Tag net profit

FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2024

Key Highlights(June 2024 V/s June 2023)

• Global Business stood at Rs. 23,10,350 cr grew by 11.07%.
• Gross Advances stood at Rs. 9,75,183 cr grew by 9.86%.
•  Global Deposit stood at Rs. 13,35,167 cr grew by 11.97%.
•  Net Profit stood at Rs. 3,905 cr grew by 10.47%.
•  Return on Assets stood at 1.05% improved by 6 bps.
•  RAM Credit grew by 12.26%.
•  Retail Credit grew by 23.54 % with Housing loan at 11.90 % and Vehicle loan at 15.49%.
•  CET-1 stood at 12.05% improved by 55bps
•  CRAR stood at 16.38% grew by 14bps.
•  Credit Cost at 0.90% down by 20 bps.
•  Gross NPA Ratio stood at 4.14% down by 101 bps.
•  Net NPA Ratio stood at 1.24% down by 33 bps.
•  Provision Coverage Ratio (PCR) at 89.22% improved by 118 bps.

Key Summary of Business Performance (as on 30.06.2024)

Business

• Global Business increased by 11.07% (y.o.y) to Rs 2310350 cr as at June 2024 with Global Deposits at Rs 1335167 cr 11.97% (y.o.y) and Global Advance (gross) at Rs 975183 cr 9.86% (y.o.y).
•  Domestic Deposit of the Bank stood at Rs 1231184 Cr as at June 2024 with growth of 11.47% (y.o.y).
•  Domestic Advances (gross) of the Bank stood at Rs 920334 Cr as at June 2024 grew by 9.17% (y.o.y).
•  RAM credit increased by 12.26% (y.o.y) to Rs 551750 Cr
•  Retail lending Portfolio increased by 23.54% (y.o.y) to Rs 175794 Cr as at June 2024.
•  Housing Loan Portfolio increased by 11.90% (y.o.y) to Rs 96108 Cr.

Asset Quality

• Gross Non-Performing Assets (GNPA) ratio reduced to 4.14% as at June 2024 down from 4.23% as at Mar 2024, 5.15% as at June 2023.
•  Net Non-Performing Assets (NNPA) ratio reduced to 1.24% as at June 2024 down from 1.27% as at Mar 2024, 1.57% as at June 2023.
•  Provision Coverage Ratio (PCR) stood at 89.22% as at June 2024 against 89.10% as at Mar 2024, 88.04% as at June 2023.

Capital Adequacy

• CRAR stood at 16.38% as at June 2024 (16.28% as at Mar 2024). Out of which Tier-I is 14.37% (13.95% as at Mar 2024), CET1 is 12.05% (11.58% as at Mar 2024) and Tier-II is 2.01% (2.33% as at Mar 2024).

Priority Sector & Financial Inclusion

• The Bank has achieved Targets in Priority Sector at 44.95% and Agricultural Credit at 22.02% of ANBC as at June 2024, as against the norm of 40% and 18% respectively.
•  Credit to Small and Marginal Farmers stood at 15.58% of ANBC, against the norm of 10.00%.
•  Credit to Weaker Sections stood at 21.65% 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 18.37% of ANBC, against the norm of 13.78%.

Network

• As on 30.06.2024, the Bank has 9623 Number of Branches, out of which 3106 are Rural, 2760 Semi- Urban, 1914 Urban & 1843 Metro along with 10014 ATMs. Bank is also having 4 Overseas Branches in London, New York, Dubai and Gift City.

