Q3FY22 Results: Indian Bank, Punjab & Sind Bank, Union Bank among others release their earnings

Several listed companies on the BSE and NSE announced their December quarter results for the financial year 2021-22. Companies like Indian Bank, Punjab & Sind Bank, Union Bank of India, and Central Depository Services (India) Limited (CDSL).

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Indian Bank posts 34% rise in Q3 profit at Rs 690 cr

Indian Bank on Monday reported 34 per cent jump in standalone net profit at Rs 689.73 crore for the quarter ended December 2021.

The public sector bank had logged a net profit of Rs 514.28 crore in the same quarter a year ago. The net profit was down nearly 37 per cent from Rs 1,089.18 crore in the preceding September quarter.

Total income during October-December 2021-22 rose to Rs 11,481.80 crore as against Rs 11,167.86 crore in the year-ago period, Indian Bank said in a regulatory filing.

Gross non-performing assets (NPAs) were at 9.13 per cent of gross advances as of December 31, 2021 as against 9.04 per cent by the end of December 2020.

However, net NPAs or bad loans were down at 2.72 per cent against 2.35 per cent. Both the NPA ratios were down when compared to September 2021 quarter.

The provisions and contingencies for the quarter were higher at Rs 2,493 crore as against Rs 2,060.87 crore in the year-ago period. On a consolidated basis, the bank's net profit rose to Rs 731.58 crore in December 2021 quarter from Rs 534.91 crore in the year-ago period.

Total income was higher at Rs 11,645.82 crore as against Rs 11,317.86 crore. Indian Bank stock closed 5.82 per cent lower at Rs 158.65 on BSE.

Punjab & Sind Bank reports net profit of Rs 301 cr in December quarter

State-owned Punjab & Sind Bank (PSB) on Monday reported a net profit of Rs 301 crore for the quarter ended December 2021 on healthy growth in core income and fall in provisioning requirement.

The lender had posted a net loss of Rs 2,376 crore in the same quarter a year ago. Sequentially, the net profit was up by 38.1 per cent from Rs 218 crore in the quarter ended September 2021.

Total income rose to Rs 2,042.03 crore, as against Rs 1,973.78 crore in Q3 FY21, PSB said in a regulatory filing.

Net interest income was up by 23.1 per cent to Rs 758 crore, from Rs 616 crore.

The net interest margin improved to 3.17 per cent in the December 2021 quarter from 2.86 per cent in the year-ago period. Also, the cost of deposits for the bank fell to 4.24 per cent from 4.97 per cent, while the cost of funds came down to 3.64 per cent from 4.30 per cent.

The bank's provisions for non-performing assets (NPAs) fell to Rs 325 crore during the quarter, as against Rs 1,482 crore reserved for the same period of the previous fiscal.

However, the gross non-performing assets showed a slight deterioration at 14.44 per cent of the gross advances as of December 31, 2021, from 12.14 per cent a year ago. But it improved quarter-on-quarter from 14.54 per cent at the end of September 2021.

Likewise, the net NPAs or bad loans rose to 3.01 per cent year-on from 2.84 per cent, but were down from 3.81 per cent in the preceding quarter.

Stock of the bank was trading 1.44 per cent up at Rs 17.65 apiece on BSE.

Union Bank of India's Q3 net profit jumps 49% to Rs 1,085 cr

State-owned Union Bank of India on Monday posted a 49 per cent jump in net profit to Rs 1,085 crore in the third quarter ended December 31.

The bank had earned a net profit of Rs 727 crore in the corresponding quarter of the previous financial year.

Its total income during the October-December quarter of 2021-22 declined to Rs 19,453.74 crore from Rs 20,102.84 crore in the corresponding quarter of the previous financial year, Union Bank of India said in a regulatory filing.

On the asset quality front, the bank's gross non-performing assets (NPAs) fell to 11.62 per cent of the gross advances by the end of the December 2022 quarter, compared with 13.49 per cent by the end of December 2020.

However, net NPAs increased to 4.09 per cent, up from 3.27 per cent at the end of December 2020.

Provisions and contingencies declined significantly to Rs 2,549.58 crore, compared with Rs 5,210.50 crore a year ago.

CDSL Q3 net profit up 55% to Rs 83.63 cr

Leading depository CDSL on Monday reported a 55 per cent jump in consolidated net profit to Rs 83.63 crore for the three months ended December 31.

It had posted a net profit of Rs 54.03 crore in the same quarter of the preceding fiscal, Central Depository Services (India) Limited (CDSL) said in a statement.

The company's total income rose 58 per cent to Rs 162.93 crore in the quarter under review, from Rs 103.2 crore in the year-ago period.

CDSL became the first depository to register five crore demat accounts in November 2021. Moreover, 91 lakh demat accounts were opened in Q3 FY22.

"During the quarter, we crossed another milestone of 5 crore investor accounts. In this growing environment, the goal of our company is to create and be part of a financial ecosystem that is secured and provides ease of business," Nehal Vora, MD and CEO at CDSL, said.

CDSL facilitates holding and transacting securities in the electronic form and facilitates the settlement of trades on stock exchanges.

It maintains and services more than 5.5 crore demat accounts of investors or beneficial owners (BOs) spread across India. These BOs are serviced by CDSL's over 590 depository participants from over 21,400 locations.