Page 36 - Banking Sector

Non-residents allowed to open margin accounts for derivative contracts

The move by RBI is expected to enhance efficiency in managing margin obligations

IDBI Bank to increase tech spend to 8-9% of operating expenditure

IDBI Bank has 'immediate plans to invest in digital solutions, analytics, AI', says CEO

Q4 Results update: Canara Bank profit surges 18% to Rs 3,757 crore

State-owned Canara Bank on Wednesday reported an 18 per cent rise in its net profit to Rs 3,757 crore during the fourth quarter ended March 2024. The Bengaluru-based lender had earned a net profit of Rs 3,175 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 34,025 crore as against Rs 28,685 crore a year ago, Canara Bank said in a regulatory filing. Interest income grew to Rs 28,807 crore during the period under review from Rs 23,910 crore in the corresponding quarter a year ago. The bank's board recommended a dividend of Rs 16.10 per equity share (i.e., 161 per cent) of face value of Rs 10 each to the shareholders for 2023-24, subject to approval at the ensuing Annual General Meeting. On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) moderated to 4.23 per cent of gross advances as of March 31, 2024, from 5.35 per cent by the end of March 2023. Net NPAs also came down to 1.27 per cent of the advances from 1.73 per cen

Canara Bank Q4 result: Net profit increases by 18% to Rs 3,557 cr

Minimal impact expected from RBI's draft project finance norms

Commercial banks for 1-2% project finance provisioning; RBI proposed 5%

Industry sees short-term pain

RBI provisioning norms singe PSU banks, infrastructure financers

Move will impact RoE, networth, say analysts

Want to bring down retail loan growth: YES Bank MD & CEO Prashant Kumar

Kumar says the core capital of the bank is set to improve after investors - Carlyle group and Advent International - convert the warrants into equity

JK Bank Q4 Results: Bank reports highest-ever annual profit of Rs 1,767 cr

Jammu and Kashmir Bank on Saturday reported its highest-ever annual profit at Rs 1,767 crore for 2023-24. Its Managing Director and CEO Baldev Prakash said the net profit surged 48 per cent compared to the previous fiscal. "Beating its own highest-ever record of profits achieved only last year, the net profit surged in fiscal 2023-24 by 48 per cent to achieve its record profit figure of Rs 1,767 crore," Prakash told PTI after the bank's annual results for FY 2023-24 were released bank here. He said the bank will be sharing the historic profits with its shareholders by making the highest dividend payment of around Rs 236.75 crore this year. The bank witnessed a 10 per cent increase in its total income to Rs 6,029.17 crore from Rs 5,502.09 crore. It had posted a profit of Rs 1,197 crore last fiscal, which was the highest profit till last year. Prakash said the bank's asset quality has improved by bringing the gross non-performing assets to a decadal low of 4.08 per cent, while the

IDBI Bank Q4 results: Net profit jumps 44% to Rs 1,628 cr, NII rises 12%

Private sector lender IDBI Bank on Saturday reported a 44 per cent jump in net profit at Rs 1,628 crore in the March quarter of financial year 2023-24. In comparison, the bank had posted a net profit of Rs 1,133 crore in the year-ago period. Total income rose to Rs 7,887 crore in the period under review, from Rs 7,014 crore in the January-March period of fiscal year 2022-23. For the 2023-24 fiscal, net profit grew 55 per cent to an all-time high of Rs 5,634 crore. In 2022-23, the profit was at Rs 3,645 crore. Total income for fiscal year 2023-24 was at Rs 30,037 crore, up from Rs 24,942 crore in financial year 2022-23. Net Interest Income improved by 12 per cent in the March quarter to Rs 3,688 crore, as against Rs 3,280 crore in the fourth quarter of 2022-23. Net non-performing assets (NPA) ratio improved to 0.34 per cent as on March 31, 2024, as against 0.92 per cent as on March 31, 2023. The board of IDBI Bank has proposed a dividend of 15 per cent subject to shareholders'

South Indian Bank Q4 results: Net profit down 14% at Rs 287.56 crore

The bank's gross non-performing asset in Q4 FY24 came down by 64 basis points from 5.14% to 4.50%

