Bandhan Bank Q4 profit jumps manifold, asset quality improves

Private sector lender Bandhan Bank on Friday reported a whopping 18-fold jump in its net profit to Rs 1,902.34 crore for the fourth quarter of the previous fiscal, compared with Rs 103.03 crore in the year-ago period, because of the rise in both interest and non-interest income and a fall in provisions. The asset quality improved as non-performing assets (NPAs) fell 9.75% year-on-year to Rs 5,757.76 crore in absolute terms, against Rs 6,380 crore in the same quarter a year ago. On a quarter-on-quarter basis, NPAs declined 39.02% from Rs 9,441.57 crore, according to a stock exchange filing. On a year-on-year basis, the gross NPA ratio decreased 35 basis points to 6.46% from 6.81%. Provisions...

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SBI’s Q4 profit rises 41% as provisions fall, core income grows

State Bank of India (SBI) on Friday reported a 41% year-on-year (y-o-y) rise in its fourth quarter net profit to Rs 9,113.53 crore, as improving asset quality helped the lender cut down on provisions. Growth in core income also supported the bank’s quarterly performance. Net interest income (NII), or the difference between interest earned and expended, rose 15% y-o-y to Rs 31,198 crore. The net interest margin (NIM) improved marginally to 3.12% from 3.11% in Q3FY22. The bank’s gross advances grew 11% y-o-y to Rs 28.19 trillion as on March 31,...

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Union Bank net rises 8% on strong NII growth

Public-sector lender Union Bank of India on Friday reported an 8.3% year-on-year rise in its net profit for the March quarter to Rs 1,440 crore on the back of a strong growth in net interest income (NII). The lender’s NII – the difference between interest earned and interest expended – stood at Rs 6,769 crore, up 25% YoY. The net interest margin (NIM) fell 25 basis points (bps) sequentially to 2.75%. The operating profit rose 11% YoY to Rs 5,520 crore. Gross advances grew 9.6% to Rs 7.16 trillion at the end of March 2022, with gold loans, which grew over 18%, being a major driver. The lender’s current and savings account (CASA) ratio rose to 36.54% in the quarter under review from 36.33% in...

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Bandhan Bank Q4 profit jumps manifold, asset quality improves

Private sector lender Bandhan Bank on Friday reported a whopping 18-fold jump in its net profit to Rs 1,902.34 crore for the fourth quarter of the previous fiscal, compared with Rs 103.03 crore in the year-ago period, because of the rise in both interest and non-interest income and a fall in provisions. The asset quality improved as non-performing assets (NPAs) fell 9.75% year-on-year to Rs 5,757.76 crore in absolute terms, against Rs 6,380 crore in the same quarter a year ago. On a quarter-on-quarter basis, NPAs declined 39.02% from Rs 9,441.57 crore, according to a stock exchange filing. On a year-on-year basis, the gross NPA ratio decreased 35 basis points to 6.46% from 6.81%. Provisions...

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SBI’s Q4 profit rises 41% as provisions fall, core income grows

State Bank of India (SBI) on Friday reported a 41% year-on-year (y-o-y) rise in its fourth quarter net profit to Rs 9,113.53 crore, as improving asset quality helped the lender cut down on provisions. Growth in core income also supported the bank’s quarterly performance. Net interest income (NII), or the difference between interest earned and expended, rose 15% y-o-y to Rs 31,198 crore. The net interest margin (NIM) improved marginally to 3.12% from 3.11% in Q3FY22. The bank’s gross advances grew 11% y-o-y to Rs 28.19 trillion as on March 31,...

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Indian Banks' Association upbeat on July rollout of Digital Banking Units

All public sector banks, 10 private sector banks and one small finance bank have already initiated the work to have these units operational by July 2022. from Banking/Finance-Industry-Economic Times https://ift.tt/tfHCB...

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RBL Bank close to tying up $100-million tier-II funding

RBL Bank on Thursday said it is close to tying up tier-II funding worth $100 million in the next few days. The fund-raise will improve the bank’s capital ratio by approximately 1%. The lender’s capital to risk-weighted assets ratio (CRAR) stood at 16.8% as on March 31, 2022, down from 17.5% a year ago. The common equity tier-1 (CET-1) ratio stood at 16.2% at the end of FY22. The average liquidity coverage ratio for Q4FY22 was 138%. With this new tier-2, we’ll be close to 18%, and do not envisage any need for further capital in this financial year,” said Rajeev Ahuja, interim MD & CEO. The fund-raising will be in the form of a private placement with an international fund, the management said. The...

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India seeks to restore block on $725 million of Xiaomi's bank assets

The enforcement directorate asked a court on Thursday to re-instate a freeze on $725 million in the Indian bank accounts of Xiaomi Corp as it investigates fund transfers by the Chinese smartphone giant. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/iVWGM...

