Page 33 - Banking Sector

J&K bank's profit rises 27% to Rs 415 cr in Apr-Jun quarter on high income

J&K Bank on Saturday reported a 27 per cent rise in net profit to Rs 415 crore in the April-June quarter of 2024-25 compared to the year-ago period. The bank had posted a net profit of Rs 326 crore in the April-June period of the previous year. Total income in the first quarter of the current fiscal rose to Rs 3,188 crore as against Rs 2,885 crore, J&K Bank said in a filing. The lender's interest income also increased to Rs 2,994 crore from Rs 2,657 crore in the same quarter a year ago. The bank's net interest income (NII) grew by 7 per cent to Rs 1,369 crore in the first quarter of current financial year. The gross Non-Performing Assets (NPAs) declined to 3.91 per cent of the gross advances by June 2024 from 5.77 per cent in the same quarter a year ago. The net NPA too declined to 0.76 per cent as against 1.39 per cent in the same period of the previous year. The capital adequacy ratio of the bank improved to 15.07 per cent at the end of June compared to 14.83 per cent in the

Equitas Small Finance Bank Q1 result: Net profit dips to Rs 25.75 cr

Private sector Equitas Small Finance Bank has reported a dip in its net profits for the April-June 30, 2024 at Rs 25.75 crore. The bank had registered a profit after tax of Rs 191.20 crore registered in the year ago period. For the year ending March 31, 2024 the net profit of the bank stood at Rs 798.96 crore. Total income during the quarter under review grew to Rs 1,709.65 crore, as compared to Rs 1,425.32 crore registered in the same period of last year. For the year ending March 31, 2024 the total income of the bank stood at Rs 6,285.07 crore. In a statement on Saturday, the bank said the decline in profit after tax for the quarter under review, was due to 'floating provision of Rs 180 crore to strengthen the Provisioning Coverage Ratio of the bank'. In order to strengthen PCR, Bank has made additional provision in the form of floating provision of Rs 180 crore during the quarter. PCR improved to 70.29 per cent in Q1FY'25 from 56.06 per cent (during the same quarter of last year

PNB Q1FY25 results: Net profit jumps 159% to Rs 3,252 cr, NII up 10.23%

PNB Q1FY25 results: Gross Non-Performing Asset (GNPA) ratio of the bank improved by 275 basis points (bps) on a Y-o-Y basis to 4.98 per cent as on June 24 from 7.73 per cent as on June 23

ICICI Bank Q1 results: Net profit rises 14.6% to Rs 11,059 cr, NII up 7.3%

The asset quality of the lender remained stable, with its gross non-performing assets (NPAs) ratio at 2.15% at the end of Q1FY25 compared to 2.16% in Q4FY24, and net NPA ratio at 0.43%

Manoj Mittal takes charge as Sidbi's CMD after appointment by Centre

Manoj Mittal has taken charge as Chairman and Managing Director of Small Industries Development Bank of India (SIDBI), following his appointment by the Centre. Prior to this, he was the managing director of Industrial Finance Corporation of India (IFCI). Mittal has over 33 years of experience in the financial services sector, including his previous tenures as MD and CEO of IFCI and Deputy Managing Director at SIDBI, an official statement said.

RBI imposes a monetary penalty on three payment system operators

The RBI's action on KYC non-compliance comes as the regulator has been cautious about lapses in these procedures

RBI's draft LCR norms: Banks likely to see 4-11% impact on earnings

According to analysts, banks with an LCR exceeding 130 per cent are relatively comfortable, though not many lenders boast such robust ratios

IndusInd Bank Q1 FY25 results: Net profit up 2% due to higher provisions

Provisions and contingencies saw a rise of 6 per cent Y-o-Y and 10 per cent sequentially at Rs 1,050 crore

ESAF Small Finance Bank Q1 results: Net profit falls 52% to Rs 63 cr

ESAF Small Finance Bank on Friday reported 52 per cent decline in June quarter net profit at Rs 63 crore due to increase in bad loans. The Kerala-based lender had earned a net profit of Rs 130 crore in the year-ago period. However, total income increased to Rs 1,138 crore from Rs 992 crore a year ago, ESAF Small Finance Bank said in a regulatory filing. Interest income grew to Rs 1,022 crore during the period under review, from Rs 899 crore a year ago. The bank's asset quality worsened with Gross Non-Performing Assets (NPAs) surging to 6.61 per cent of gross advances as of June 30, 2024, from 1.65 per cent by the end of first quarter of the previous fiscal. Net NPAs also rose to 3.22 per cent of the advances, from 0.81 per cent at the end of first quarter last year. As a result, provisions and contingencies increased to Rs 169 crore from Rs 129 crore earmarked during the same quarter a year ago. However, the capital adequacy ratio of the bank improved to 23.46 per cent, as compa

