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Mumbai | November 13, 2024: Blue Dart Express Limited, South Asia’s premier express air, integrated transportation, and distribution logistics company, declared its financial results today for the quarter ended September 30, 2024, at its Board Meeting held in Mumbai.

The company posted ₹ 60.76 crore profit after tax for the quarter ended September 30, 2024. Revenue from operations for the same period stood at ₹ 1,448.46 crore. Blue Dart’s exceptional service quality, strengthened by advanced automation and technology, remains a cornerstone of its operations, providing customers with a seamless, one-stop solution for all their logistics needs.

Reflecting on the company’s performance, Balfour Manuel, Managing Director, Blue Dart Express Ltd., stated, ‘During the quarter, we achieved strong year-on-year revenue growth, showcasing our robust performance across both established and sunrise sectors. Our increased earnings capacity enables us to strategically invest in expanding our network, including the deployment of new aircraft into our fleet to enhance our service offerings and meet our customers’ evolving needs. Following this, we are also investing in the development of strategic ground hubs and delivery centers for B2B and e-commerce distribution. These investments are designed to enhance scalability, flexibility, accuracy, and speed across our entire network, driving sustainable future growth. By staying agile and innovative, we are well-positioned to seize emerging opportunities and deliver even greater value to our customers.

The company’s positive outlook underlines its readiness to capitalize on future prospects while maintaining its reputation as the provider of choice. Blue Dart is accelerating sustainable growth through its various initiatives, focusing on structural tailwinds in fast-growing geographies and industry sectors, including the megatrend of e-commerce. As a trusted trade facilitator, Blue Dart continues to expand its share of wallet (SOW) in key markets, setting industry standards and driving value for its partners.

25th October, 2024  Mumbai

• Bank of Baroda (BOB) quarterly Net profit higher by 23.2% YoY at INR 5,238 crore in Q2FY25. Net Profit for H1FY25 grew by 16.5% to INR 9,696 crore.
• BOB has consistently delivered Return on Assets (ROA) of more than 1%, ROA for Q2FY25 stands at 1.30% and for H1FY25 at 1.20%.
• Return on Equity (ROE) stands at 19.22% for Q2FY25 and 17.79% for H1FY25.
• The growth in profitability was supported by healthy Operating Income growth of 12% YoY in Q2FY25.
• Operating income growth was augmented by 24.2% YoY growth in Non-Interest Income in Q2FY25.
• Non-Interest Income growth in Q2FY25 was driven by growth in Trading Gains (+86.6%) and Recovery from TWO (~2x)
• Healthy growth in Income during the quarter coupled with subdued increase in Opex (+4.9%) has resulted in strong Operating profit growth of 18.2% YoY for Q2FY25.
•  Cost to Income ratio of the Bank has reduced by 294 bps YoY to 43.60% for Q2FY25.
• Asset quality has significantly improved with GNPA at 2.50% for the quarter, a decline of 82 bps YoY. NNPA has also reduced by 16 bps YoY to 0.60%.
• BOB’s balance sheet remained robust with healthy Provision Coverage Ratio (PCR) of 93.61% with TWO & at 76.31% without TWO.
• Credit cost remains below 1% at 0.65% for Q2FY25 and 0.55% for H1FY25.
• BOB’s Global Advances registered a strong YoY growth of 11.6% in Q2FY25 led by robust retail loan book growth. Bank’s organic Retail Advances grew by 19.9%, driven by growth in high focus areas such as Auto Loan (22.9%), Home Loan (16.2%), Mortgage Loan (13.2%), Education Loan (17.2%). (17.2%).

The Board of Directors of IndusInd Bank Limited approved the financial results of the Bank for the Quarter/ Half Year ended September 30, 2024, at their meeting held in Mumbai on Thursday, October 24, 2024.

NIM at 4.08%, Net NPA at 0.64%, Provision Coverage Ratio at 70%, Capital Adequacy Ratio (CRAR) at 16.51% CASA at 35.87% and Liquidity Coverage Ratio at 118% underscore the strength of operating performance of the Bank and adequacy of capital

CONSOLIDATED FINANCIAL RESULTS

The Bank’s consolidated financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion Limited (BFIL), a business correspondent (BC) of the Bank involved in originating small ticket MFI loans for the Bank and IndusInd Marketing and Financial Services Private Limited (IMFS), an associate of the Bank.

