'24 recording a growth of 8% Y-o-Y basis from 392 Lakhs as on March'23.
ï¶ Total Digital Loan Disbursed improved by â¹4,464 Crore to â¹8,588 Crore as on March'24 from â¹4,124 Crore as on March'23.
ï¶ Facility for Digital Education loan and Digital Vehicle Loan through PNB One has commenced in the bank.
Distribution Network
ï¶ As on 31st March 2024, the Bank has 10,138 branches including 2 International Branches.
ï¶ The distribution of branches is Rural: 3,927 branches (39%), Semi-Urban: 2,484 branches (24%), Urban: 2,001 branches (20%) and Metro: 1,724 branches (17%).
ï¶ The bank also has 12,131 ATMs and 33,614 BCs as part of its distribution network.
Awards & Accolades
ï¶ Overall 3rd Rank under EASE Reforms 5.0 with 2nd Runners Up in the themes such as Digital Enabled Customer Offerings and Big Data & Analytics.
ï¶ Excellence in Gender Inclusion Award by Jury of International Inclusion Alliance.
ï¶ Best MSME Friendly Bank by Confederation of Indian MSME.
ï¶ 9th Innovative CIOs Awards & Symposium 2024 for 2 projects viz. e-Bank Guarantee and PNB Aarambh.
ï¶ Award for "Best Data Quality in Commercial Bureau Segment" for 2023-24 during the Annual Conference of
ï¶ General Managers of PSBs organized by IBA & TransUnion (TU) CIBIL in Mumbai.
Data Excellence Award in Consumer Bureau segment by CRIF Highmark during CRIF InFocus Seminar.
https://www.pnbindia.in/downloadprocess.aspx?fid=4CcBgai6Lt7JIS4y4BFlxw==
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
10/5/2024
Financial Results for the Quarter/Year ended March 31, 2024
The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter/Year ended March 31, 2024.
Key Highlights in FY24
1. Board of Directors have recommended a dividend of Rs. 3.60 per equity share (36% of face value of Rs.10 per equity share) for the year ended March 31, 2024 subject to requisite approvals.
Strong Financial Performance:
Net Profit of the Bank increased by 61.84% on YoY basis during FY24. Net interest income of Bank grew by 11.61% on YoY basis during FY24.
Bank continues to demonstrate a strong Liability franchise:
Domestic deposits have increased by 8.42% YoY. Bank now have a total deposits base of Rs.12,21,528 Crores as on March 31, 2024.
Business Growth gaining momentum:
Total Business of the Bank increased by 10.31% YoY, wherein Gross Advances increased by 11.73% YoY & Total Deposit grew by 9.29% YoY. Bank has a total Business of Rs.21,26,412 Crores as on March 31, 2024.
Growth in Retail, Agri and MSME (RAM) segments:
RAM Segment of the Bank increased by 13.82% YoY, where 11.14% growth in Retail, 20.95% growth in Agriculture and 8.58% growth in MSME advances is achieved on YoY basis. RAM advances as a percent of Domestic Advances stood at 56.90%.
Reduction in NPA:
Gross NPA (%) reduced by 277 bps on YoY basis to 4.76% and Net NPA (%) reduced by 67 bps on YoY basis to 1.03% as on 31.03.2024.
Strong Capital Ratios:
CRAR improved from 16.04% as on 31.03.2023 to 16.97% as on 31.03.2024. CET1 ratio improved to 13.65% as on 31.03.2024 from 12.36% as on 31.03.2023.
Improved Returns: Bank's Return on Assets & Return on Equity improved to 1.03% and 15.58% respectively during FY24.
Network:
8,466 Branches including foreign branches
8,982 ATMs
19,603 BC points
135 MLPs (MSME Loan Points)
159 RLPs (Retail Loan Points)
42 ALPs (Agriculture Loan Points)
105 Union MSME First Branches
1,685 Gold Loan Points
19 LCBs & 40 MCBs
8 SAMBs & 30 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 3.00 lakhs new enrollments were done by the Bank for the quarter ended March 31, 2024.
Pradhan Mantri Suraksha Bima Yojana (PMSBY):
This is Government- backed accidental insurance scheme; where 7.83 lakhs new enrollments were done by the Bank for the quarter ended March 31, 2024.
Pradhan Mantri Jan Dhan Yojana (PMJDY):
Our bank is instrumental in opening 2.95 Crores accounts under PMJDY Scheme with balance of Rs. 10,918 Crores as on 31.03.2024. The corresponding figure was 2.80 Crores account with balance of Rs. 9,046 Crores as on 31.03.2023.
Atal Pension Yojana (APY):
APY is a pension scheme, primarily targeted at the individuals working in unorganized sector, 2.00 lakh new enrollments were done by Bank for the quarter ended March 31, 2024.
