BOB’s board of directors has not announced dividend for the financial year ended 31 March 2016 (FY 2016) as the bank reported net loss in FY 2016.
BoB said that its asset quality has stabilized and that the management expects the bank to return to black during the current financial year. The state-run bank posted a massive net loss of Rs 5395.55 crore in the year ended 31 March 2016 (FY 2016) as against a net profit of Rs 3398.43 crore in the year ended 31 March 2015 (FY 2015). The reason for the massive net loss was due to additional provisions that the state-run bank made with respect to certain loans in Q3 December 2015 and Q4 March 2016 as a part of an asset quality review (AQR) being carried out by the Reserve Bank of India for the banking sector as a whole. The provision coverage ratio (PCR) of the bank improved to 60.09% as on 31 March 2016 from 52.7% as on 31 December 2015. The total restructured standard assets of the bank dropped to Rs 13735 crore on 31 March 2016 from Rs 17135 crore as on 31 December 2015.
Union Bank of India’s (UBI) net profit fell 78.34% to Rs 96.12 crore on 5.32% decline in total income to Rs 8884.41 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours on Friday, 13 May 2016. The bank’s gross non-performing assets (NPA) stood at Rs 24170.89 crore as on 31 March 2016 compared with Rs 18495.16 crore as on 31 December 2015 and Rs 13030.87 crore as on 31 March 2015. The ratio of gross NPA to gross advances stood at 8.7% as on 31 March 2016 compared with 7.05% as on 31 December 2015 and 4.96% as on 31 March 2015. The ratio of net NPA to net advances stood at 5.25% as on 31 March 2016 compared with 4.07% as on 31 December 2015 and 2.71% as on 31 March 2015. UBI’s provisions and contingencies rose 54.92% to Rs 1564.67 crore in Q4 March 2016 over Q4 March 2015. The bank’s provision coverage ratio stood at 50.98% as on 31 March 2016.
Among prominent results, Petronet LNG, Tata Coffee, Brigade Enterprises and JK Tyre & Industries are scheduled to announce their Q4 March 2016 results today, 16 May 2016.
Ahluwalia Contracts (India) announced that it has secured new orders aggregating to about Rs 492.65 crore. The company’s unexecuted order book as on date stands at Rs 4507 crore, Ahluwalia Contracts (India) said. The announcement was made after market hours on Friday, 13 May 2016.
Bayer CropScience’s net profit fell 61.98% to Rs 16.50 crore on 8.56% decline in total income to Rs 540.90 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours on Friday, 13 May 2016.
Piramal Enterprises announced after market hours on Friday, 13 May 2016, that its consumer products division has entered into an agreement to acquire four brands from Pfizer for a consideration of Rs 110 crore. The acquisition includes brands namely Ferradol, Neko, Sloan’s and Waterbury’s Compound. Additionally the agreement also includes the trademark rights for Ferradol and Waterbury’s Compound in Bangladesh and Sri Lanka. These brands hold a rich legacy and have a high consumer pull and are available in India for the past 30 plus years, Piramal said in a statement. These products currently operate in a market which is currently estimated at Rs 7000 crore, it added. Completion of the deal is subject to certain conditions including regulatory approvals, Piramal said.