Abbott India Q4 net dips 29 pc to Rs 42 cr


Pharma firm Abbott India today reported a 28.69 per cent plunge in standalone net profit to Rs 42.06 crore for the fourth quarter ended March 31, 2017.

Net NPAs also substantially improved to 3.71 percent from 4.24 percent in the third quarter and 3.81 percent from a year ago. The bank's net NPA ratio stood at 8.92%, compared with 6.76% for the same period previous year.

Jayakumar said Bank of Baroda has created a stressed asset management group where large ticket accounts are directly managed.

Provisions for bad loans fell 9.4 percent from a year earlier to 109.93 billion rupees in the March quarter. "The accretion of NPAs seems to be slowing", Bhattacharya said. "But it may invoke PCA".

Total income in the quarter under review was at Rs 57,720.07 crore, up 7.8 per cent from Rs 53,526.97 crore in the corresponding period of the previous fiscal, it said in a regulatory filing. Bajaj Finance Q4 net up 43%.

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Standalone net interest income of the bank was up 17.33% at Rs 18,070.72 crore in the January - March 2017 quarter, compared to Rs 15,401.18 crore in the year-ago quarter. "Adjusted for this additional charge loan loss and provision has increased by 41%".

On an absolute basis, however, gross bad loans increased to Rs 1.12 trillion at end-March from Rs 1.08 trillion in December. On y-o-y basis also interest expenses has reduced from 7656.11 crore to Rs. 7500.18 crore.

The lender's provisions for bad debt dropped to 110 billion rupees in the March quarter from 121 billion rupees a year earlier. The credit quality suffered the most in the two- and three-wheeler category.

Deposits of the bank stood at Rs 20,44,751 crore while advances were at Rs 16,27,273 crore.

In Q4FY17, of the total slippages of Rs 9,755 crore into the bad loan category, 13% originated from the restructured book. The other category which saw significant growth was loans against property, where the company grew disbursal 92% y-o-y to Rs 904 crore. However, for the year ended March 2017, SBI's consolidated net profit declined by about 98 per cent to Rs 241.23 crore from Rs 12,224.59 crore at the end of 2015-16 as the banks provisioning for the entire year had increased significantly.