M Narayanan appointed as part-time Chairman of City Union Bank

He is a qualified chartered accountant, cost accountant and system auditor from The HinduBusinessLine - Money & Banking https://ift.tt/GnT0S...

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Home loans are our biggest driver and they’ll keep growing: V Vaidyanathan, MD & CEO, IDFC First Bank

IDFC First Bank is replacing higher-cost borrowings with lower-cost ones and working on branch-level profitability to reduce its cost to income ratio, MD & CEO V Vaidyanathan tells Shritama Bose in an email interview. In FY23, the bank will focus on boosting profitability, he says. Edited excerpts. You’ve guided for a 20-25% growth path. What do you expect will drive this?It is simple. Home loans are our biggest driver and they can keep growing. We are starting from a small base in the context of India’s size, and in India, growing 22% from a small base is not a big deal. We have strong capabilities for credit appraisal in all our businesses. We are also growing our wealth management, cash...

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Canara Bank’s Q4 profit rises 65% y-o-y on strong net interest income growth

Public-sector lender Canara Bank on Friday reported a 65% year-on-year (y-o-y) jump in net profit to Rs 1,666 crore in the fourth quarter of FY22 on the back of a 25% growth in net interest income (NII) to Rs 7,005 crore. The bank reported total income of Rs 22,323 crore, up 6% y-o-y. Canara Bank’s operating profit rose 19% y-o-y to `6,202 crore. The net interest margin (NIM), a key measure of profitability, rose 10 basis points (bps) sequentially to 2.93%. Gross advances of the bank grew 10% y-o-y to Rs 7.41 trillion as on March 31, 2022. Loans to the retail, agri and micro, small and medium enterprises (MSME) segments grew 11%, while corporate lending grew 8% y-o-y. Canara Bank has guided...

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Equitas SFB gets RBI nod to amalgamate EHL into itself

Equitas Small Finance Bank (ESFBL) on Friday said it has received a no-objection certificate from the Reserve Bank of India (RBI) for the proposal for voluntary amalgamation of Equitas Holding (EHL) with ESFBL, subject to fulfilment of certain conditions. Accordingly, EHL will have to divest its shareholding in its subsidiary Equitas Technologies (P) prior to the scheme taking effect. ESFBL will seek the RBI’s approval for bringing Equitas Development Initiatives Trust and Equitas Healthcare Foundation under its ambit. Any investor who will be acquiring or holding 5% or more shareholding in ESFBL upon the scheme taking effect will have to seek prior approval of the RBI within one month from...

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PNB hikes lending rate by 40 bps

State-owned Punjab National Bank (PNB) on Friday said it has hiked its external benchmark linked lending rate by 0.40 per cent to 6.90 per cent with effect from June 1. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/RYVGs...

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IndoStar could take Rs 677 cr hit after EY audit finds deviations in processes

E&Y was hired by IndoStar to review policies, procedures and practices relating to the sanctioning, disbursement and collection of CV loans after the management observed certain control deficiencies during the course of the interim statutory audit of the annual financial statements of the company in March 2022. from Banking/Finance-Industry-Economic Times https://ift.tt/oryjL...

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LIC IPO fully bought, bids via banks open on Sun too

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3g16Z...

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Banks hike repo-linked loan rates, offer more on deposits

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/AaO7N...

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Cholamandalam Q4 net zooms 184% to Rs 690 crore

Cholamandalam Investment and Finance Company (Chola), the financial services arm of Murugappa group, on Thursday reported a net profit of Rs 690 crore for the fourth quarter of FY22, compared with Rs 243 crore in the same quarter of the previous fiscal, registering a whopping 184% growth. Total revenue rose 6% to Rs 2,632 crore, against Rs 2,478 crore. Aggregate disbursements for the quarter stood at Rs 12,718 crore, compared with Rs 8,071 crore in the year-ago period, a growth of 58%. The company has delivered its best-ever disbursals, collections and profitability during the quarter under review. The stellar performance was aided by strong signs of recovery in both the auto and mortgage industries....

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IDBI Trust invokes pledged investments in Future Group companies

The pledge included the entire investments of FLF in entities held by its wholly owned subsidiary FLFL Athleisure, associate firm FLBL, joint venture company Clarks Reliance Footwear and two investee companies - SSIPL Retail and Holii Accessories, it said in a regulatory filing. from Banking/Finance-Industry-Economic Times https://ift.tt/U9bal...