Union Nari Shakti Scheme for Women Entrepreneurs:
Sanctioned 22,676 Applications for Rs.2,555 crores during 12M FY24
Credit facility towards Green initiatives: -
1) Renewable Energy Sector: -Sanctioned Rs. 23,059 crores as on 31.03.2024
2) Union Green Miles: -Sanctioned amount Rs. 462 crores as on 31.03.2024
https://www.unionbankofindia.co.in/pdf/Final%20Press%20Release%20English%20Q4FY24.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
27/4/2024
YES BANK ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024
Key Highlights
* Net Profit for Q4FY24 at INR 452 Crs up 123.2% Y-o-Y & 95.2% Q-o-Q. FY24 Net Profit at INR 1,251 Crs up 74.4% Y-o-Y
* NIMs for Q4FY24 steady Q-o-Q at 2.4%
* Non-Interest Income: Strong momentum across diverse and granular fee streams: Q4FY24 up 56.3% Y-o-Y and 31.3% Q-o-Q. FY24 Non-Interest Income up 38.8% Y-o-Y
* Negligible PSL shortfall for FY24 through combination of step up in organic balances and PSLC purchases: overall, SMF and Weaker Section fully complied
* Net Provision Costs lower (down 23.8% Y-o-Y for Q4FY24 and 15.0% Y-o-Y for FY24)
* RoA for Q4FY24 at 0.5% v/s. 0.2% in Q3FY24 & Q4FY23
* Non-Core/ One off gains (tax refunds, SR recoveries and ARC sale gains) majorly utilized for further improving the Asset Quality metrics and Provision Coverage Ratio
* Balance Sheet crossed INR 4 lakh Crs during the Quarter
* Robust Deposit accretion (up 22.5% Y-o-Y and 10.1% Q-o-Q) and improvement in CASA Ratio (up 120 bps Q-o-Q and 10 bps Y-o-Y) to 30.9%
* Net Advances Growth (ex- reverse repo) at 13.8% Y-o-Y aided by sustained growth momentum in SME and Mid Corporate Advances (at 25%+ Y-o-Y) and resumption of growth in Corporate segment
* Sustained improvement in Asset Quality metrics: GNPA at 1.7%, NNPA at 0.6%, PCR at 66.6%
* GNPA, NNPA Ratio (each down 30 bps Q-o-Q) and PCR (up 10 percentage points) significantly improve Q-o-Q
* Strong Resolution momentum with recoveries and resolutions at INR 2,092 Crs1 in Q4FY24 and INR 5,978 Crs1 in FY24- in line with guidance at the beginning of the year
* 60 bps Q-o-Q reduction in (NNPA + net carrying value of SR) % to 1.1% of Advances
* PayTM Partnership: Offering of services to both existing and new Consumers (as PSP Payment Bank) and Merchants (collections) as well as providing settlement services
* Post Mar 31, 2024, CA Basque Investments (affiliate of the Carlyle Group) has exercised its Warrants. On pro-forma basis, CET-I% as at March 31, 2024, including these proceeds is at 12.7%
* Principal sponsor - Indian Olympic Association (IOA) as their Official Banking Partner for team India for Paris Olympics 2024
Profit and Loss
* NII at INR 2,153 Crs for Q4FY24 up 2.3% Y-o-Y & 6.8% Q-o-Q. FY24 NII at INR 8,095 Crs up 2.2% Y-o-Y
* NIMs at 2.4% for Q4FY24 vs.2.8% in Q4FY23 & 2.4% last quarter. FY24 NIMs at 2.4%
* Non-Interest Income for Q4FY24 at INR 1,569 Crs, up 56.3% Y-o-Y & 31.3% Q-o-Q. Non-Interest Income for FY24 at INR 5,114 Crs up 38.8% Y-o-Y
* Operating Costs at INR 2,819 Crs up 27.0% Y-o-Y. PSLC costs incurred during the quarter aggregated to INR 254 Crs v/s. NIL in Q4FY23. Excluding PSLC cost,
o Opex for Q4FY24 grew 15.5% Y-o-Y
o FY24 Opex grew 12.2% Y-o-Y v/s. 13.8% Y-o-Y growth in Total Income
* Operating Profit for Q4FY24 stands at INR 902 Cr, up 1.5% Y-o-Y and 4.4% Q-o-Q. Operating Profit for FY24 at INR 3,386 Crs up 6.4% Y-o-Y
* Provision Cost (non-tax) at INR 471 Crs for Q4FY24 down 23.8% Y-o-Y & 15.1% Q-oQ; FY24 Provision Costs at INR 1,886 Crs down 15.0% Y-o-Y
* Income Tax refunds (including Interest on the Refund of INR 118 Crs accounted in Other Income) aggregating to the tune of INR 247 Crs received during the quarter
* Net Profit for Q4FY24 at INR 452 Crs up 123.2% Y-o-Y & 95.2% Q-o-Q. FY24 Net Profit at INR 1,251 Crs up 74.4% Y-o-Y
* RoA for Q4FY24 at 0.5% v/s. 0.2% in Q4FY23 & Q3FY24. FY24 RoA at 0.3% v/s. 0.2% in FY23 despite higher balances in Deposits placed in lieu of PSL shortfalls and PSLC costs
