13:32 IST:
Jyoti Roy – DVP- Equity Strategist, Angel Broking said,”SBI Life Insurance reported a 11.7% YoY increase in Net premium income to Rs 13,766.49 crore, up 17.71% while income from investment rose 213 per cent to Rs 12,777 crore. Total income for the quarter was up by 68.3% YoY to Rs. 26,552 crore. However during the quarter there was a sharp jump in actuarial liabilities by 163% YoY to Rs. 20243.6 crore as a result of which surplus during the quarter declined by 51.2% YoY to Rs. 296.8 crore. Amount transferred to the shareholders account was down by 75.7% YoY to Rs. 65.7 crore while investment income was up by 0.3% YoY to Rs. 174.5 crore. Other income was flat YoY at Rs. 1.6 crore. Net profit for the quarter was down by 40% YoY to Rs. 232.9 crore. Overall the numbers for the quarter were adversely impacted due to significant decrease in amount transferred to shareholders account. We currently have a Neutral rating on SBI Life and the Life Insurance sector.”
YES Bank Q3 outlook
Jyoti Roy – DVP- Equity Strategist, Angel Broking said,” Yes Bank reported a 140% YoY increase in Net interest income to Rs 2,560 crore. Provisions for the quarter were down to Rs. 2199 crore as compared to Rs 24,766 crore as a result of which the company reported a profit of Rs 151 crore as against a loss of Rs 18,560 crore in Q3FY20. Similarly advances also grew by 2% qoq to Rs 1,69,721 crore. Reported GNPA and NNPA stood at 15.4% and 4.0% at the end of Q3FY21. However the bank had another Rs 18,551 crore of standstill and overdue accounts of which restructuring was invoked for Rs 8,062 crore during the quarter. Overall the bank posted good operating numbers for the quarter, we believe that standstill and overdue accounts would remain a drag on asset quality for the next few quarters. We have a cautious view on Yes bank as provisioning is likely to remain elevated for a few more quarters.”
13:21 IST: Jyoti Roy – DVP- Equity Strategist, Angel Broking said,” Yes Bank reported a 140% YoY increase in Net interest income to Rs 2,560 crore. Provisions for the quarter were down to Rs. 2199 crore as compared to Rs 24,766 crore as a result of which the company reported a profit of Rs 151 crore as against a loss of Rs 18,560 crore in Q3FY20. Similarly advances also grew by 2% qoq to Rs 1,69,721 crore. Reported GNPA and NNPA stood at 15.4% and 4.0% at the end of Q3FY21. However the bank had another Rs 18,551 crore of standstill and overdue accounts of which restructuring was invoked for Rs 8,062 crore during the quarter. Overall the bank posted good operating numbers for the quarter, we believe that standstill and overdue accounts would remain a drag on asset quality for the next few quarters. We have a cautious view on Yes bank as provisioning is likely to remain elevated for a few more quarters.”
Rupee rises 4 paise to 72.93
Indian rupee, the domestic currency benchmark, edged 4 paise higher at 72.93 per US…
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