Banking Sector Result Analysis

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Banking Sector result Analysis & growth outlook by Shabbir Bhimani on October 28, 2009 The current results season has indeed produced a spectacular picture about the growth in industrial activities and services. Be it IT, Manufacturing, Pharma, Banking or other sectors which has declared their results so far, are able to maintain their growth or even exceed considerably compared with previous quarter and YoY. Today major public sector banks had declared their second quarter results. The overall
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  Banking Sector result Analysis & growthoutlook by Shabbir Bhimani on October 28, 2009The current results season has indeed produced a spectacular picture about the growth inindustrial activities and services. Be it IT, Manufacturing, Pharma, Banking or other sectorswhich has declared their results so far, are able to maintain their growth or even exceedconsiderably compared with previous quarter and YoY. Today major public sector banks haddeclared their second quarter results. The overall results of the banking sector depicts that theeconomy in general is maintaining its growth momentum.Public sector bank, Canara Bank has declared its September ended half-yearly result with aprofit growth of 72% at Rs.910.52 Crores as against a net profit of Rs.529.43 Crores in samehalf-yearly period of the last fiscal. Total income rose to Rs.5, 602.10 Crores for the first half of this fiscal as against Rs.4447.97 Crores during the same period last fiscal. The CAR hasincreased to 14.46% from 13.21% in the last fiscal. Its gross NPA has decreased to 1.16% from1.29% from the corresponding Apr-June quarter. With the broader market trend, today the shareprice of Canara Bank also closed down at 363.60, down by 4% from previous close.Another Public sector lender, Oriental bank of Commerce today released his second quarterended September 30, 2009 result and reported a 14.31 per cent growth in net profit at Rs.270.80Crores as against a net profit of Rs.236.89 Crores in the September quarter of last fiscal. Thebank reported a total income of Rs.2800.90 Crores during the July-September quarter end of current fiscal, as against Rs.2361.00 Crores, a rise of 19% in the corresponding period a year-ago. The bank was able to maintain its trend in reducing the gross NPA to .66%. Further,Chairman and MD of the bank, Mr. T.Y. Prabhu has said that the bank has sought a capitalinfusion of around Rs.1000 Crores from the government has it expects a robust lending calendarand to meet its growth plan for the next two financial years. The bank counter closed higher atRs.266.00 with a gain of 2% from previous close.Public sector lender Union Bank of India declared its September quarter ended result for thecurrent fiscal and reported a net profit of Rs.505.10 Crores a growth of 40% compared to thesame period last fiscal. Total income of the bank is at Rs.3760.90 Crores as against Rs.3704.00Crores during Apr-Jun quarter of this fiscal. Gross NPA of the bank was reported at Rs.222.93Crores as against Rs.116.20 Crores in the corresponding period of last fiscal, a raise of 92%. This has dragged the counter by almost 6% in today’s trading and the counter closed at Rs.250.05 as against the previous close of Rs.266.Public sector Dena Bank reported a net profit growth of 21% for the September, 2009 endedquarter with a net profit at Rs.124.64 Crores as against Rs.102.83 Crores in the correspondingquarter of last fiscal. The bank has reported a raise of 19% in its total income of Rs.1088.03Crores for the second quarter ended September, 2009, as against Rs.913.84 Crores, reported in  the same period of last fiscal. The bank has to provide for a gross NPA of Rs.371.60 Crores.With the broader market trend, the bank counter closed at Rs.69.10, down by 8.3%.Numbers credit IndiaEarnings.com  Tagged as: Banking, News, Stock Tips 
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