Bank of Maharashtra, Indian Bank, IOB among 5 NIFTY500 firms with 9-quarter profit growth streak

Amid the ongoing Q1 FY27 earnings season, Bank of Maharashtra, Indian Bank, Indian Overseas Bank, Karur Vysya Bank and Poonawalla Fincorp have emerged as the only five NIFTY 500 companies to consistently report sequential net profit growth over the past two financial years, according to Ace Equity data.

Meanwhile, the June quarter earnings reported so far have largely met Street expectations, according to analysts. A report by Shriram AMC said one of the standout features of the earnings season has been the speed and breadth of the recovery from the March-end lows, signalling improving business momentum across sectors.

Bank of Maharashtra

The bank’s net profit has been consistently rising from ₹1,293 crore at the end of the June 2024 quarter. The bank’s asset quality also showed an improvement as its gross non-performing assets (NPAs), as a percentage of total advances, came in at 1.45% compared with 1.74% in the year-ago period.

Indian Bank

The Chennai-based state-run lender’s net profit has been growing consistently over the last nine quarters. The bank at the end of the first quarter of the current financial year reported a standalone net profit of ₹3,273 crore, marking a marginal increase from ₹3.103 crore in the previous quarter.

However, on an annual basis, the bank’s net profit rose 10% from ₹2,973 crore. Indian Bank’s net profit has been steadily posting growth since the June 2024 quarter, when it posted a net profit of ₹2,403 crore.

Its asset quality showed an improvement in the April-June period as gross NPAs improved to 1.86% compared with 3.01% in the corresponding period last year.

In absolute terms, gross NPAs came in at ₹12,710 crore as against ₹18,067 crore.

Indian Overseas Bank

On an annual basis, Indian Overseas Bank’s net profit rose 49% from ₹1,111 crore in the same period last year.

The bank has been steadily reporting growth since the June 2024 quarter when it reported a net profit of ₹633 crore.

The bank’s gross NPAs came in at 1.33% in Q1, down from 1.97% in the year-ago period.

In absolute terms, gross NPAs stood at ₹429 crore.

Karur Vysya Bank

The private sector lender reported a net profit of ₹756 crore at the end of the first quarter of the current financial year, marginally up from ₹725 crore in the previous quarter.

On an annual basis, Karur Vysya Bank recorded a 45% jump in net profit from ₹521 crore in the year-ago period.

In the last nine quarters, Karur Vysya Bank’s net profit has jumped 64% from ₹459 crore at the end of the June 2024 quarter.

Karur Vysya Bank’s gross NPAs advanced marginally by 8 basis points to 0.74% in the June quarter, from 0.66% in the same period a year ago.

Poonawalla Fincorp

The Mumbai-based non-banking finance company reported a net profit of ₹308 crore at the end of Q1FY27, marking a sequential increase of 21% from ₹255 crore in the previous quarter.

On an annual basis, the company’s net profit has surged over five-fold from ₹63 crore in the same period last year.

The company’s net interest income during the first quarter of the current financial year rose 11% sequentially to ₹1,415 crore, and its assets under management came in at ₹67,054 crore.