Novartis India Q2 net up 18% at Rs 26 crore

Novartis India Q2 net up 18% at Rs 26 crore

Lower slippages helped the asset quality improve on sequential basis.

Bank of India, the market's sixth-biggest lender by assets, reported a 41 percent jump in second-quarter net profit on Friday, handily beating analysts' estimates, as its bad loan ratio also narrowed.

The company had posted a net profit of Rs 22.21 crore for the corresponding period of the previous fiscal, Novartis India said in a filing to the BSE.

State Bank of India (SBI), India's largest lender, has posted a 37.7 per cent decline in standalone net profit at Rs 1,581.55 crore in the September 2017 quarter as against Rs 2,538.32 crore in the same period of previous year amid a rise in bad loans. Advances during the quarter increased 1 percent to Rs 18.92 lakh crore while deposits grew by 10.3 percent to Rs 26.23 lakh crore YoY.

Net profit rose to 1.79 billion rupees ($27.53 million) in the quarter ended September 30, from 1.27 billion rupees a year earlier, the Mumbai-based bank said on Friday.

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The Kolkata-headquartered bank had registered a net profit of Rs 65.03 crore in the July-September quarter of the previous financial year.

The lenders Net Interest Income (NII) - the core income a bank earns by giving loans - increased 27.3 percent to Rs 18,585.90 crore versus Rs 14,600.16 crore past year.

On a consolidated basis, the bank's net profit for the quarter stood at Rs 1,952.30 crore from a loss of Rs 116.65 crore during the same quarter a year ago, the bank said in a filing with the Bombay Stock Exchange (BSE). Net NPAs increased to Rs 97,896.29 crore against Rs 60,013.45 crore.

SBI mopped up about Rs 8,400 crore by diluting its stake in SBI Life Insurance through initial public offer during the September quarter. The growth will be be around consumption (retail), bank executives said. Domestic net interest margin declined in the quarter to 2.59 per cent from 2.98 per cent a year ago.

SBI has revealed exposure to 27 accounts from the second list of RBI-identified companies. Kumar said with global reporting norms on the anvil, the bank was making provisions closer to expected losses (on bad loans) than actual loans.

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