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PM Modi likely to launch 75 digital banks on August 15

"All 75 districts have been finalised and allocated to respective banks to set up the infrastructure and train manpower for these specialised units," said an executive aware of the developments. from Banking/Finance-Industry-Economic Times https://ift.tt/TD9Us...

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Bank loans pick up at almost double the pace as last year

The latest assessment of the economy by RBI economists acknowledges the pick up in bank credit which could aid economic recovery. " Bank credit has gathered pace and the job market is gathering steam. There is an acceleration in the travel and hospitality sectors. The construction and real estate sector have also registered a pick-up" the state of the economy published in the latest monthly bulletin said. from Banking/Finance-Industry-Economic Times https://ift.tt/wt7Eg...

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Equitas SFB PAT rises 6%

Equitas Small Finance Bank on Wednesday reported a profit after tax (PAT) of 120 crore for the fourth quarter of the previous financial year, compared with113 crore in the same quarter last fiscal, registering an increase of 6%. The total income of the bank went up by 4.7% to 1,044 crore from997 crore. Disbursement stood at 3,279 crore, exceeding the previous highest quarter. P N Vasudevan, MD & CEO of Equitas Small Finance Bank, said: “The bank achieved its highest-ever disbursement in Q4FY22. The demand for credit has come back to normal levels. With improving asset quality, the bank is well positioned to get back to its pre-Covid levels growth rate of around 30% per annum. The bank’s...

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Muthoot Finance to offer gold loans at doorstep in more centres

Nearly 60-65 per cent of borrowers are self-employed from The HinduBusinessLine - Money & Banking https://ift.tt/QICXH...

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Q4 results: Kotak Mahindra Bank net profit rises 65% to ₹2,767 crore

The bank’s standalone net profit improved on the back of robust growth in net interest income and lower provisions from The HinduBusinessLine - Money & Banking https://ift.tt/UsblQ...

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LIC IPO: Policyholder portion fully subscribed within hours

The portion reserved for policyholders was subscribed 1.1 times by 12:42 pm from The HinduBusinessLine - Money & Banking https://ift.tt/sSL1R...

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Though number of insolvency cases has come down, creditors face steep haircut: Report

Realisation values have started to come down, says the report by Kotak Securities from The HinduBusinessLine - Money & Banking https://ift.tt/uh2C4...

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LIC IPO: Investors can bid even on Saturday from 10 am to 7 pm

The move comes given the huge size of the issue as well as the expected demand from retail investors. from The HinduBusinessLine - Money & Banking https://ift.tt/9w5p2...

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IBM Chairman Arvind Krishna elected to the Board of Federal Reserve Bank of New York

Krishna has been elected as a Class B director and he will fill the vacancy in the office for the remaining portion of a three-year term ending December 31, 2023 from The HinduBusinessLine - Money & Banking https://ift.tt/CfA8O...

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IDBI Bank Q4 net up 35% at Rs 691 crore

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

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Kerala Startup Mission to hold Fintech Summit on May 5

Draft fintech policy for Kerala covering next 10 years, to be released at event from The HinduBusinessLine - Money & Banking https://ift.tt/UPYoe...

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This Singapore firm helps banks open branches in remote locations for just $150

Based in Singapore, Bank-Genie develops digital solutions that enables banks to overcome prohibitive costs to set up branches in remote locations and make banking accessible to unbanked populations, according to the Today tabloid. from Banking/Finance-Industry-Economic Times https://ift.tt/YNI81...

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Kotak Mahindra bank backed Phoenix ARC set to acquire Bank of India's VVF (India) loan

Central Bank of India and State Bank are among VVF's lenders, and they too are proposing to sell their debt soon. VVF’s other lenders include Punjab National and Bank of Baroda. from Banking/Finance-Industry-Economic Times https://ift.tt/Y9kVd...

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HDFC, Britannia, Inox Leisure and other stocks in news today

HDFC, Adani Wilmar, Britannia Industries, Tata Consumer Products, IDBI Bank, CG Power, M&M Financial Services, Devyani International, Alembic Pharma, Castrol India, Jindal Stainless, Saregama India, Inox Leisure and JBM Auto will announce their March quarter results today. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/P64cY...