Balance Sheet
* Net Advances at INR 2,27,799 Cr, registered growth of 12.1% Y-o-Y and 4.7% Q-o-Q
* Granular/ Diversified loan book - Retail & SME: Mid Corp.: Corp. mix at 62:15:23 vs. 59:14:27 last year and 63:14:23 last quarter
* Fresh Disbursem*nts of INR 32,709 Cr in Q4FY24 & INR 114,000 Crs in FY24
o Retail Asset Disbursem*nts of INR 9,489 Cr in Q4FY24 (INR 41,713 Crs for FY24)
o Rural Disbursem*nts of INR 1,182 Cr (INR 3,925 Crs for FY24)
o SME Disbursem*nts1 of INR 8,497 Cr (INR 31,919 Crs for FY24)
o Mid Corporate Disbursem*nts of INR 2,635 Cr (INR 6,492 Crs for FY24)
* Total Balance Sheet grew 14.3% Y-o-Y
* CD Ratio at 85.5% vs. 89.9% in Q3FY24 and 92.0% in Q4FY23
* Total Deposits at INR 2,66,372 Cr, up 22.5% Y-o-Y and 10.1% Q-o-Q
* CASA ratio at 30.9% vs. 30.8% in Q4FY23 and 29.7% Q-o-Q
* Retail CASA Accounts opened: ~409K in Q4FY24 and ~15.3 lacs in FY24
* Retail and Small Business Deposits (Gross LCR Definition) grew 18% Y-o-Y
* Average Quarterly LCR during the quarter remains healthy at 116.1%; LCR as on December 31, 2023 at 118.4%
* CET 1 ratio at 12.2%: Total CRAR at 15.4%. Proforma CET-1% as at March 31, 2024 including the proceeds from Warrants conversion done post March 31, 2024 at 12.7%
* RWA to Total Assets at 70.3% vs. 69.0% in Q4FY23 and 71.1% in Q3FY24
* Investments at INR 90,235 Cr up 17.4% Y-o-Y
* Borrowings at INR 79,941 Cr up 3.2% Y-o-Y
Asset Quality
* (NNPA + net carrying value of SR) as % of Advances at 1.1% in Q4FY24 v/s. 1.7% in Q3FY24 and 2.4% in Q4FY23
* GNPA ratio at 1.7% as of Mar 31, 2024, v/s 2.0% at Q3FY24 and 2.2% at Q4FY23
* NNPA ratio improved to 0.6% v/s. 0.9% last quarter and 0.8% at Q4FY23
* Gross Slippages for Q4FY24 at INR 1,356 Crs v/s. INR 1,233 Crs in Q3FY24. Gross Slippages for FY24 at INR 5,334 Crs v/s. INR 4,775 Crs in FY23
* Slippages Net of Recoveries and Upgrades in Q4FY24, at INR 370 Cr vs. INR 574 Cr last quarter
* Overdue Book of 31-90 days down to INR 3,684 Cr vs INR 4,378 Cr Q3FY24 and INR 4,786 Crs in Q4FY23
* 31-60 days book at INR 1,805 Cr vs INR 2,327 Cr last quarter
* 61-90 days book at INR 1,879 Cr vs INR 2,051 Cr last quarter
* Resolution momentum continues to be strong with Total Recoveries & Upgrades for Q4FY24 at INR 2,092 Crs and INR 5,978 Crs for FY24
Digital & Other Highlights/ Achievements
s
* Principal sponsor - Indian Olympic Association (IOA) as their Official Banking Partner for team India for Paris Olympics 2024
* PayTM Partnership: Offering of services to both existing and new Consumers (as PSP Payment Bank) and Merchants (collections) as well as providing settlement services
* Launched YES Pay Next, a cutting-edge UPI payments app which provides a seamless, secure, and smarter way to manage transactions
* MSME Banking Excellence Awards 2023, organized by CIMSME: Awarded Best Bank for Promoting Govt. Schemes in private sector, runners-up for Best MSME Bank in the private sector
* For 2nd year in a row, certified as Great Place To Work®. Also ranked among the top 50 in 'India's Best Workplaces in BFSI 2024' by Great Place to Work® (GPTW) Institute, India
* First Indian Bank to conduct Export Finance Transaction on RXIL's (Receivables Exchange of India Limited) ITFS (International Trade Finance Service) platform
ABOUT YES BANK
YES BANK, a full-service commercial bank headquartered in Mumbai, offers a wide array of products, services, and digital solutions, catering to Retail, MSME, and Corporate clients. The Bank operates its Brokerage business through YES SECURITIES, a wholly-owned subsidiary of the Bank. The Bank has a pan-India presence including an International Banking Unit (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=yesbank_q4_fy24_press_release.pdf
ACQ_REF: IS/43711/20240603/IND/22/3
ACQ_AUTHOR: Senior Associate/Joseph Hang Ellision
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