UAE bank NBAD purchased RBS's offshore loan book in India

National Bank of Abu Dhabi( NBAD), the largest lender by assets in the United Arab Emirates, bought Royal Bank of Scotland's offshore loan book in India for 3 billion dirhams ($816.8 million) in October, the bank's chief executive Alex Thursby said in a conference call on Wednesday.

The bank is planning to start operations in India next week.


Source : Thehindubusinessline

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Sundaram BNP Paribas posts 27% rise in net profit

Sundaram BNP Paribas Home Finance has reported a 27 per cent increase in its net profit for the second quarter ended September 30, 2015 at Rs. 40.52 crore.

Income from operations rose marginally from Rs. 238 crore to Rs. 242 crore during the second quarter. The company had disbursed Rs. 450 crore in this quarter compared with Rs. 537 crore in the same quarter last year.

Srinivas Acharya, Managing Director, Sundaram BNP Paribas Home Finance, said in a press release that the real estate sector continues to be sluggish.

He said, "The recovery has been delayed and still seems at least a few months away. We are continuing to witness stiff resistance from buyers and the quantum of unsold stock remains a concern. Improvement in hiring sentiments, especially in the IT sector, could trigger a recovery in the home buying space later this year."

Sundaram BNP Paribas Home Finance Ltd. is a 50.1% - 49.9% joint venture between Sundaram Finance and BNP Paribas of France.


Source : Thehindubusinessline

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Syndicate Bank Q2 net up at Rs. 332.4 cr

Syndicate Bank has reported a 5.3 per cent growth in net profit for the September quarter on higher interest income and lower provisioning.

The Manipal headquartered public sector bank reported a net profit of Rs. 332.37 crore for the quarter ended September 30, 2015 agasint Rs. 315.60 crore in the corresponding quarter last year.

Net interest income, the difference between the interest earned and expended, grew 12 per cent to Rs. 1,594.75 crore from Rs. 1,422.48 crore in the corresponding period last year. Operating profit for the quarter was up 28 per cent at Rs. 1,225.30 crore against Rs. 953.87 crore in the corresponding last quarter.

Gross non performing assets grew to Rs. 7,734 crore (3.72 per cent of total advances) for the September quarter against Rs. 6,048.98 crore (3.43 per cent) in corresponding quarter last year. Net NPAs were up at Rs. 4,854.50 crore (2.37 per cent of the advances) against Rs. 3,825.32 crore (2.20 per cent). Syndicate Bank's provision coverage ratio stood at 63.37 per cent as of September 2015.

Syndicate Bank scrip was trading 2 per cent lower at Rs. 95.25 on the BSE tracking the earnings announcement.


Source : Thehindubusinessline

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MUDRA sanctions Rs. 100 cr refinance to SKS Microfin; scrip zooms 5.52%

Micro Units Development and Refinance Agency Ltd (MUDRA) has sanctioned a refinance line of Rs. 100 crore for SKS Microfinance at 10 per cent interest per annum.

"This is the first refinance line availed by us,'' S Dilli Raj, President of SKS Microfinance said in a release issued here on Wednesday.

At a rate of 10 per cent, this was lower than the regular term loans from conventional lenders. ``We are already the lowest cost lender in MFI segment,'' he added.

The development is expected to bring down the cost of interest bearing liabilities for SKS, the only listed MFI in the country.

SKS scrip gained 5.52 per cent on the Bombay Stock Exchange after opening of the trade and was trading at Rs. 422.25.


Source : Thehindubusinessline

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Pradeep Gupta elevated as State Bank of India MD

The Central Government has appointed Pradeep Kumar Gupta as the new Managing Director of State Bank of India (SBI), the country’s largest bank.

Gupta will succeed P Pradeep Kumar, who will superannuate on October 31 this year, the bank said.

At present, Gupta is the Deputy Managing Director at SBI and will take over the post on or after November 1, 2015 and up to March 31, 2020, the date of his superannuation, or until further orders, whichever is earlier, the bank statement said.


Source : Thehindubusinessline

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