The banking industry is the backbone of the economy, which also goes through its own phases of ups and downs. When the economy is doing well, loans and borrowings increase, which contributes to good growth in banks. Banks reported impressive results in the June quarter of FY24, with robust margin expansion, healthy loan growth, and asset quality improvements.
Here are banking stocks under Rs 100 with net profit growth of upto 300% YoY
Ujjivan Small Finance Bank Limited
Ujjivan Small Finance Bank Ltd is an NBFC with the mission to provide financial inclusion for urban and rural area customers who are not adequately served by financial institutions.
Ujjivan Small Finance Bank is a small-cap company, and its stock was trading at Rs 49.80 a share on Friday, down 0.50 percent from the previous close price of Rs 50.05.
The company reported a 60 percent rise in net profit for the June quarter, at Rs 324 crore, compared to Rs 202 crore in the same time last year (Q1FY23).Furthermore, interest income jumped by 42 percent to Rs 1,286 crore from Rs 905 crore the previous year.
Equitas Small Finance Bank Limited
Equitas Small Finance Bank provides customers with a comprehensive range of banking products and services, including small business loans, housing loans, and agriculture loans to micro-entrepreneurs, as well as microfinance.
Equitas Small Finance Bank Ltd is a small-cap company that was trading at Rs 89.90 a share on Friday, up 2.05 percent from the previous close price of Rs 88.
The company reported a 97 percent rise in net profit for the June quarter, at Rs 191 crore, compared to Rs 97 crore in the same time last year (Q1FY23).Furthermore, interest income jumped by 33 percent to Rs 1,253 crore from Rs 940 crore the previous year.
Union Bank of India
Union Bank of India provides banking services, government business, merchant banking, agency business insurance, mutual funds, wealth management, and so on.
Union Bank of India Ltd is a large cap stock that was trading at Rs 88.50 per share on Friday, a 1.37 percent increase from the previous close price of Rs 87.30.
The company reported a 108 percent rise in net profit for the June quarter, at Rs 3,240 crore, compared to Rs 1,556 crore in the same time last year (Q1FY23).In addition, interest income climbed by 29 percent to Rs 23,613 crore from Rs 18,255 crore the previous year.
IDFC First Bank Limited
IDFC First Bank Ltd is a banking company that was formed with the merger between erstwhile Capital First and erstwhile IDFC Bank. The bank provides products and services related to retail banking, wholesale banking and investment banking.
IDFC First Bank Ltd is a large cap stock that was trading at Rs 87.75 per share on Friday, up 0.98 percent from the previous close price of Rs 86.95.
The company reported a 50 percent increase in net profit for the June quarter at Rs 731 crore compared to Rs 485 crore in the previous year corresponding period(Q1FY23).In addition, interest income increased by 39 percent to Rs 6,868 crore from Rs 4,921 crore previous year.
Punjab National Bank
Punjab National Bank provides a wide range of services to a diverse range of customers, including corporate and personal banking, industrial financing, agricultural finance, and international finance.
On Friday, the stock of Punjab National Bank, a large cap firm, was trading at Rs 60.45 a share, up 1.68 percent from the previous close price of Rs 59.45.
The company reported a 298 percent increase in Net profit for the June quarter at Rs 1,210 crore compared to Rs 304 crore in the previous year corresponding period(Q1FY23).Further, interest income increased by 34 percent to Rs 25,672 crore from Rs 19,143 crore previous year.
Written By Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
