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Monday, February 05, 2018

Union Bank plunges to Rs 1250 cr loss on higher NPA provisions
Front-loading of provisions for the NCLT accounts led state-run Union Bank of India has report a net loss of Rs 1,250 crore in the December quarter as against a net profit of Rs 104 crore a year ago. In the September quarter also, the city-based lender had reported a massive Rs 1,531 crore losses. The bank's bad loan provisions for the quarter jumped to Rs 2,521 crore form Rs 1,582 crore a year ago as its gross non-performing assets rose to 13.03% from 11.70%, and net NPAs inched up to 6.96% from 6.95. Another reason for the higher losses is the additional provisions worth Rs 1,400 crore. "Losses include investment depreciation of Rs 700 crore (treasury losses) and provision of Rs 991 crore for the second list of the accounts referred to the NCLT.

(L-R)  V.K Kathuria,  Rajkiran Rai G, MD & CEO, Union Bank Of India,  A.K.Goel and  R.K. Verma Executive Directors, Union Bank Of India at the Q3 announcement in Mumbai on February 4, 2018 .

New India Assurance Q3 net profit at Rs 617 cr
Public sector New India Assurance Co Ltd has reported a net profit of Rs 617 crore in the October-December quarter compared to a loss of Rs 24 crore in the same period of the last fiscal. Gross written premium stood at Rs 6,385 crore during the third quarter of 2017-18, up 23% from Rs 5,213 crore in the three month period of 2016-17, the PSU general insurer said in a statement. "The results have improved substantially due to improvement in combined ratio. The drop in combined ratio was aided by lower claims ratio and operating expense ratio due to various steps taken by the company," New India Assurance Chairman and Managing Director G Srinivasan said.

Compuage Infocom Q3 PBT rises 68%
Compuage Infocom Ltd, one of the India’s leading IT and Mobility distribution company announced its Q3 results for FY17-18. On consolidated basis, the sales for the quarter has increased by almost 17% to Rs. 1035.64 crore from Rs. 881.97 crore, reported during the same period previous year. EBIDTA has shown a significant increased of 46% to Rs. 24.69 crore as compared to Rs 16.91 crore. On Y-o-Y basis the EBIDTA margins have also gone up by 46bps to 2.38%. At PBT level the growth has been phenomenal at 68.3% with Rs. 10.35 crore. While the net profit has gone up by 50% during the quarter at Rs. 5.91 crore as compared to Rs. 3.93 crore reported during the same quarter previous year.

Hindalco Industries Q3 net profit rises 18% to Rs 377 cr
Aditya Birla Group company Hindalco Industries has reported a 17.65% rise in its standalone net profit to Rs 377.14 crore for the third quarter ended December 31. The aluminium maker had clocked a profit of Rs 320.56 crore in the corresponding quarter previous fiscal. The net profit is "after considering a provision of Rs 115 crore, based on a judgement of the Supreme Court on mining regulations," Hindalco Industries said. The company's revenues from operations were higher at Rs 11,023 crore as compared to Rs 9,914.81 crore in Q3 FY17, led by macro factors, volumes and by-product realisation, it said. Its total expenses in the December quarter increased to Rs 10,576.13 crore, as compared to Rs 9,675.44 crore in the same period a year ago.

ICICI Bank sees March quarter margin settling at 3.5%
The larger private sector lender ICICI Bank expects its domestic net interest margin (NIM) to be stable in the March at around 3.50%, a senior official has said. "On the NIM, we think, for Q4 it will be at around the same levels (of the December quarter when it stood at 3.53%)," executive director rpt executive director N S Kannan told PTI in reply to a specific query on domestic margins. In the December quarter performance announced last week, the bank had reported a domestic NIM of 3.53%. However, there was a sharp decline in the spreads in its international operations to 0.29% from 0.83% in the year-ago period.

J K Cement Q3 profits grows 9.7% to Rs 73 cr
J K Cement has reported a 9.76% growth in net profit at Rs 72.93 crore for the October-December quarter compared to Rs 66.44 crore in the same quarter of last year. Total income was Rs 1,151 crore during the three-month period as against Rs 1,083 crore in the same period of previous fiscal, J K Cement said in a filing to the BSE. The board of the company also approved brownfield expansion at Mangrol in Rajasthan with split grinding unit in UP having total cement production capacity of 42 million tonne per annum at estimated cost outlay of Rs 2,000 crore, it added.

Aditya Birla Fashion and Retail posts Q3 profit of Rs 35 cr
Aditya Birla Fashion and Retail Ltd (ABFRL) has reported a net profit of Rs 35 crore for the third quarter ended December 31, 2017. The company, formerly known as Pantaloons Fashion & Retail Ltd, had reported net loss of Rs 12 crore in the corresponding period a year ago. Its total income during the quarter under review stood at Rs 1,862 crore. It was at Rs 1,715 crore in the corresponding period of the last fiscal, the company said in a BSE filing.

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