ICICI Securities Q3 results: Net profit up 67% at Rs 465 crore, sales up by 50%

The company’s standalone revenue from operations was Rs 1,322 crore in the quarter under review.

According to the quarterly results announced on January 16, ICICI Securities posted a standalone net profit of Rs 465 crore for the quarter ended December 2023, a 67 percent increase over the same time last year.

The company’s standalone revenue from operations was Rs 1,322 crore during the quarter under review, which is 50% more than the same time in the previous fiscal year.

The corporation is in the process of delisting. ICICI Securities said that during the quarter, the business got no objection letters from the National Stock Exchange of India (NSE) and a letter from BSE Limited (BSE) dated November 28, 2023.

This gives the corporation the ability to register the plan with the National corporation Law Tribunal (NCLT). The Scheme is subject to approval by the company’s and holding company’s shareholders and creditors, as well as the NCLT and other regulatory and legislative authorities.

The firm reported a net profit margin of 33.09 percent for the nine months ending December 2023, which is consistent with the margin for fiscal year 23. The operating margin for 9MFY24 was 44.43 percent, which was broadly consistent with previous years.

The corporation said that its profits per share for the first nine months had been extremely close to the EPS for the whole fiscal year 23. ICICI Securities reported an EPS of Rs 33.75, compared to a 12-month EPS of 34.54.

Federal Bank Q3 results: Net profit climbs 25% to Rs 1,007 crore; asset quality is strong.

The net profit beat the market estimate of Rs. 945.5 crore

On January 16, Federal Bank announced a net profit of Rs 1,007 crore for the December quarter of fiscal year 2023-24, up 25% from Rs 803.6 crore the previous year and above the market forecast of Rs 945.5 crore.

The bank’s gross non-performing assets (NPAs) were 2.29 percent, down from 2.43 percent in the same period previous year. Net NPA was 0.64 percent, compared to 0.73 percent the previous year.

Shyam Srinivasan, Managing Director & CEO of Federal Bank, said, “I am pleased that our team’s dedicated effort has helped us register an all-time high net profit of 1007 crores, a significant milestone in the journey of any organization committed to both growth and excellence.”

Srinivasan went on to say that with a rise of over 100 branches in the previous calendar year and a similar number anticipated for this year, our growth trajectory is well positioned to continue this good momentum.

“As we grow and diversify across products, segments, and geography, we are further inspired to deliver on our purpose for existence, which is to be the Most Admired Bank in India, “he said.

The bank’s total deposits rose to Rs 239591.16 crore from Rs 201408.12 crore previous year.

The net interest income (NII) was Rs 2123.36 crore, up 8.53 percent from Rs 1956.53 crore recorded in the same quarter of the previous fiscal.

As of December 31, 2023, the Federal Bank has 1418 branches and 1960 ATMs/recyclers.

Bank of Maharashtra Q3 results: Net profit jumps 34% on the year to Rs 1,036 crore.

In the reporting quarter, net interest income (NII) increased by 24.56 percent year on year to Rs 2,466 crore, compared to Rs 1,980 crore in the same time previous year.

On January 16, Bank of Maharashtra announced a 33.61 percent year-on-year increase in its October-December quarter net profit to Rs 1,036 crore, driven by higher net interest income and improved asset quality.

Operating Profit increased by 27.32 percent year on year to Rs 2,012 crore in the third quarter of this fiscal year, compared to Rs 1,580 crore in the same time previous year. The same has improved by 4.77 percent quarter on quarter.

In the reporting quarter, net Interest Income (NII) increased by 24.56 percent year on year to Rs 2,466 crore, compared to Rs 1,980 crore in the same time previous year, according to a Bank of Maharashtra exchange filing. The same figure increased by 1.39 percent sequentially.

The bank’s gross non-performing assets (NPA) fell to 2.04 percent on December 31, 2023, compared to 2.94 percent on December 31, 2022. Net NPA fell to 0.22 percent as of December 31, 2023, compared to 0.47 percent as of December 31, 2022.

The bank’s provision coverage ratio rose to 98.40 percent as of December 31, 2023, up from 97.18 percent on December 31, 2022.

As of December 31, 2023, the bank retains a cumulative Covid-19 provision of Rs 1,200 crore as a contingency provision, according to the announcement.

In the reporting quarter, the bank’s overall business increased by 18.89 percent year on year to Rs 4.34 lakh crore.

Total deposits increased 17.89 percent year on year in October-December to Rs 2.46 lakh crore. Gross Advances increased by 20.20 percent for the year to Rs 1.89 lakh crore. Net advances increased by 21.01 percent for the year to Rs 1.85 lakh crore.

RAM (Retail, Agriculture, and MSME) Business gained 27.25 percent year on year. Retail advances increased by 21.91 percent to Rs 49,144 crore year on year. MSME loans increased by 29.14 percent YoY to Rs 39,410 crore.

Total Basel III capital adequacy ratio was 16.85 percent, including a Common Equity Tier 1 ratio of 11.56 percent.

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