Private sector lender RBL Bank Ltd reported a growth of 54.6 per cent in it’s standalone net profit after taxes (PAT) at Rs 130.13 crore for the March quarter of FY 2017, helped by healthy growth in interest income even as provisions for bad loans rose.
The bank had posted a net profit of Rs 84.18 crore during the same period a year ago, RBL Bank Ltd said in a filing to the BSE.
Further, total income of the bank, too, grew by 35.2 per cent at Rs 1,222.87 crore during Q4 FY17, against Rs 904.66 crore in Q4 FY16.
In the quarter, provisions (other than tax) and contingencies jumped sharply to Rs 82.10 crore as against Rs 36.17 crore in previous quarter and from Rs 37.88 crore in corresponding period last year.
During the quarter under review, gross non-performing assets (Gross NPA) of the bank rose to 1.20 per cent of total loans, compared with 0.98 per cent in the year-ago quarter. It’s net NPA too grew to 0.64 per cent from 0.59 per cent during the same period of previous fiscal.
NII, the difference between interest earned on loans and interest paid on deposits, rose 46.6 per cent at Rs 352.16 crore versus Rs 240.18 crore during Q4 FY 16. Non-interest income also jumped 65.8 per cent to Rs 236.55 crore against Rs 142.71 crore during the same period last year.
The Board of Directors of the bank has recommended payment of final dividend at the rate of 18 per cent i.e. Rs 1.80 per equity share to be payable after approval of the shareholders at the ensuing AGM.
After hitting a 52-week high, shares of the bank were trading at Rs 592.20 apiece, up 1.14 per cent, from previous close on BSE at 12:33 hours.
Panasonic India is aiming to capture 10 per cent market share in the washing machines segment in the next fiscal year on the back of new product launches, reported PTI.
“In four years’ time of manufacturing the product, we have achieved more than 5 per cent market share in the washing machine segment. Currently, the industry size of this segment is approximately 5 million units. In the washing machine segment, we are aiming to achieve 10 per cent market share in the FY2017-18,” Panasonic India Home Appliances Head Gaurav Minocha told PTI.
Currently, the washing machine segment is growing at 20 per cent in which fully-automatic washing machines are growing more than 20 per cent and semi-automatic washing machines are growing more than 15 per cent.
The tier II and tier III cities contribute almost 40 per cent to the total sale of washing machines.
The company witnessed lower washing machine sales in November and December due to demonetisation but Minocha said the situation has started to normalise from January.
“We saw low number of sales in the month of November and December due to demonetisation, but washing machines still contributed 10 per cent to the total Panasonic turnover in India,” he said.
The Japanese consumer electronics major aims to clock a revenue of Rs 10,800 crore this fiscal, compared to Rs 8,700 crore that it had posted last fiscal.
Panasonic India currently manufactures 5 lakh top load washing machines and plans to scale it up to 8 lakh in the near future.
The company recently launched 13 models of fully-automatic top loading washing machine series FoamPremia in the country and Minocha said they aim to capture 15 per cent market share in the top load washing machine category in financial year 2017-18.