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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.
In a concerning development, the State Bank of India has initiated an investigation following the exposure of 3,897 customer records on the dark web. Allegations suggest that a hacker group obtained sensitive personally identifiable information, such as names, mobile numbers, and addresses. Despite these alarming findings, SBI has assured that its essential operations remain unaffected and are functioning normally, while ongoing evaluations and corrective actions are being put in place.
Under income tax law, SBI staff are treated as non-government employees and, therefore, can claim leave encashment exemption subject to the applicable limit. A retired SBI employee from Jaipur, was unaware of this distinction. When he retired in 2020 he received Rs 9.29 lakh as leave encashment and did not pay tax on the amount.
The rupee opened higher against the US dollar, appreciating by 29 paise to a solid 94.62, fueled by foreign investments linked to the Jio IPO and backing from the Reserve Bank of India. Nevertheless, persistent crude oil price surges presented ongoing challenges for the currency. The domestic equity landscape also showed positivity, with the BSE Sensex recording substantial gains, even as foreign institutional investors stayed in a selling position.
As the festive season in India draws near, numerous bank holidays will mark the month of October. It’s essential for customers to verify the holiday schedules specific to their regions, particularly regarding closures for Dussehra, Durga Puja, and other festivities. Fortunately, services like ATMs and mobile banking will still operate, allowing for uninterrupted transactions. Careful planning can help customers navigate potential inconveniences during this busy season.
This week, Indian stock markets will likely be influenced by the quarterly earnings reports from key banks including HDFC Bank, ICICI Bank, and Axis Bank, showcasing different profit trends that are capturing investor interest. Traders will also keep a close eye on crude oil price shifts, geopolitical events, and foreign institutional investor movements, as well as the rupee-dollar exchange rate, to determine if the recent market resurgence is sustainable.