ICICI Bank denies report of MD & CEO Sandeep Bakhshi wanting to quit

'Figment of imagination; completely baseless and misleading,' says ICICI Bank about report that Sandeep Bakhshi wants to leave

Fino Payments Bank Q4 results: Profit rises to Rs 25.21 cr, revenue up 24%

Fino Payments Bank on Tuesday reported a 14 per cent growth in March quarter net profit to Rs 25.21 crore. The Navi Mumbai-headquartered bank had reported a net profit of Rs 22.08 crore in the year-ago period. Net profit for the 2023-24 financial year rose to Rs 86.22 crore from the year-ago period's Rs 65.08 crore, as per an exchange filing. Its Chief Executive and Managing Director Rishi Gupta said this is the highest profitable quarter and it has also reached the milestone of having 1 crore customers, which gives him greater confidence about the future growth. The overall revenue increased 24 per cent to Rs 401 crore during the reporting quarter on the back of a 52 per cent rise in throughput. The operating profit came at Rs 54.2 crore for the January-March period, 26 per cent higher than the year-ago period. The Fino scrip closed 1.03 per cent down at Rs 291.90 apiece on the BSE on Tuesday as against a 0.25 per cent correction on the benchmark.

Bank credit to industry up 8.5% in March; moderation in personal loans: RBI

Bank credit to industry grew by 8.5 per cent annually in March while there was moderation in the personal loans segment, as per Reserve Bank data released on Tuesday. The growth in credit to industry and personal loans segment in March 2023 was 5.6 per cent and 21 per cent, respectively. "Among major industries, growth in credit (year-on-year) to 'chemicals and chemical products', 'food processing', and 'infrastructure' accelerated in March 2024 as compared with the corresponding month of the previous year, while that to 'basic metal and metal products' moderated," the RBI said. Credit growth to agriculture and allied activities was robust at 20.1 per cent in March 2024 (15.4 per cent a year ago), according to the data on 'Sectoral Deployment of Bank Credit -- March 2024'. Personal loans growth moderated to 17.7 per cent in March 2024 (21 per cent a year ago) due to decelerated growth in vehicle loans and other personal loans, it said. Further, credit growth to services sector ...

Bank holiday on May 1: Why banks are closed tomorrow, check the details

Banks will remain shut tomorrow, May 1, due to Maharashtra Day and Labour day. Check states where banks will remain closed tomorrow

YES Bank Q4 results: Net Profit up 123.2% at Rs 452 cr, NII at Rs 2,153 cr

Its gross non-performing asset ratio improved to 1.7 per cent at the end of March from 2 per cent at the end of December

Early bird top line growth fastest in four quarters; BFSI leads the charge

IT, manufacturing laggards in Q4 so far

ATM deployers may get a boost; higher cash withdrawal may cost more

higher cash withdrawal may cost more

Banks may have to slow down loan growth in FY25: S&P Global Ratings

Indian banks' credit growth, profitability and asset quality would remain robust in current fiscal reflecting strong economic growth, but they may be compelled to slow down their loan growth as deposits are not growing at a similar pace, S&P Global Ratings has said. In the Asia-Pacific 2Q 2024 Banking Update, S&P Global Ratings Director SSEA Nikita Anand said the agency expects the sector's strong credit growth to moderate to 14 per cent in FY25, from 16 per cent in FY24, if deposit growth, especially retail deposits, remain tepid. Anand said there is a deterioration in loan-to-deposit ratio is every bank, with loan growth being 2-3 percentage points higher than deposit growth. "We expect banks to bring down their loan growth in FY25 and bring it in line with deposit growth. If banks do not do that, they would be paying higher to get wholesale funding, which will impact profitability," she said at a recent webinar of S&P Global Ratings. Generally, loan growth has been led .

Street Signs: SFBs dive into universal banking waters, Sebi's blank canvas

SFBs will remain in focus in Monday's trade after the RBI issued guidelines for their conversion into universal banks

ICICI Bank Q4 result: Net profit up 17% at Rs 10,708 cr, NIM slips 4.40%

The private lender plans to raise funds by issuing debt securities and proposed a dividend of Rs 10 per share, subject to approval of the board