HDFC Bank reports 18 per cent yoy increase in Q3 net profit

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IRDA Chairman post vacant for 9 months even as govt fast tracks LIC IPO

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HDFC Bank net profit rises 18 pc to Rs 10,342 cr in Q3

The country’s largest private sector lender HDFC Bank on Saturday reported an 18.1 per cent rise in its standalone net profit at Rs 10,342.20 crore for the third quarter ended December 2021. The bank had registered a net profit of Rs 8,758.29 crore in the corresponding quarter of the previous fiscal year. Total income on a standalone basis rose to Rs 40,651.60 crore in the October-December quarter of FY2021-22, as against Rs 37,522.92 crore in the same period of the previous financial year, HDFC Bank said in a regulatory filing. However, there was a rise in bank’s bad loan proportion with gross non-performing assets (NPAs) rising to 1.26 per cent of gross advances as of December 30, 2021, as...

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JPMorgan beats profit estimates as dealmaking boom softens trading decline

JPMorgan Chase & Co reported a 14% fall in fourth-quarter profit on Friday due to a slowdown in its trading arm, but a stellar performance at its investment banking unit helped the lender sail past analysts’ estimates. The country’s largest bank, whose fortunes are often seen as a barometer of the health of the U.S. economy, saw trading revenue – a big driver of earnings in 2020 – fall 13%, while investment banking revenue surged 28% thanks to a bumper year for deals. Loan growth, the bank’s core business, was also up 6%, helped by a rebounding economy, while net interest income from lending and investments in Treasury securities was up 3%. JPMorgan’s shares slipped nearly 5% in trading...

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Bank credit grows 9.16%, deposits up 10.28%

In the previous fortnight ended December 17, 2021, bank advances had risen by 7.27 per cent and deposits went up by 9.58 per cent. In FY21, bank credit had risen by 5.56 per cent and deposits by 11.4 per cent. from Banking/Finance-Industry-Economic Times https://ift.tt/3Fu5H...

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IRFC mops up $500 million in green offshore bonds

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Rising COVID cases may add to asset quality risks of NBFIs: Fitch

Fitch Ratings on Friday said the rising COVID cases may delay recovery in MSME and microfinance lending, and add to asset quality risks of non-banking financial institutions. Fitch estimates India’s economic growth this fiscal ending March 2022 to be at 8.4 per cent but said that the deteriorating asset quality for Indian NBFIs in 2022 would stem primarily from MSME and MFI sectors, along with property construction finance. The Reserve Bank’s Financial Stability Report, published in December 2021, noted emerging signs of stress among MSMEs as well as microfinance. Such borrowers generally run on limited cash buffers and capital, and have suffered disproportionately during the pandemic due to...

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ICICI Prudential AMC joins hands with US-based First Trust Advisors

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Asset quality for non-bank financial institutions expected to deteriorate in 2022: Fitch

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Equitas Small Finance Bank sees 13% rise in gross loan portfolio

“The demand for loans from the informal sector borrowers continues to remain very strong," managing director PN Vasudevan said. from Banking/Finance-Industry-Economic Times https://ift.tt/3FoOG...

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Paytm Payments Bank leads UPI beneficiary chart; SBI biggest remitter in December

Paytm Payments Bank Ltd (PPBL) claimed to have become the first beneficiary bank in the country to achieve the landmark of over 926 million UPI transactions in a single month. "We are humbled to receive such an encouraging response from our users who have helped us become the most preferred beneficiary bank for UPI payments. from Banking/Finance-Industry-Economic Times https://ift.tt/3K4n2...

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IPO-bound Snapdeal ties up with BOB Financial to launch Rupay Credit Card

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Equitas SFB CASA deposits grow 129 per cent in Q3

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Budget unlikely to allocate any fund for bank recapitalisation: Report

The upcoming budget is unlikely to make any provision for recapitalisation of state-owned lenders, as over Rs 3.36 lakh crore has been spent on the banks in the last six years, a domestic rating agency said on Thursday. The banks will raise capital through internal accruals and fundraising from the market, Icra said in a note, adding that the lenders have the ability to manage. Courtesy of the over Rs 3.36 lakh crore of fund infusions from the taxpayers, the state-owned banks’ stock of net non-performing assets has reduced to 2.8 per cent as of September 2021 from the 8 per cent level of March 2018, the Icra note said. “With high provisions on legacy stressed assets, the earnings outlook for...

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Foundation PE acquires 100 per cent LP interests in Prime Venture Partners’ Fund

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RBI approves appointment of Ittira Davis as MD & CEO of Ujjivan SFB

Prior to Ujjivan, Davis was the Managing Director with the Europe Arab Bank, London. He has also held leadership positions with Arab Bank plc, Bahrain and Citibank, India. from Banking/Finance-Industry-Economic Times https://ift.tt/3fgBu...