Chennai, 24.07.24: Federal Bank announced the Financial Results for the quarter ended 30th June 2024. The key highlights of the results on a Y-o-Y basis are as follows:

• Total Business of the Bank reached Rs. 486871.33 Cr
•  Net Profit highest ever @ Rs.1009.53 Cr, grew 18.25 %
•  Operating Profit highest ever @ Rs. 1500.91 Cr
•  ROA for Q1 stood at 1.27 % and ROE stood at 13.64 %
•  GNPA and NNPA brought down to 2.11% and 0.60 % respectively.
•  Total Deposits increased by 19.58 %
•  Total Net Advances increased by 20.34 %
•  Net Interest Income at ₹ 2291.98 Cr, grew by 19.46 %

Mr. Shyam Srinivasan, Managing Director and CEO of the Bank said, “I am encouraged that we have had a resoundingly strong start to FY 25 and delivered our highest ever quarterly profits. With an Industry leading growth in both deposits and assets we are gaining share consistently. Our overall focus of dialing up our physical and digital presence is helping us reach a larger footprint across India. It’s been a quarter where we recorded many firsts, however most noteworthy was the fact that our pioneering technology initiatives have been awarded by very reputed stakeholders. We believe the good start; stable credit quality and sustainable retail deposit traction should help us move further towards our aspiration of being the Most Admired Bank.”

Strong Growth – Resilient Balance Sheet Performance

Total Business of the Bank reached Rs. 486871.33 Cr registering a growth of 19.92 % as on 30th June 2024.

Total Deposits increased from Rs. 222495.50 Cr as on 30th June 2023 to Rs.266064.69 Cr as on 30th June 2024.

On the Asset side, Net advances increased from Rs 183487.41 Cr as on 30th June 2023 to Rs. 220806.64 Cr on 30th June 2024. Retail Advances grew by 19.75 % to reach Rs.70020.08 Cr. Business Banking advances grew by 20.45 % to reach Rs.18159.34 Cr. Commercial Banking grew by 23.71 % to Rs.22687 Cr. Corporate Advances registered a growth of 12.20 % to reach Rs.76588.62 Cr. The CV/ CE advances grew by 51.73 % to reach Rs 3728 Cr.

Highest Ever Operating Profit and Net Profit

The Bank registered Operating Profit of Rs.1500.91 Cr and Net Profit of Rs.1009.53 Cr for the quarter ended 30th June 2024. Operating profit recorded a growth of 15.25 % on a year-on-year basis.

Remarkable Income Parameters

Net Interest Income grew 19.46 % from Rs. 1918.59 Cr to Rs.2291.98 Cr as on 30th June 2024. Total income of the Bank grew 25.87 % to reach Rs.7246.06 Cr. Earnings per share (EPS) annualized is Rs 16.60.

Key Ratios

ROA & ROE of the Bank for the quarter stood at 1.27 % and 13.64 % respectively.

Robust Asset Quality

Gross NPA of the Bank as at the end of Q1 FY25 stood at Rs. 4738.35 Cr, which as a percentage to Gross Advances stood at 2.11 %. The Net NPA and Net NPA as a percentage to Net Advances as on 30th June 2024 stood at Rs. 1330.44 Cr and 0.60% respectively. Provision Coverage Ratio excluding Technical Write Off was 70.79 %.

Net Worth & Capital Adequacy

Net worth of the Bank increased from Rs. 22247.75 Cr to Rs.30300.84 Cr, as on 30th June 2024. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 15.57 % as at the end of the quarter.

Footprint

The Bank has 1518 banking outlets and 2041 ATMs and Cash Recyclers as on 30th June 2024.

Growing Brand Salience

An expanding distribution footprint across physical and digital assets is backed by amped up initiatives to increase the visibility for the brand. There is an active increase in salience across segments and geographies being pursued by Federal Bank.

Mumbai, India, 24th July 2024: NPST, a leading provider of digital banking and payment technology solutions provider, listed on the NSE SME exchange, has reported its strongest-ever quarterly performance in Q1 FY 2025, with a 202.96% growth in net profit and a 142.2% increase in net revenue.