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Merger of two Shriram NBFCs likely to be completed by December

To facilitate a hassle-free merger of Shriram City Union Finance (Shriram City) with Shriram Transport Finance (STFC), the former has started a pilot project to train employees to cross-sell STFC products. The project, currently being carried out in around 50 branches, will be expanded to all branches and continue till the merger is completed, YS Chakravarti, MD & CEO, Shriram City, told a select group of media persons. “The merger process with STFC, the market leader in used truck finance, is progressing as per plans and is expected to be completed by December 2022, which will give us a competitive edge,” Chakravarti said. Shriram City’s board had approved the amalgamation of the company...

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Yes Bank open to inorganic opportunities for growth

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

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HDFC raises lending rates by 5 bps for existing customers

Housing Development Finance Corporation (HDFC) on Sunday announced a 5-basis points (bps) hike in its retail prime lending rate (RPLR) to 16.1%, to which its floating rate home loans are linked. While the mortgage lender’s existing customers will have to shell out more as and when their loans come up for reset, rates on new loans will remain unchanged as new customers will get a 5-bps discount on the RPLR. New loans will continue to be priced between 6.7% and 7.15%. HDFC’s move to raise lending rates for existing customers follows similar hikes in April by State Bank of India (SBI), Bank of Baroda (BoB), Axis Bank and Kotak Mahindra Bank. Home loan rates at SBI currently start at 6.65% and at...

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LIC keen to retain some stake in IDBI Bank for bancassurance gains: Chairman

Life Insurance Corporation (LIC) will divest its stake in IDBI Bank, but may not exit completely, LIC chairman MR Kumar said. IDBI Bank became a subsidiary of LIC with effect from January 21, 2019, following the acquisition of an additional 82,75,90,885 equity shares. LIC had bought a 51 per cent stake in IDBI Bank for Rs 21,624 crore at an average price of Rs 61 per share. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/YejUz...

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Moneyboxx Finance eyes to disburse ₹400 cr loans amid steady demand, improved distribution

Company plans to diversify into newer geographies to scale up its footprint from The HinduBusinessLine - Money & Banking https://ift.tt/Z5P68...

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LIC keen to retain some stake in IDBI Bank for bancassurance gains: Chairman

Along with the government, Life Insurance Corporation (LIC) will also divest its stake in IDBI Bank, but may not exit completely, LIC Chairman MR Kumar told PTI in an interview. LIC is currently doing roadshows for its maiden public issue, which opens for subscription on May 4. from Banking/Finance-Industry-Economic Times https://ift.tt/aCgK0...

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Rs 5,500 crore deposits of Xiaomi seized for 'forex violations'

The Enforcement Directorate on Saturday "seized" Rs 5,551 crore in the bank accounts of Chinese mobile manufacturing company Xiaomi for alleged violation of Indian foreign exchange rules. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/In5HU...

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YES Bank says on track to set up ARC, on lookout for partners

Yes Bank on Saturday said it is on track to set up its asset reconstruction company (ARC) and is on the lookout for partners. “The process to form the ARC and complete the transfer of legacy stressed assets is on track and we expect to complete this by the end of the current quarter,” Yes Bank chief executive Prashant Kumar said. He added that the way in which Yes Bank is moving ahead is in line with regulatory requirements. In the meantime, the bank does not intend to sell any of its bad assets to other ARCs. “We are trying to have a partner to form an ARC where the stressed pool of the bank can be transferred in a transparent manner,” Kumar said. Last year, the bank’s proposal to set up an...

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Yes Bank-DHFL case: CBI raids 3 top realtors' sites in Maharashtra

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/HTX1W...

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Yes Bank posts Rs 367-crore profit in March quarter

Mumbai-headquartered Yes Bank on Saturday reported a net profit of Rs 367 crore in the March quarter of FY22. The private-sector lender had incurred a loss of Rs 3,788 crore in the corresponding quarter a year ago. Its performance was led by strong growth in net interest income (NII) and a decline in provisions. NII rose 84% year-on-year (y-o-y) to Rs 1,819 crore, while provisions dropped 95% to Rs 271 crore. The bank’s net interest margin (NIM), a key measure of profitability, rose 10 basis points (bps) sequentially to 2.5%. The advances book...

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A few old private sector banks may look like convenient acquisition targets. But that may not be easy

Most OPBs are investing in technology to attract young customers. According to analysts, they invest Rs 100-250 crore every year on modernisation. Still, at a functional level, they have not been able to reach the levels of an HDFC Bank or ICICI Bank. But tech systems of some of them are better. from Banking/Finance-Industry-Economic Times https://ift.tt/Dgqzr...

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