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Torus Kling Blockchain to launch India’s first crypto backed futures ETF at Gift City

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State-run lenders ask private peers to raise bad bank stake

Last year in September, the union cabinet had given its approval for guarantees of Rs 30,600 crore to back security receipts issued by NARCL for acquiring stressed loan assets from banks. from Banking/Finance-Industry-Economic Times https://ift.tt/3FoKN...

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LegalPay partners with Jumbo Finance to fund small ticket CIRP cases

"This will provide investors with more opportunities to invest in distressed debt assets over the foreseeable shorter time horizon," said Kundan Sahi, founder of LegalPay. According to the recent RBI financial stability report, the gross non-NPA ratio will likely increase from 7.48% in March 2021 to 9.80 % - 11.22 % in March 2022. from Banking/Finance-Industry-Economic Times https://ift.tt/3FofN...

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Max Life Insurance's death claim settlement at 99.35% in FY 2020-21

Bharose Ka Number is Max Life's brand campaign on the claims paid ratio. It is a ratio of the death claims paid against the number of death claims received in a financial year. This has consistently improved Max Life's claims paid ratio over the past five years from 97.81 per cent in FY17 to 99.35 per cent in FY21, making it the company's new 'India Ke Bharose Ka Number'. from Banking/Finance-Industry-Economic Times https://ift.tt/3FklH...

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Jaya built an early warning system for banks

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3tp5U...

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Khatabook appoints Gaurav Shahlot as head of product

With more than 10 million monthly active merchant users on its platforms, the firm plans to continue to drive growth by building a seamless product experience under Shahlot's product leadership. from Banking/Finance-Industry-Economic Times https://ift.tt/3nkew...

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Credit growth is visible across sectors: SBI Ecowrap

NBFCs, Telecom, Petroleum, Chemical, Electronics, Gems & Jewellery and Infrastructure,including Power and Roads saw credit growth picking up from Business Line - Money & Banking https://ift.tt/3nilE...

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Anicut Capital’s second debt fund raises ₹875 cr

Plans to invest in growth-stage startups across sectors from Business Line - Money & Banking https://ift.tt/3tkYu...

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DMI Finance raises $47 million from Sumitomo Mitsui Trust Bank, others

"We are excited to start the partnership with DMI and build the future of finance. Digital financing in India is entering a high growth phase and will be instrumental in achieving financial inclusion," a spokesperson for Sumitomo Mitsui Trust Bank was quoted as saying in the statement. from Banking/Finance-Industry-Economic Times https://ift.tt/3HY2e...

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Lenders reject Rs 2,800-crore Vedanta offer for Lanco unit

Vedanta's offer had been put to a vote after it was found to be better than a rival offer from iLabs Group. However, its offer failed to get the requisite approval of two-thirds of the creditors who are entitled to vote in the committee of creditors meeting, according to sources. from Banking/Finance-Industry-Economic Times https://ift.tt/3K3fS...

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World Bank retains India's growth outlook for FY22 at 8.3%

The World Bank on Tuesday retained India's economic growth forecast at 8.3 per cent for fiscal year 2021-22. The World Bank has kept India's growth estimate unchanged since June 2021 outlook as the recovery is yet to become broad-based. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3ncV2...

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SBI invites applications for head of digital banking; eligible candidates can apply by January 28

The position, to be filled on a contractual basis, invites applications under the bank's recruitment for a specialist cadre officer, aimed to deliver high-quality digital services to its customers. from Banking/Finance-Industry-Economic Times https://ift.tt/3Gj3l...

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Nabard tries out fintech alliance to support SHGs

While Nabard has been in the forefront of SHG movement, ARTH provides credit, payments and insurance solutions to micro-MSME enterprises. The fintech firm plans to provide financial and technical support in partnerships with specialized entities across occupations to 500 enterprises across Uttar Pradesh impacting 2500 households. from Banking/Finance-Industry-Economic Times https://ift.tt/33mfn...

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Customers can pay customs duty through ICEGATE portal: Karur Vysya Bank

"Customers can now directly pay their customs duty by selecting KVB in ICEGATE. This facility opens doors for the bank for further acquisition of current account customers," the Bank's Managing Director and CEO, B Ramesh Babu said in a bank statement. from Banking/Finance-Industry-Economic Times https://ift.tt/3Fl5T...

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Axis Bank ties up with MinkasuPay for smoother biometric-based net banking payments

Axis Bank customers’ biometric authentication will be done with Fingerprint or Face ID authentication from Business Line - Money & Banking https://ift.tt/34FMX...

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COVID third wave to impact securitisation, FY22 volumes will fall below earlier estimates: Icra

The overall volumes of securitisation - where a non-bank lender passes on future receivables against loans or a bunch of loans to another entity for upfront cash - will come at Rs 1-1.1 lakh crore in FY22 as against the Rs 1.2 lakh estimated earlier, Icra said in a report. from Banking/Finance-Industry-Economic Times https://ift.tt/33lNy...