Punjab & Sind Bank Q1FY25 results: Net profit rises 19% to Rs 182 cr

State-owned Punjab & Sind Bank on Friday reported a 19 per cent rise in net profit to Rs 182 crore in the June 2024 quarter, helped by a decline in bad loans. The Delhi-based lender had earned a net profit of Rs 153 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 2,846 crore against Rs 2,494 crore a year ago, Punjab & Sind Bank said in a regulatory filing. Interest income grew to Rs 2,652 crore during the period under review from Rs 2,316 crore in the corresponding quarter a year ago. The bank's asset quality improved with Gross Non-Performing Assets (NPAs) declining to 4.72 per cent of gross advances as of June 30, 2024, against 6.80 per cent by the end of the April-June quarter in FY23. Net NPAs also declined to 1.59 per cent of the advances from 1.95 per cent at June-end FY24. Provisions for bad loans rose to Rs 103 crore against Rs 23 crore earmarked a year ago. The bank's Capital Adequacy Ratio also improved to 17.30 per cent ...

South Indian Bank is looking to expand beyond Kerala, says MD & CEO

The bank is also shifting its focus on loan mix to micro small and medium enterprises (MSMEs) and retail, from the current bias towards corporates

HDFC Bank rolls out fixed deposit scheme with higher interest rates

The bank has indicated that it will grow its advances slower than its deposits to bring down its elevated credit-deposit ratio

Archaic laws need to be reviewed keeping in mind recent changes: DFS Secy

Joshi explained the intention behind the Budget proposals for the financial sector

EQT Private Cap Asia exits RBL Bank, sells entire stake for Rs 1,091 cr

EQT Private Capital Asia, formerly known as Baring Private Equity Asia, on Thursday exited RBL Bank by selling its entire 7.89 per cent stake in the private sector lender for Rs 1,091 crore through an open market transaction. EQT Private Capital Asia through its vehicle Maple II BV sold shares of RBL Bank through a bulk deal on the BSE. As per the data available on the BSE, Maple II B V sold 4,78,40,700 shares, amounting to a 7.89 per cent stake in RBL Bank. The shares were offloaded at an average price of Rs 228.08 apiece, taking the transaction value to Rs 1,091.15 crore. Meanwhile, Societe Generale and Morgan Stanley Asia Singapore Pte bought 1,95,99,054 shares or 3.23 per cent stake in RBL Bank. The shares were purchased at an average price of Rs 446.85 crore. Details of other buyers of RBL Bank's shares could not be ascertained. The scrip of RBL Bank fell 2.95 per cent to close at Rs 230.40 per piece on the BSE. Last week, RBL Bank reported a 29 per cent jump in net profit

PNB Housing Finance Q1 result: PAT rises 25% to Rs 433 cr on steady demand

Demand for premium housing in the country has been strong even as the affordable segment saw some pressure due to high interest rates

Banks cautious on lending to stressed MSMEs due to NPA classification rules

Loans to the sector slows down after accelerating in FY21, FY22

Net credit card additions down to 2 mn due to seasonal, regulatory factors

Net credit card additions during the April-June quarter of FY25 is 48% lower against 3.9 mn in the December-March quarter of FY24

RBI revamps regulatory framework for domestic money transfer services

The changes in the current framework have been made based on recent review of various services for payments transfer

Federal Bank Q1 results: Profit rises 17% to Rs 1,027 cr on loan recoveries

South India-based Federal Bank on Wednesday reported a 16.74 per cent growth in consolidated net profit to Rs 1,027.51 crore for the June quarter, helped by higher recoveries from written-off accounts. The private sector lender's net profit grew to Rs 1,009.53 crore on a standalone basis, up from Rs 853.74 crore in the year-ago period. Its core net interest income moved up 19 per cent to Rs 2,292 crore during the reporting quarter on the back of a nearly 20 per cent growth in advances, while margin moderated to 3.16 per cent from 3.21 per cent in the preceding March quarter. Federal Bank Managing Director and Chief Executive Shyram Srinivasan, who will be demitting office in September after being at the helm for 15 years, told reporters that the bank is aiming to keep the net interest margin (NIM) between 3.15 and 3.25 per cent. The bank is aiming to keep all credit costs at 0.30-0.35 per cent, he said, adding that the bank is not focused on looking at the NIM number in isolation,

Budget 2024: Adequate capital buffers, credit-deposit ratio may weaken

PSBs to develop capabilities to assess MSMEs for credit, reducing external reliance