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Exim Bank to set up factoring business

Will undertake export factoring activity for MSMEs by offering transaction-specific partial or full guarantees to cover payment risks on banks in least developed/developing countries from The HinduBusinessLine - Money & Banking https://ift.tt/wLzKo...

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PNB to hike repo-linked lending rate from next month

Repo rate is the rate at which banks borrow short term money from RBI. With effect from May 7, the city-headquartered lender had raised interest rates on term deposits in select buckets up to 0.60 per cent. A number of banks have already raise the repo-linked lending rates for their customers after the RBI rate hike. Some have also increased their deposit rates. from Banking/Finance-Industry-Economic Times https://ift.tt/jkhcX...

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Insolvency plea: NCLT grants FRL time till June 6 to file reply

The National Company Law Tribunal (NCLT) on Thursday granted additional time till June 6 to Future Retail Ltd (FRL) to file its reply on the insolvency plea filed by Bank of India. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/sL9VA...

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AssetPlus raises $3.6 million in a funding led by Incred, Rainmatter

Aims to utilise the funding to expand its business, add more financial products from The HinduBusinessLine - Money & Banking https://ift.tt/V2BUR...

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IPO plan okayed, TVS Supply Chain Solutions may go in for acquisitions

According to media reports, the company will use Rs 1,300 cr (out of the Rs 2,000 cr) to repay loans and invest in its overseas operations. The rest of the funds will likely be used for the purpose of strategic acquisitions. from Banking/Finance-Industry-Economic Times https://ift.tt/4ev9u...

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Coinbase blames RBI for UPI cutoff

Brian Armstrong, co-founder and CEO of US-based Coinbase, which operates a cryptocurrency exchange, said that pressure from the Reserve Bank of India (RBI) forced his company to discontinue integration with the Unified Payments Interface (UPI). from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/v4tFf...

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Indian Bank posts Rs 984-crore net profit in Q4

Indian Bank on Wednesday reported a net profit of Rs 984 crore for the fourth quarter of the previous fiscal, compared with Rs 1,709 crore in the year-ago period. The bank said there was a change in deferred tax assets (DTA ) calculations in FY22 from the annual to the quarterly basis. In Q4FY21, the net profit stood at Rs 1,709 crore factoring DTA of Rs 913 crore as against DTA of Rs 161 core in Q4FY22. Total income of the bank stood at Rs 11,405 crore, compared with Rs 10,485 crore, an increase of 8.8%. Shanti Lal Jain, MD & CEO, told reporters that the asset quality improved in the fourth quarter. During FY22, the lender had recovered around Rs 7,100 crore and it expects a similar recovery...

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India-Russia payments have stabilised, greater due diligence causing delays: Ashwini Kumar Tewari, SBI managing director for international banking, technology and subsidiaries

Transactions between India and non-sanctioned Russian entities have now stabilised and are being settled in dollars or euros through a few Western correspondent banks, State Bank of India (SBI) managing director for international banking, technology and subsidiaries Ashwini Kumar Tewari tells Shritama Bose. SBI’s international book has of late been growing faster than its total loan book and the pandemic has given the lender a chance to spread its geographical risk, he said. Edited excerpts: How is the trade and payments situation now between India, Russia and Ukraine? Trade between India and those two countries is anyway quite small. In terms of imports, apart from defence, sunflower oil is...

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SBI firms up ESG policy, but won’t deny loans to poor scorers right away

State Bank of India (SBI) has formulated a policy on environmental, social & governance (ESG)-compliant lending to companies. However, the policy, which was put in place by the country’s largest lender, is not yet being used as grounds to deny loans. In an interview with FE, Ashwini Kumar Tewari, SBI managing director for international banking, technology and subsidiaries, said the bank is applying the parameters of the Securities and Exchange Board of India’s (Sebi’s) business responsibility and sustainability reporting (BRSR) framework to proposals from its clients. “In terms of policy, we have implemented an ESG model in September 2021 based on the BRSR framework, but we are not...

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Informal pressure from RBI led Coinbase to roll back UPI payments: CEO Brian Armstrong

Says the company’s preference is currently to work with the authorities and focus on relaunching from The HinduBusinessLine - Money & Banking https://ift.tt/hwVDS...

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Sri Guru Raghavendra Bank: RBI extends validity period of Directions by 6 months

The Bank has been under directions since January 10, 2020, in the interest of depositor protection from The HinduBusinessLine - Money & Banking https://ift.tt/5isaQ...

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ICICI Bank signs MoU with Santander UK Plc

Under the partnership, both the players are to support corporate customers’ banking requirements from The HinduBusinessLine - Money & Banking https://ift.tt/gXqt3...

