Public and private banks post contrasting results (Roundup)

Chennai, May 11 (IANS) Four banks – Indian Bank, Oriental Bank of Commerce, South Indian Bank and Kotak Mahindra Bank – on Wednesday declared contrasting results.

While the two government owned Indian Bank and Oriental Bank declared a lower net profit for last fiscal as compared to FY15, the South Indian Bank and Kotak Mahindra Bank logged positive growth in their profits.

City based Indian Bank said it closed FY16 with lower net profit of Rs.711.38 crore as against Rs.1,005.17 crore posted for the year ended March 31, 2015.

Last fiscal the bank’s total income has increased to Rs.18,025.19 crore from Rs.17,216.29 crore registered for the year ended March 31, 2016.

The bank’s profits were hit by higher provisions towards bad loans which stood at Rs.2,077.25 crore last fiscal as against Rs.1.532.39 crore for the year ended March 31, 2015.

Indian Bank’s gross and net non-performing assets (NPA) stood at Rs.8,860.47 crore and Rs.5,419.40 crore respectively as on March 31, 2016.

The gross and net NPA as on 31.3.2015 were at Rs.5,695.84 crore and Rs.3,146.95 crore.

The bank board has recommended a dividend of 15 percent for the year under review.

The other Government-owned bank Oriental Bank of Commerce declared net profit of Rs.156.08 crore for the year ended March 31, 2016 as compared to Rs.497.08 crore for the year ended March 31, 2015.

The bank’s gross non-performing assets (NPA) and net NPA stood at Rs.14,701.78 crore and Rs.9,932.15 crore respectively as on 31.3.2016.

The gross and net NPA as on 31.3.2015 were at Rs.7,666.22 crore and Rs.4,816.24 crore.

The bank’s total income has decreased from Rs.22,082.78 crore for the year ended March 31, 2015 to Rs. 21,824.99 crore for the year ended March 31, 2016.

The board has recommended a dividend of Re.0.70 per share (face value of each share being Rs. 10) for the financial year ended March 31, 2016.

On the other hand private sector South Indian Bank Ltd closed last fiscal with a net profit of Rs.333.27 crore, as compared to Rs.307.20 crore for the year ended March 31, 2015.

Last fiscal the bank’s total income has increased to Rs.6,074,62 crore as compared to Rs.5,783.29 crore earned for the year ended March 31, 2015.

The bank board has recommended a dividend of Re.0.50 value of Re.1/- each (previous year Re.0.60 per equity share) for the financial year ended March 31, 2016, subject to the approval of the shareholders.

Kotak Mahindra Bank Ltd posted a net profit of Rs. 2,089.78 crore for the year ended March 31, 2016, compared with Rs.1,865.98 crore for the year ended March 31, 2015.

The bank’s total income was Rs.18,996.42 crore for the year ended March 31, 2016, compared with Rs.11,748.32 crore for the year ended March 31, 2015.

The bank’s board recommended a dividend of 50 paise per share for 2015-16.

–IANS

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