PNB profit jumps 3-fold to Rs 3,010 cr
New Delhi: State-owned Punjab National Bank (PNB) on Thursday posted a nearly three-fold increase in net profit to Rs 3,010 crore for the fourth quarter ended March 2024, aided by improvement in core income and decline in bad loans. The bank had earned a net profit of Rs 1,159 crore in the same quarter a year ago. The total income increased to Rs 32,361 crore during the quarter under review, as against Rs 27,269 crore in the same period last year, PNB said in a regulatory filing. Interest income grew to Rs 28,113 crore during the period under review, from Rs 23,849 crore in the corresponding quarter a year ago. On the asset quality side, the bank’s gross Non-Performing Assets (NPAs) moderated to 5.73 per cent of gross advances as of March 31, 2024, from 8.74 per cent at the end of March 2023. Net NPAs also declined to 0.73 per cent of the advances, from 2.72 per cent at the end of 2023. As a result, provision for bad loans declined to Rs 1,958 crore, as against Rs 3,625 crore earmarked during the same quarter a year ago.
HPCL net profit falls 25%
New Delhi: Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a 25 per cent fall in its March quarter net profit on lower refining margins and announced one bonus share for every two shares held. Its consolidated net profit of Rs 2,709.31 crore in January-March - the fourth quarter of the 2023-24 fiscal - compares to Rs 3,608.32 crore in the same period of the previous financial year, according to a company’s stock exchange filing. The firm earned USD 6.93 on turning every barrel of crude oil into fuel in the quarter against the USD 8.50 per barrel refining margin in the preceding quarter. HPCL board also approved a 1:2 bonus issue - 1 share for every 2 shares held. Turnover was higher at Rs 1.22 lakh crore when compared to Rs 1.15 lakh crore in January-March 2023. For the full 2023-24 fiscal, HPCL reported a record net profit of Rs 16,014.61 crore as opposed to a loss of Rs 6,980.23 crore in the previous year.
Asian Paints net profit up 1.34% at Rs 1,275.3 cr
New Delhi: Asian Paints Ltd on Thursday reported a 1.34 per cent increase in consolidated net profit to Rs 1,275.3 crore for the fourth quarter ended March 2024. The company had posted a consolidated net profit of Rs 1,258.41 crore in the corresponding quarter of the previous fiscal, Asian Paints said in a regulatory filing. Its consolidated revenue from operations during the quarter under review stood at Rs 8,730.76 crore against Rs 8,787.34 crore a year ago, it added. The total expenses during the fourth quarter were higher at Rs 7,319.1 crore compared to Rs 7,181.66 crore in the year-ago period. For the fiscal ended March 31, 2024, the company’s consolidated net profit was Rs 5,557.69 crore compared to Rs 4,195.33 crore in the previous year, Asian Paints said.
ESAF Small Finance Bank profit slips 57% to Rs 43 cr
New Delhi: ESAF Small Finance Bank on Thursday reported 57 per cent decline in net profit at Rs 43.4 crore for the fourth quarter ended March 2024 on account higher provisions. The Kerala-based bank had posted a net profit of Rs 101.4 crore for the year-ago period. Total income increased to Rs 1,152 crore in March quarter from Rs 868 crore a year ago, the bank said in a regulatory filing. Interest income grew to Rs 1,002 crore during the period under review from Rs 774 crore in the corresponding quarter a year ago. Net Interest Income (NII) grew 18.4 per cent to Rs 591 crore compared to Rs 499 crore in the same quarter a year ago. The bank’s Gross NPAs deteriorated to 4.76 per cent of gross advances as of March 31, 2024, from 2.49 per cent by the end of March 2023.