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Karnataka Bank terms loans to Srei group co as fraud

Karnataka Bank has said in an exchange filing that it has classified its loans to Srei Equipment Finance as fraud. It has also reported to the RBI as a fraud the Rs 10-crore investment made by the bank in Srei Infrastructure Finance, which has been an NPA since September 2021. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/U8Rvy...

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Supreme Court upholds RBI remit over NBFCs, says state laws won’t apply

Non-banking financial companies (NBFCs) will be regulated by the Reserve Bank of India (RBI), and state money-lending laws will have no applicability on them, the Supreme Court (SC) said on Tuesday. The question before the SC was whether NBFCs regulated by the RBI, in terms of the provisions of Chapter IIIB of the Reserve Bank of India Act, 1934, could also be regulated by state enactments like the Kerala Money Lenders Act, 1958 and the Gujarat Money Lenders Act, 2011, with the Kerala and Gujarat High Courts taking opposite views. While the Gujarat HC had in 2011 held NBFCs would not fall under the purview of the Bombay Money Lenders Act, as applicable in the state, the Kerala High Court had...

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Cashe forays into wealth management

With the acquisition, Cashe will provide mutual funds, fixed deposits and other investment options to its customers. Sqrrl will retain its identity and operate as an independent platform. from Banking/Finance-Industry-Economic Times https://ift.tt/GXk6i...

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Rupee breaches 77 mark, touches record low

Recent rate hike by the US Fed has further intensified FII selling in the domestic market: Analyst from The HinduBusinessLine - Money & Banking https://ift.tt/urAfC...

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Yield Farming vs Staking - The Best Way to Invest in Cryptocurrencies

from Banking/Finance-Industry-Economic Times https://ift.tt/vTbQ8...

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Time for the RBI to try out something NUE

The central bank is fine-tuning regulations around payments, but can it keep the umbrella entity on the back burner for long? from The HinduBusinessLine - Money & Banking https://ift.tt/kqw9V...

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Golden opportunity: Demand for gold loans shines in trying times

Going forward, there is huge opportunity that is waiting to be tapped in this area from The HinduBusinessLine - Money & Banking https://ift.tt/9rIZ8...

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Data Drive: Rate-cloud on retail credit

The retail segment, led by housing and personal loans, has been driving bank credit growth. The share of retail loans for scheduled commercial banks has grown to 30.5% in FY22 from 19% in FY10. In contrast, the share of loans to industry dropped to 28.7% from 43% during the same period. The share has remained constant for both services and agriculture. In retail, the share of housing loans grew to 14.4% from 9.8%. That may slow down now with the reversal in the interest rate cycle.  from "Banking & Finance News: Banking & Finance...

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Kinara Capital: Firm bridges credit gap for have-nots of the Indian economy

The idea of Kinara Capital germinated when Hardika Shah, the fintech’s founder and CEO, became aware of the credit gap that afflicts the Indian micro-small-medium-enterprise (MSME) sector. “In part, I was also inspired by something that I had experienced early on in life, and which had stayed with me. My mother had entrepreneurial leanings and ran a small business when I was growing up. I saw how difficult it was for her to build her venture due to lack of financing,” says Shah. Prior to starting Kinara Capital, Shah spent 20+ years as a management consultant with Accenture, leading large teams and executing complex projects for global companies in the US, EU and Asia-Pacific. “Despite the economic...

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Yatra hopeful of India IPO by end of this fiscal

Business recovery has been very strong, says CEO and Co-Founder, Dhruv Shringi from The HinduBusinessLine - Money & Banking https://ift.tt/Ee07y...

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Public sector general insurers may get capital infusion of Rs 3,000-5,000 crore

In the last financial year, the government made capital infusion of Rs 5,000 crore in these three insurance companies. from Banking/Finance-Industry-Economic Times https://ift.tt/Q3KbR...

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Public sector general insurers may get capital infusion of ₹3,000-5,000 cr

They are short of solvency margin and to improve operational efficiencies an external consultant will be appointed soo from The HinduBusinessLine - Money & Banking https://ift.tt/2w7p1...

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Hospitality & tourism: Gross bank credit rises 8.2% in March FY22

Industry experts say it depicts the stress suffered by the sector post-pandemic from The HinduBusinessLine - Money & Banking https://ift.tt/3eyar...

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Central Bank of India says not yet decided on branch closures

On Thursday, Reuters cited sources and a document saying the bank was looking to reduce the number of branches by 600, or 13% of the total, by either shutting or merging loss-making branches by the end of March 2023. from Banking/Finance-Industry-Economic Times https://ift.tt/OyDSw...

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RBI rate hike not a surprise, but its timing was, says FM

The Reserve Bank of India’s (RBI) decision to raise interest rates will not impact the government’s planned infrastructure investments and the hike was part of a synchronised action by major central banks across the globe to deal with the twin challenges of taming inflation and supporting economic revival, finance minister Nirmala Sitharaman said on Saturday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/gEQqu...

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