Page 36 - Banking Sector

US bank profits jump 79.5% as large firms shake off failed bank costs

Specifically, the FDIC said bank noninterest expense dropped $22.5 billion in the first quarter, and was the primary cause of the profit boost

Karnataka Bank slips 3% on weak Q4 margins; Rs 5.50 dividend announced

The bank's net interest income (NII), which is the difference between interest earned and interest expended, fell 3 per cent to Rs 834 crore in Q4FY24, from Rs 860 crore in Q4FY23

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

Bank Holidays 2024: Banks to observe four consecutive holidays this week

Banks in various states might close for four-day this week, because of Buddha Purnima, Nazrul Jayanti/2024 General Elections and the Saturday-Sunday weekend holidays, as per the Reserve Bank of India

Expect significant growth from insurance income in FY25: City Union Bank MD

Private sector City Union Bank expects significant growth in the income contributed from the insurance vertical during the current financial year, a top official has said. The Tamil Nadu-based bank was on track to reach pre-Covid level in slippages and recovery, the bank's Chairman and Managing Director and CEO N Kamakodi said. "As we have onboarded six insurance companies covering life, general, and non-life during FY'23, our insurance income contribution has also doubled to Rs 55 crore in FY'24 as compared to Rs 27 crore in FY'23," he said. "We expect significant growth in insurance income in the current financial year," he told analysts in an earnings call. On the outlook, Kamakodi said the bank opened its 800th branch in Ayodhya last financial year and this year has planned to open about 50-75 branches. The digital lending process targeted to serve the micro, small, and medium enterprises segment was also reaching the 'last leg' and should be launched before mid-June, he said.

FPIs exit BFSI, information technology stocks in May's opening weeks

FPIs trim holdings, await positive signals; experts eye post-Budget opportunities amid election tension

CMS Info Systems to bid for management contracts for 20,000 ATMs

In the managed services businesses, it has booked new orders of Rs 1,850 crore in FY24

Have no immediate requirement to be a universal bank: Suryoday SFB MD & CEO

Ramachandran says it is at least two years before the lender considers becoming a universal bank

A higher interchange is critical for ATM biz: India1 MD & CEO K Srinivas

The country's largest WLAO, India1, with a tad over 13,000 units, feels it can double deployments by FY28

Gold loan business is shining as regulatory scrutiny of sector grows

Recent RBI actions many increase companies' operational cost for but there is enough headroom for growth, say experts

Bandhan Bank Q4 results: Net profit declines 94% to Rs 54.6 crore

The bank said that as a prudent measure and in accordance with its policy, it had technically written off loans amounting to Rs 3,852 crore

RBI flags supervisory concerns over functioning of debt recast companies

The Deputy Governor urged the ARCs to adopt a regulation-plus approach where there is compliance with both the letter of the regulation and its spirit

RBI urges NBFCs to maintain constant vigil against potential risks

Swaminathan said that NBFCs are highly exposed to a slew of risks which can affect their financial and operational status like cybersecurity and other risks

Indian banking industry increases their cyber insurance cover in FY24

The cyber insurance claims ratio by the banking industry in India has increased to over 50 per cent in the financial year 2022-23 compared to 40 per cent in the financial year 2021-22

Best of BS Opinion: Priorities for the next govt, Gaining strength & more

Here is the best of Business Standard's opinion pieces for today

Gaining strength

Improving bank balance sheet will support growth

Bank accountable for clearing forged cheque

Citing a Reserve Bank of India circular, the National Commission stated that the liability for honouring a forged cheque vests with the paying bank

No need to panic on draft infra guidelines: PNB MD & CEO Atul Kumar Goel

Goel spoke on the public sector lender's latest quarterly results and its expansion plans

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