Profit & Loss Account for the Quarter ended September 30, 2024

Net Interest Income for the quarter ended September 30, 2024 at grew by 5% YoY Net Interest Margin for Q2 FY 2025 at 4.08% against 4.29% for Q2 of FY 2024 and 4.25% for Q1 of FY 2025. The Net Interest Margin was lower inter alia as the Bank reduced share of microfinance loans in the overall loans.

Yield on Assets stands at 9.69% for the quarter ended September 30, 2024 and September 30, 2023.Cost of Fund stands at 5.61% as against 5.40% for corresponding quarter of previous year.

Other income  for the quarter ended September 30, 2024 as against for the corresponding quarter of previous year. Core Fee at  against for the corresponding quarter of previous year.

Operating expenses for the quarter ended September 30, 2024 were as against for the corresponding quarter of previous year

Pre Provision Operating Profit (PPOP) at  the quarter ended September 30, 2024 as against for corresponding quarter of previous year.

Net Profit for the quarter ended September 30, 2024 was as compared to  during corresponding quarter of previous year. Net Profit adjusted for contingent provision increase during the quarter was ₹1,725 crores for the quarter ended September 30, 2024.

Profit & Loss Account for half year ended September 30, 2024

Net Interest Income for the half year ended September 30, 2024 increased up by 8% from  corresponding previous half year.

Fee income for the half year ended September 30, 2024, up by 3% from for the corresponding previous half year.

For the half year ended September 30, 2024, the Bank earned Total Income (Interest Income and Fee Income)  as compared  for the corresponding previous half year.

Operating expenses for the half year ended September 30, 2024 were as against for the corresponding previous half year.

Pre Provision Operating Profit (PPOP) for the half year ended September 30, 2024 over the corresponding previous half year .

Net Profit for the half year ended September 30, 2024 as compared to   during corresponding previous half year.

Balance Sheet as of September 30, 2024

Balance sheet footage as on September 30, 2024 as against  as on September 30, 2023, showing growth of 14%.

Deposits as on September 30, 2024 were against , an increase of 15% over September 30, 2023. CASA deposits increased to with Current Account deposits at and Savings Account deposits . CASA deposits comprised 35.87% of total deposits as at September 30, 2024. Retail deposits as per LCR stand as at September 30, 2024 against as on September 30, 2023, up by 16% YoY.

Advances as of September 30, 2024 were against, an increase of 13% over September 30, 2023.

ASSET QUALITY

The loan book quality remains stable. The Gross NPA were at 2.11% of gross advances as on September 30, 2024 as against 2.02% as on June 30, 2024. Net Non-Performing Assets were 0.64% of net advances as on September 30, 2024 as compared to 0.60% as on June 30, 2024.

The Provision Coverage Ratio was consistent at 70% as at September 30, 2024. Provisions and contingencies for the quarter ended September 30, 2024 were compared to  for the corresponding quarter of previous year. This includes increase  in the contingent provisions as a prudent measure by the Bank. Total loan related provisions as on September 30, 2024 were at (2.4% of loan book).

CAPITAL ADEQUACY

The Bank’s Total Capital Adequacy Ratio as per Basel III guidelines stands at 16.51% as on September 30, 2024, as compared to 18.21% as on September 30, 2023. Tier 1 CRAR was at 15.21% as on September 30, 2024 compared to 16.15% as on September 30, 2023. Risk-Weighted Assets were  as against a year ago.

NETWORK

As of September 30, 2024, the Bank’s distribution network included 3040 branches/ Banking outlets and 3011 ATMs, as against 2631 Branches/ Banking outlets and 2903 ATMs as of September 30, 2023. The client base stood at 41 million as on September 30, 2024.

Commenting on the performance, Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank said:

“The Indian economy continued resilient performance despite increasingly turbulent global landscape. The Banking industry however has seen continued competitive intensity for deposits and divergent trends for growth and asset quality in unsecured loans versus secured loans. IndusInd Bank too aligned its strategy focusing on ramping up retail deposit mobilization, maintaining traction on secured loans, de-growing unsecured loans and building conservative buffers on provisions. The outcomes for Q2 were evident in deposit growth of 15% YoY ahead of loan growth of 13% YoY. The NNPAs were stable at 0.64% with 70% provision coverage ratio. The Profit After Tax at  YoY as we build contingent provision buffer this quarter. The Capital Adequacy remains healthy at 16.51% and Liquidity Coverage at 118 % well above regulatory thresholds. The Bank thus has strengthened the balance sheet during the quarter and will look towards growth acceleration in tandem with underlying economy.”