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Kotak Mahindra Bank reported an impressive 26% growth in its consolidated net profit for the September quarter of FY27. Standalone profit surged by 29%, reaching Rs 4,212 crore. The bank's asset quality improved, as evidenced by the notable decrease in gross non-performing assets. Moreover, the net interest income increased by 16%, with a robust capital adequacy ratio of 21.9%. Nevertheless, the net interest margin dipped to 4.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/XCcSrmx
The YES Bank AT1 Retail Bond Holders Association cited Companies Act and Sebi obligations in seeking an explanation for non-payment of the 9% bond coupon due Oct 18, three days after the Oct 15 court order restoring the bonds. It also demanded payment of coupons skipped in 2020-25 and arrangements for the forthcoming Dec 23 coupon on 9.5% bonds.
In a significant restructuring effort, Barclays is poised to cut about 5,000 jobs from its worldwide team by the year's conclusion. This initiative focuses on optimizing efficiency and increasing investment in innovative technologies, notably artificial intelligence. The reductions will largely target support functions, affecting numerous developers and operational staff. Following 1,000 closed roles, the anticipated cuts will drive Barclays' ongoing mission to enhance its services while reducing costs.
Output in the energy-dominant industries like natural gas (-4.6%), crude oil (-1.4%) and fertilisers (-11.7%) saw continued sequential contraction, reflecting the impact of the prolonged conflict in West Asia. Output in the refinery products (10.3%) and coal (10.7%), however, saw acceleration during the month. Bank of Baroda chief economist Madan Sabnavis said Sept figures highlight buoyancy in infrastructure where govt has been spending.
HDFC Bank is conducting an internal investigation into two senior executives for sharing confidential business information. The probe began after concerns were raised about potential information leaks to outsiders. As changes in leadership approach, the bank faces mounting challenges amid recent internal disagreements. Executive transitions include Anup Bagchi becoming the new chief executive later this month. The findings of this investigation will influence future decisions and strategies at the bank.
