IDFC First Bank Q1 PAT up 61%, asset quality improves

Net Interest Income (NII) grew 36 per cent y-o-y to ₹3,745 crore

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KFin Technologies Q1 PAT up 16% on steady AUM growth, client addition

KFin Technologies’ average AUM grew 14.5 per cent y-o-y, slightly higher than 14.2 per cent for the industry

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Charting the global economy: Fed, ECB press on with rate hikes

The International Monetary Fund boosted its forecast for global growth this year, adding to a growing number of voices that see a potential soft landing in the US

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Bank of India’s Q1FY24 net profit zooms 176% to ₹1,551 cr

Net interest income of the Mumbai-headquartered public sector bank was up 45 per cent y-o-y at ₹5,915 crore (₹4,072 crore in the year-ago quarter).

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Apollo, Cerberus pile in as private debt assets double in India

India-focused AMCs in private debt nearly doubled to $15.5 billion as of December 2022 from a year earlier

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Future Generali India Life signs distribution pact with JM Financial

The collaboration will help the insurer diversify its product portfolio and leverage JM Financial’s distribution and financial advisory capabilities

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Gautam Adani returns to loan market as investor confidence improves

Adani Group, owned by Indian billionaire Gautam Adani, is reportedly in talks to borrow $600 million to $750 million to refinance the debt taken on to buy Ambuja Cements. Adani New Industries has also raised $394 million via a loan from Barclays and Deutsche Bank for a solar module project.

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L&T to tie up with banks in the Middle East

Larsen & Toubro is also rapidly increasing its overseas shares across segments

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US stocks: Wall Street closes down, Dow snaps longest winning streak since 1987

The US stocks closed lower on Thursday after reports that the Bank of Japan would allow long-term interest rates to rise, which pushed US yields higher and reduced the appeal of stocks. The S&P 500 lost 0.63%, ending at 4,537.82 points, whereas the Nasdaq Composite was down 0.54%, ending at 14,050.86. The Dow Jones Industrial Average fell 0.66%, ending at 35,286.39 after a winning streak.

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Banknotes with a Star (*) symbol identical to any other legal banknotes: RBI

The central bank said the Star (*) symbol present on the number panel of a banknote is an identifier that it is a replaced / reprinted banknote

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ARCIL to empanel strategic investors to bid for stressed assets under IBC

India’s old ARC will also team up with these investors to make counter bids to NARCL’s anchor bid for stressed assets

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Loan given to credit-card holders cannot attract GST: Calcutta HC

Both judges noted that a loan given to a credit-card holder is not part of credit-card services

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SIDBI anchors Vivriti’s ₹700 crore MFI-focussed fund

The fund was conceptualised by SIDBI and Vivriti to provide debt capital to microenterprises and building bond markets for issuers rated BBB and lower category

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Banks’ NPAs down Rs 10.2 lakh crore on measures by govt, RBI

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1 in 3 private bank staff at entry level quits

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Swiggy, HDFC Bank launch co-branded credit card

Swiggy-HDFC co-branded credit card will be hosted on Mastercard payment network

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Banks recovered over ₹10 lakh crore dues in 9 years

Government credits nine measures for improved recovery from bad loans, NPAs

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Open AI’s Sam Altman unveils iris scanning crypto project Worldcoin

Worldcoin project beta saw 2 million signups

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Federal Bank launches NR savings accounts for NRI women

The scheme of Federal Bank offers tailored benefits, including customised offers, airport lounge access, and insurance coverage

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Banks may end FY24 with NIM at the same level as FY23

In FY23, deposit rate hikes lagged lending rate hikes; Now, deposits are getting repriced

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Banks to now conduct stress tests on loan book frailty

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‘No advice yet’ to banks on bringing overseas credit card spend under LRS

If the spending is brought under LRS, then such spending will attract Tax Collected at Source at a rate of up to 20 per cent

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PNB Housing Finance Q1 net profit surges 48% to ₹347 crore

PNB Housing Finance’s loan book surpassed ₹60,000 crore, and assets under management reached ₹67,340 crore

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Bandhan Financial Holdings set to acquire Aegon Life Insurance Company

The acquisition is subject to receipt of necessary regulatory approvals and customary closing conditions, BFHL said in a statement

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Don’t be harsh in loan recovery: Finance minister Sitharaman to banks

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Analysts enthused over Paytm’s Q1 performance, raise target price up to ₹1,200

Paytm reported a standalone net loss of ₹358 crore, narrower than the net loss of ₹645 crore in the same quarter last fiscal

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No proposal under consideration to extend date for exchange/deposit ₹2,000 note, says Govt

No plan to demonetise high-denomination currency notes to eliminate black money: MoS Pankaj Chaudhary

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Varashakti Housing Finance raises ₹35 crore from impact investor Incofin

Varashakti Housing Finance to use funds to expand its business, scale up the organisation and further impact the lives of the rural underserved segment

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Poonawalla Fincorp posts highest-ever quarterly PAT of ₹200 crore in Q1

Gross NPA was at 1.42 per cent, down 126 bps y-o-y

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Canara Bank’s Q1 net profits up 74.8% to ₹3,535 crore

Canara Bank’s PAT improved due to growing net interest income, which stood at ₹8,666 crore, while net interest margin improved by 27 basis points and stood at 3.05%

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YES Bank shares decline by 1.50 per cent

YES Bank’s shares experienced a decline by 1.50 per cent after the bank announced its first quarter results over the weekend.

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YES Bank to acquire microfinance to reduce legacy PSL drag: MD

MD and CEO Prashant Kumar said bank is looking at co-lending, portfolio buyouts & organic growth to reduce RIDF drag

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ESOPs by private banks pick pace as employee churn intensifies

As per industry participants, the increase in pace of ESOP issues are likely an attempt by banks, which are struggling with elevated attrition rates, as one of the incentives to retain key talent

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HDFC Bank expects 17-18% credit growth this year

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HDFC Bank expects 17-18% credit growth this year

During the first quarter, the total advances of HDFC Bank rose by 15.8 per cent to ₹16.15 lakh crore

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ICICI Q1 profit zooms 40% to Rs 9,648 crore, Kotak jumps 67%

ICICI Bank has reported a record net profit of Rs 9,648 crore in Q1-2024—a 39.7% increase from Rs 6,905 crore in Q1-2023. Meanwhile, Kotak Mahindra Bank exceeded analyst estimates to report a 67% jump in standalone net profit at Rs 3,452 crore for the June quarter. On a consolidated level, the profit grew 51% to Rs 4,150 crore. Another private lender, Yes Bank, said its net profit rose 10.3% to Rs 342 crore.

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