Q4 Results: An Analysis of How These Four Banks Fared this Quarter With the falling NIM (Net Interest Margin), several banks are facing challenges with market experts expecting weak numbers from most
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Major banking players such as Yes Bank, RBL, ICICI Bank, and Axis Bank recently presented their fourth-quarter results.
With the falling NIM (Net Interest Margin), several banks are facing challenges with market experts expecting weak numbers from most. Let's take a look on how these banks fared-
YES Bank
Prashant Kumar helmed bank reported a remarkable 123.2 per cent year-on-year increase in net profit, rising to USD 452 crore from USD 202.4 crore in the same quarter last year. Its balance sheet crossed INR 4 lakh cr and reported a total income of INR 9099.60 cr during the quarter. Its losses
"This quarter, the Bank continued to expand on its digital footprint with significant partnerships reflecting the inherent strength in the capabilities and technology infrastructure of the Bank. As the Bank embarks on the fifth year of this new journey, we remain focused on diligently executing the RoA expansion roadmap," said Kumar.
RBL Bank
R Subramaniakumar led bank stated that its operating profit grew 49 per cent YoY and it added 6 lakhs new customers added during the quarter.
Its total deposits grew 22 per cent YoY and 12 per cent QoQ to`103,494 crore, while its housing loans grew 39 per cent YoY; rural vehicle finance grew 116 per cent YoY; and LAP grew 18 per cent YoY.
"We're pleased to report another period of robust financial performance. Our advances and deposits have shown substantial growth, with a notable improvement in operating leverage. We're witnessing the fruition of our strategic initiatives, as momentum builds and our efforts in various areas yield promising results," said the MD & CEO.
ICICI Bank
India's second-largest lender by mcap shared that its net profit rose by 17 per cent to INR 10,707 crore, compared to INR 9,121.9 crore in the corresponding period last year. The bank's core operating profit increased by 10.5 per cent YoY to INR 15,320 crore from INR 13,866 crore in the same period last year.
ICICI's gross bad loan ratio or gross non-performing asset narrowed to 2.16 per cent from 2.3 per cent.
Its board has recommended a dividend of INR 10 per share for FY2024.
Axis Bank
It reported a net profit of INR 7,130 crore, compared to a loss of INR 5,728.4 crore in the corresponding period last year. Its operating revenue was up by 20 per cent YoY and 10 per cent QoQ, while its operating profit grew by 15 per cent YoY and QoQ.
"In FY24, Axis Bank charted a course of steady progress. While we relentlessly focused on our key priority areas - Bharat Banking, Digital and Sparsh, 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 in the next six months,'' said Amitabh Chaudhry, MD & CEO, Axis Bank.
