Q1FY25: A Mix Bag of Results for Banks This can be credited to the general elections and heat waves across the country
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Major banking players such as Punjab National Bank, ICICI Bank, IDFC FIRST Bank, and IndusInd Bank recently presented their first-quarter results. The quarter 1 results for FY2025 show mixed performance from Indian banks, state or non-state. This can be credited to the general elections and heat waves across the country.
Punjab National Bank
The second-largest public sector bank (by business volumes) in India Punjab National Bank reported a net profit of INR 3,252 Crore for the quarter ending on 30th June 2024. This was a year-on-year growth of 159 per cent from INR 1,255 Crore in Q1 FY'24.
Its Return on Assets (RoA) improved from 0.34 per cent in Q1 FY'24 to 0.82 per cent in Q1 FY'25 while its Return on Equity (RoE) improved from 7.50 per cent in Q1 FY'24 to 16.82 per cent in Q1 FY'25.
PNB's Net Interest Income (NII) grew at a Y-o-Y of 10.23 per cent from INR 9,504 Crore in Q1 FY'24 to INR 10,476 Crore in Q1 FY'25.
ICICI Bank
The Sandeep Bakhshi-helmed ICICI Bank registered a net profit of INR 11,059.1 crore for the first quarter of fiscal year 2025. This was a rise of 14.6 per cent from a figure of INR 9,648.2 crore reported last year.
Its Net NPA ratio stood at 0.43 per cent as of June 30, 2024, compared to 0.42 per cent on March 31, 2024. ICICI's total period-end deposits grew by 15.1 per cent Y-o-Y to INR 14,26,150 crore while its average deposits grew by 17.8 per cent Y-o-Y to touch INR 13,78,658 crore.
IDFC FIRST Bank
IDFC FIRST Bank registered a Profit After tax of INR 681 crores for Q1 FY 25, down from INR 765 crore in Q1-FY24. The V. Vaidyanathan-led bank noted that the PAT performance was impacted by increased provisions in JLG business due to Floods in Tamil Nadu.
"The biggest requirement in Banking today is the ability to raise deposits. On this front, we continue to get strong growth in deposits based on top-quality service levels, top-in-class mobile App, and excellent corporate governance. Our CASA ratio is sustained at 46.6%. Our customer deposits have grown 38% YoY," said V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank.
The bank's total deposits increased by 35.8 per cent Y-o-Y from INR 1,54,427 crore in Q1 FY24 to INR 2,09,666 crore as of June 30, 2024, while customer deposits and CASA deposits increased by 37.8 per cent to touch INR 2,04,572 crore and 36.1 per cent Y-o-Y to INR 97,692 crore.
IndusInd Bank
IndusInd Bank registered a Profit after Tax of INR 2,171 crore, a Y-o-Y rise of two per cent from INR 2,124 crore in Q1FY24. The bank's deposits grew by 15 per cent Y-o-Y to INR 3,98,513 crore, while its advances also grew by 15 per cent Y-o-Y to INR 3,47,898 crore.
