Page 20 - Banking Industry

Indian Overseas Bank aims to open 88 new branches in FY2024-25, says CEO

Public sector Indian Overseas Bank has drawn up plans to set up 88 new branches across India this financial year, a top official has said. The city-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry. Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release said here on Friday. He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts to serve the unbanked rural areas. Indian Overseas Bank is committed to introduce innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

Karur Vysya Bank to open 100 new branches in FY25: MD & CEO Ramesh Babu

Private sector Karur Vysya Bank has set a target of opening 100 new branches during the current financial year across the country, a top official said on Wednesday. The Tamil Nadu-based bank's 840th branch in Ayodhya was inaugurated by the bank's Chairperson Meena Hemchandra. Karur Vysya Bank Managing Director and CEO B Ramesh Babu said the bank had opened 39 branches during the current financial year and proposes to add about 100 new branches across the country during the period. In a statement, here, Babu said the bank recorded the highest-ever annual net profit of Rs 1,605 crore in the last financial year while the net Non-Performing Assets (NPA) were at 0.40 per cent as on March 31, 2024. "The bank continues its strong growth momentum, consistency in asset quality and profitability," he said. Babu along with Directors of the Bank Sarvashri K S Ravichandran, R Ramkumar and K G Mohan were present at the inauguration of the new branch in Uttar Pradesh, which is also the 35th bran

India needs its own JP Morgans, Citibanks around the world: Niti Aayog CEO

Subrahmanyam calls for financial sector with the 'muscle' to serve firms in India and across the world

Banks' underwriting standards at risk amid consumer loan growth: Fitch

Fitch Ratings on Monday said Indian banks' risk appetite through higher loan growth will remain a key consideration for their creditworthiness despite improved financial performance. It said asset quality pressures from the previous credit cycle are subsiding, creating a favourable business environment. This has bolstered banks' potential and appetite for growth. Bank loans grew by 16 per cent in the financial year ended March 2024, similar to FY23, exceeding the 8 per cent CAGR (compound annual growth rate) over FY15-FY22. Retail loans constitute around 10 per cent of system loans, and grew at a 20 per cent CAGR since FY21, fuelled by a shift towards unsecured credit to expand margins, the US-based rating firm said. Large private banks gained significant market share in the last credit cycle and continue to grow rapidly; state banks also returned to brisk growth but lagged large private banks, Fitch said in a report titled 'Risk profile weighs on Indian banks' viability ratings ..

Union Bank of India Q4 result: Net profit rises 18% on lower provisions

State-owned Union Bank of India on Saturday reported an 18.36 per cent growth in its consolidated net profit for the March quarter to Rs 3,328 crore, helped by lower provisions. For the fiscal 2023-24, the lender reported a consolidated net profit of Rs 13,797 crore against Rs 8,512 crore in the year-ago period. In the quarter under review, its standalone net profit increased to Rs 3,311 crore from Rs 2,782 crore a year ago. The core net interest income grew 14.38 per cent to Rs 9,437 crore on an 11.7 per cent growth in advances and widening of net interest margin to 3.10 per cent from 2.97 per cent in the year-ago period. Its managing director and chief executive A Manimekhalai told reporters that for FY25, it is aiming for a credit growth of 11-13 per cent and deposit growth to be between 9-11 per cent compared to 9.3 per cent in FY24. It, however, expects a fall in NIMs to 2.8-3 per cent, she said, adding that the targets will be reviewed midway through the year. The non-inter

UBS reports income of $1.8 bn; 1st profit since Credit Suisse takeover

The group's wealth management arm reported $27 billion in net new assets for the first quarter of the year, compared to $22 billion for the three months prior

South Indian Bank targets 11-12% deposit growth in FY25: MD & CEO Seshadri

The bank will focus more on growing its retail and micro, small and medium enterprises (MSME) portfolio

Kotak Mahindra Bank Q4 result: Consolidated PAT up 17% to Rs 5,337.2 cr

Standalone net profit at Rs 4,133.3 cr, is up 18.24 per cent year-on-year on the back of healthy loan growth and rise in fee income

Standard Chartered Q1 2024 results: Profits rise 5.5%, beat estimates

Despite the forecast-beating quarterly profit, the bank saw its credit impairments worsen in 2024

May 1 bank holiday: Are banks closed today? Check state-wise list

Banks will remain closed in some states on May 1 in observance of Maharashtra Day and May Day

SBI Card Q4 results: Net profit rises 11% to Rs 662 crore, revenue up 14%

The company's capital to risk ratio (CRAR) stood at 20.5 per cent as of 31 March 2024 as compared to 23.1 per cent as of 31 March

Issuance of LOCs at instance of PSBs violation of fundamental rights: HC

The court made the observation on April 23 while quashing the Centre's decision empowering such banks to seek issuance of LOCs

Wells Fargo Q1 results: Profit declines by 7%, beats market estimates

The bank's net interest income (NII) -- the difference between what it earns on loans and pays out for deposits -- fell 8% to $12.23 billion

Bandhan Bank MD Ghosh asks staff not to worry over his resignation

When asked if there will be an interim CEO, he said the board will take necessary steps in the first week of July

ICRA revises FY25 outlook for banking sector to 'stable' from 'positive'

Rating agency expects credit growth and profitability to moderate in the sector

Swiss govt's 'too big to fail' list could saddle UBS with rougher rules

At around $1.7 trillion, UBS's balance sheet is double the size of annual Swiss economic output, giving the bank an exceptional weight for a major economy

Recent volatility won't affect rupee's exchange rate, say bankers

To impact spot prices, the size of the option position being unwound has to be significant, a treasury official at a private sector bank said

Tier-1 capital raise by banks halves to Rs 17,516 crore in 2023-24

Healthy capital ratios, high interest rates, weak appetite lead to lower issuances

Banks, NBFCs must uphold standards with Fintechs: RBI Dy Governor D G Rao

This change could affect the degree of market concentration and competition, giving rise to new challenges

Indian bankers to get higher salary hikes than Singapore, Hong Kong

Salaries in India could rise by 10% in 2024, analyst Sarah Jane Mahmud wrote in a note Friday, citing survey data from consulting firm Aon