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Govt bats for loss-making insurers, seeks regulatory forbearance

The regulator is concerned over the current financials of these firms and has sought more details from the government, said an official aware of the developments adding that the regulator is most likely to extend the forbearance. IRDAI has been headless since the last nine months, its last chairman Subhash C Khuntia stepped down in May 2021 on completion of his term. from Banking/Finance-Industry-Economic Times https://ift.tt/3f9ZP...

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Binani scion moves HC over SFIO’s summons relating to ‘movement of funds’

Shradha Binani, daughter of Brij Binani of Binani Cements (BCL), has moved the Bombay high court to challenge summons issued to her by the Serious Fraud Investigation Office (SFIO). The HC bench of Justices Gautam Patel and Madhav Jamdar gave her time on Monday to file a rejoinder to the SFIO affidavit, which alleged that its probe “revealed about movement of huge funds since year 2010, to (her) personal bank account from related companies of BCL”. from Business News: Latest News on Business, Stock Markets, Financial News, India Business &...

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EbixCash appoints ex-ED of RBI Uma Shankar as Independent Director

Currently, she is an Independent Director on the Boards of Karnataka Bank and IDBI Capital Markets from Business Line - Money & Banking https://ift.tt/3zEpX...

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Axis Bank issues first LC on dedicated govt-backed platform

The deal involved ArcelorMittal Nippon and the bank's client Lalit Pipes & Pipes Limited (LPPL). The bank released an LC on behalf of LPPL, which required such a non-fund-based credit line for a business transaction with ArcelorMittal Nippon Steel, India (AM/NS). The entire deal was executed digitally on the platform. from Banking/Finance-Industry-Economic Times https://ift.tt/3ncoa...

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Shriram Transport Finance gives initial price guidance of about 4.45% for its Social Bond issue

The proceeds from the social bonds will be utilised in accordance with STFC’s Social Finance Framework from Business Line - Money & Banking https://ift.tt/3FaJa...

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Edelweiss group partners Indian Bank for co-lending to priority segment

Edelweiss Housing Finance Limited (EHFL) and ECL Finance Limited (ECLF) announce a strategic co-lending agreement for priority sector lending with Indian Bank, one of the largest public sector banks in the country, Edelweiss said in a release. from Banking/Finance-Industry-Economic Times https://ift.tt/3JTqI...

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Rupee gains 18 paise against US dollar in early trade

In the previous session, the rupee had settled at 74.34 against the greenback from Business Line - Money & Banking https://ift.tt/3JSoH...

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Avanse Financial Service expects to end FY22 with a loan book of about ₹4,600 cr

AFSL has already clocked net profit of ₹31 crore profit in the first half of FY22 against ₹38 crore for the entire FY21 from Business Line - Money & Banking https://ift.tt/3nbOB...

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Banks Q3 expectation: Modest earning growth, asset quality may improve

With lower slippages and improving collections and recoveries, we expect improvement in the overall stress pool and credit cost for banks, say experts from Business Line - Money & Banking https://ift.tt/3qYFE...

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Edelweiss ARC to acquire education loan portfolio of Indian Overseas Bank at 60% discount

​​Banks are encouraged to provide education loans as it is classified as priority sector loans that they are mandated to provide each year. Education loan portfolio as of December 31, 2020, has turned sour. This is significantly higher than 7.61% for FY 2020. from Banking/Finance-Industry-Economic Times https://ift.tt/3K5nb...

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Deposits in Jan Dhan accounts cross Rs 1.5 lakh crore

Deposits in bank accounts opened under the Jan Dhan scheme, launched about seven and half years ago by the government, have crossed the Rs 1.5 lakh crore mark. As per the latest finance ministry data, the total balance in over 44.23 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,50,939.36 crore at December end, 2021. PMJDY, the National Mission for Financial Inclusion, had completed seven years of implementation in August last year. It was announced by Prime Minister Narendra Modi in his Independence Day address on August 15, 2014. As per the finance ministry data, of the total 44.23 crore accounts, 34.9 crore were with the public sector banks, 8.05 crore with regional rural...

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Deposits in Jan Dhan accounts cross Rs 1.5 lakh crore

As per the latest finance ministry data, the total balance in over 44.23 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,50,939.36 crore at December end, 2021. from Banking/Finance-Industry-Economic Times https://ift.tt/3F3f0...

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Deposits in Jan Dhan accounts cross Rs 1.5 lakh crore

Deposits in bank accounts opened under the Jan Dhan scheme, launched about seven and half years ago by the government, have crossed the Rs 1.5 lakh crore mark. As per the finance ministry data, of the total 44.23 crore such accounts, 34.9 crore were with the public sector banks, 8.05 crore with regional rural banks, and the rest 1.28 crore with private sector banks. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3zCTh...

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Budget 2022: Assocham pitches for permanent refinance window for NBFC sector

The funding support to the non-banking finance companies (NBFCs) will ensure liquidity in the sector, as they play a key role in financial inclusion and providing affordable financial services to the underbanked, Assocham said in its recommendations to the government through a pre-budget budget memorandum. from Banking/Finance-Industry-Economic Times https://ift.tt/3qZeW...

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