Performance Snapshot

•  The company achieved a record quarterly revenue of ₹60 crore, marking a 34.5% sequential growth and a 142.2% increase compared to the same quarter last year.
•  NPST achieved 46% of FY24’s total income in Q1 FY25, setting a solid foundation for the rest of the fiscal year.
•  Profit Before Tax (PBT) jumped to ₹21 crore, up from ₹6.2 crore in the previous year, an impressive 238.7% increase.
•  The company’s net profit recorded a 202.96% growth, reaching ₹15.62 crore from ₹5.15 crore.
•  The company’s Q1 FY25 net profit reached 58% of the total net profit for FY24, setting a new benchmark and indicating a promising future outlook.
•  This is the highest quarterly performance since its listing on NSE in August 2021.

NPST attributes its substantial topline growth to the growing demand for efficient digital payment operating models, such as Payments Platform as a Service (PPaaS) among Payment Aggregators, Payment Gateways, and Merchants. The operationalization of key customer accounts, infrastructure upgrades to manage increased transaction volumes, and improved delivery execution within the Technology Service Provider (TSP) business that caters to banks were also instrumental in this growth.

Commenting on the results Ashish Aggarwal, Co-Founder and Joint Managing Director NPST, stated; “We are proud to announce a record-setting performance for Q1 FY 2025, demonstrating robust increases in both revenue and profit, even as we scale our strategic growth investments. Our business strategy over the last three years is producing results, and we remain dedicated to maintaining this momentum by continually focusing on building a reliable, efficient, and resilient organization.”

Commenting on the results, Deepak Chand Thakur, Co-Founder and CEO NPST, stated; “We are off to an exceptional start in FY 2025, marking our tenth consecutive quarter of growth since the company’s listing. The positive momentum, particularly within our Payment Platform-as-a-Service (PPaaS) segment, is very encouraging. The new customer acquisitions and ramp-up in deals we’ve discussed in previous quarters are now positively impacting our revenues. We see substantial growth opportunities across our PPaaS and Technology Service Provider business segments. Moving forward, we remain committed to enhancing our unique business model, strengthening strategic customer engagement, and preparing for future readiness.”

NPST plans to raise fresh capital through a Qualified Institutional Placement (QIP). The funds will support investments in new-age technology, market diversification, and scaling organizational capabilities, aligned with the company’s vision to be among the top players in the Indian digital payments industry.

To scale growth NPST is creating a balanced mix of commercial and tech leadership, aimed at enhancing both strategic agility and operational excellence. During the quarter, NPST significantly strengthened its talent pool by adding senior-level sales professionals and other resources.

Chennai, 22nd May 2024: Sundaram Finance Holdings Ltd., (“SF Holdings”) has registered a consolidated net profit of ₹269.32 crores for the quarter ended 31st March 2024, an increase of 173% over the ₹98.62 crores for the corresponding period of the previous year. Consolidated profit for the year ended 31st March 2024 went up 125% to ₹533 crores, as compared to ₹237crores registered in the corresponding period of the last financial year.

SF Holdings primarily operates as a holding company owning a portfolio of automotive businesses including foundries, wheels, brakes, turbochargers, axles, and distribution of spare parts. As a result, dividend from portfolio companies forms a substantial part of the financial results. The dividend received from portfolio companies was at Rs. 160.40 crores for the year ended 31st March 2024, as against the total dividend of Rs. 97.43 crores received during the financial year 2022-23.

SF Holdings realized a special gain on the divestment of a part of the Company’s holding in a group company (TVSHoldings Limited). This sale of our holding and capital restructuring by TVS Holdings Limited resulted in a gain of Rs.339 Crores, out of which Rs. 175.66 Crores is reflected in the profit and loss account, and the balance portion is reflected in OCI.

Second Interim and Final Dividend

The Board of Directors have declared a Second Interim Dividend of ₹3.65/- per share ( 73 %) for FY 23-24, in addition to an interim dividend of ₹2.00/- per share (40%) paid during February 2024. Further, the Board of Directors have recommended a final dividend of ₹2.05/- per share (41%) for FY 23-24. This together with the interim dividend declared aggregates to a total dividend of ₹7.70/- per share (154 %) for FY 23-24, as compared to a dividend of ₹4.00 per share (80%) for FY 22-23.