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Public sector lender Punjab & Sind Bank on Saturday reported a 25 per cent decline in net profit to Rs 153 crore for the June 2023 quarter, partly due to the provision of wage revision and fresh slippages. The lender had reported a net profit of Rs 205 crore in the April-June quarter of 2022-23. The total income increased to Rs 2,494 crore in the first quarter of 2023-24 against Rs 1,915 crore a year ago, as per a regulatory filing.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/k6Cmvig
Equity benchmark indices Sensex and Nifty snapped their three-session losing streak to close nearly 1 per cent higher on Friday, buoyed by gains in HDFC Bank, Reliance Industries and Infosys amid a largely firm trend in global markets. After three days of decline, the 30-share BSE Sensex climbed 480.57 points or 0.74 per cent to settle at 65,721.25. During the day, it jumped 558.59 points or 0.85 per cent to 65,799.27.
State Bank of India (SBI) has reported profits of Rs 168.84bn ($2.04bn) for the quarter ended June 30, a near three-fold rise compared with the same period last year. The bank attributed the results to a surge in net interest income, healthy loan growth and lower provisions.
The Reserve Bank on Tuesday said 88 per cent of the Rs 2,000 banknotes valued at Rs 3.14 lakh crore have returned to the banking system after it announced withdrawal of the high value currency notes from circulation in May.According to the data received from banks, the RBI said the total value of Rs 2,000 banknotes received back from circulation is Rs 3.14 lakh crore up to July 31, 2023.
India’s banking regulator is nudging Kotak Mahindra Bank to select someone outside the lender’s ranks to succeed billionaire founder Uday Kotak as the next Chief Executive Officer, according to people familiar with the matter.The Reserve Bank of India has conveyed its view to board members of Kotak Mahindra Bank and Asia’s richest financier, they said, asking not to be named, as the communication is private.
