Profit net vs gross

IndusInd Bank on Wednesday reported a 62.21 per cent year-on-year (YoY) plunge in net profit at Rs 360.10 crore for the March quarter, led by five times jump in provisions. Analysts in an ET Now poll had estimated profit to be at Rs 765 crore. The bank had reported Rs 953.09 crore profit in the same quarter last year. The bank made provisions and contingencies worth Rs 1,560.69 crore during the quarter under review compared with Rs 606.68 crore in December quarter and Rs 335.55 crore in the year-ago quarter. Net interest income (NII) for the quarter came in at Rs 2,232 crore against ET now poll estimate of Rs 2,696 crore. Asset quality deteriorated with gross non-performing assets(GNPA) rising to 2.10 per cent in March quarter from 1.13 per cent in December quarter and 1.17 per cent in the corresponding quarter last year. Net NPA stood at 1.21 per cent which was also higher than 0.59 per cent in the third quarter and 0.51 per cent in the year-ago quarter. The bank board … [Read more...] about IndusInd Bank Q4 profit plunges 62% to Rs 360 cr as provisions swell 5 times

Private lender IndusInd Bank on Wednesday posted lower-than-expected financial results for the quarter ended March 31 on nearly five-time spike in provision and contingencies on a yearly basis. The lender posted 62.21 per cent dip in profit at Rs 360.10 crore. Analysts in an ET NOW projected a profit of Rs 765 crore during the quarter under review. Shares of the lender were trading 0.69 per cent down at Rs 1,437.55 after the announcement of quarterly numbers. Here are the other key takeaways from IndusInd Bank’s fourth quarter earnings: Exposure to IL&FS: The lender classified Rs 3,004 crore worth of exposure to IL&FS group as non-performing assets (NPA). This includes Rs 2,000 crore to holding company and Rs 1,004 crore to group companies and SPVs. As much as 70 per cent provisions held against holding company exposure and 25 per cent were made against operating companies and SPVs. Net interest income (NII): Net interest income of the bank increased 11.19 per … [Read more...] about IndusInd Bank Q4 profit takes a hit from IL&FS provisioning: key takeaways

Video PlayerClose MANILA, Dec. 6 (Xinhua) -- The Philippines' gross international reserves (GIR) rose by 0.56 billion U.S. dollars to 86.39 billion U.S. dollars as of end-November from 85.83 billion U.S. dollars as of end-October, the Philippine central bank Bangko Sentral ng Pilipinas (BSP) said on Friday. "The month-on-month increase in the GIR level reflects the inflows arising from the BSP's foreign exchange operations and income from its investments abroad, and the national government's net foreign currency deposits," the BSP said. According to the BSP, the end-November 2019 level of the GIR provides an ample external liquidity buffer that is equivalent to 7.5 months' worth of imports of goods and services and payments of primary income. It is also equivalent to 5.6 times the country's short-term external debt based on original maturity and 4.1 times based on residual maturity, the BSP further said. The BSP said net international reserves (NIR), which refers to the difference … [Read more...] about Philippines’ gross international reserves level rises to over 86 bln USD as of end-November

Uber lost another $1.1 billion in the third quarter of 2019, the company announced on Monday. This wasn't a surprise: Uber lost about the same amount in the first quarter of 2019 and lost even more last quarter. Yet the company argues that things aren't as bad as that headline figure suggests. To show why, Uber broke its earnings down by business area, distinguishing its core "rides" app from Uber Eats, Uber Freight, and other operations. Uber says that, if you exclude certain non-operating expenses—mainly interest, depreciation, and stock-based compensation—the "rides" app actually earned a substantial $631 million profit. That's enough to cover the company's core operating expenses, the company said. But Uber's profitability was dragged down by losses in its other businesses—mainly a $316 million loss from Uber Eats. Of course, interest, depreciation, and stock-based compensation are real costs. So the fact that Uber looks less unprofitable excluding them isn't … [Read more...] about Uber lost $1.1 billion last quarter, says rides are profitable (sort of)

Video PlayerClose LONDON, Dec. 6 (Xinhua) -- British housebuilder Berkeley Group reported on Friday a sharp fall in its profit before tax and revenue for the six months to Oct. 31 amid Brexit uncertainty. According to Berkeley's financial statement, the profit before tax for the six months to October was 276.7 million pounds (363.5 million U.S. dollars), down 31 percent year on year from the same period of 2018. Berkeley's revenue stood at 930.9 million pounds, down 43.7 percent from the same period of 2018. "Berkeley's net cash of 1,060.6 million pounds continues to reflect the under-investment of the last three years, commensurate with the uncertain operating environment," said Rob Perrins, chief executive of Berkeley Group. Perrins said the company remained "alert" to the market risks with a general election next week and the delay of Brexit, which was prolonging the uncertain operating environment of the last three years. "This is damaging to our economy and London where fewer … [Read more...] about UK housebuilder Berkeley reports less profit amid Brexit uncertainty