Page 48 - Banking Sector

Central Bank of India Q2 results: Net profit rises 90.25% to Rs 605 crore

Its operating profit was down by 12.47 per cent to Rs 1,530 crore for Q2FY24 as against Rs 1,748 crore for Q2FY23

J&K Bank Q2 profit soars 57% to Rs 381 cr on growth in interest income

Jammu & Kashmir Bank on Friday reported a 57 per cent jump in net profit to Rs 381 crore for the September quarter on a healthy growth in interest income and a fall in bad loans. The bank had posted a net profit of Rs 243 crore in the year-ago period. During the quarter, total income rose to Rs 2,954 crore from Rs 2,445 crore a year ago, J&K Bank said in a regulatory filing. Interest income during the July-September quarter grew to Rs 2,764 crore as against Rs 2,299 crore in the same period a year ago. Gross non-performing assets (NPAs) were reduced to 5.26 per cent of gross advances as of September 30, 2023 over 7.67 per cent by the end of September 2022. Net NPAs were also brought down to 1.04 per cent as compared to 2.10 per cent in the same period previous fiscal.

Fed Chair Powell says strong economy may still require rate increases

Fed chief says geopolitical tensions are 'highly elevated'

Here are details of new IMPS money transfer rule: How will it work?

Users will soon be able to transfer money up to Rs 5 lakh through IMPS by deploying the mobile number and bank account name of the receiver

IndusInd Bank Q2 results: Net profit up 22% on NII growth, low provision

Yield on assets for the quarter stood at 9.69 per cent, compared to 8.65 per cent in the same quarter of the previous year

IndusInd Bank Q2 results: Net profit jumps 22% on robust growth in loans

(Reuters) -Indian private lender IndusInd Bank reported a 22.1% rise in second-quarter profit on Wednesday, helped by robust growth in loans and core lending income.

BofA profit up on higher interest income, surprise investment banking gain

The second-largest U.S. bank on Tuesday posted net income of $7.27 billion, or 91 cents per share, in the three months ended Sept. 30. It rose from $6.58 billion, or 81 cents per share, a year earlier

Goldman Sachs profit plunges to $2.06 billion on impact from fintech sale

The Wall Street giant reported net profit of $2.06 billion, or $5.47 per share, for the three months ended Sept. 30, it said on Tuesday

KKR-backed Avendus to tap tech investment banking deals in Southeast Asia

Majority owned by KKR, Avendus is best known in India for advising large startups such as SoftBank-backed food delivery firm Swiggy and eyewear retailer Lenskart on their fund raising

Federal Bank's standalone net profit rises 36% to Rs 954 crore in Q2

Private sector lender Federal Bank on Monday reported a 35.54 per cent jump in standalone net profit for the second quarter of this fiscal at Rs 953.82 crore, helped by rise in net interest income. The south-based lender had posted a net profit of Rs 703.71 crore in the year-ago period. Total income of the bank during the July-September quarter of 2023-24, rose to Rs 6,185.70 crore from Rs 4,630.30 crore in the same period of the previous year, Federal Bank said in a regulatory filing. The net interest income of the bank registered a growth of 17 per cent to Rs 2,056.42 crore, as compared to Rs 1,761.83 crore in the same period a year ago. On the asset quality front, the lender reported an improvement as the gross non-performing assets (NPAs or bad loans) fell to 2.26 per cent of the gross advances as of end-September 2023, from 2.46 per cent by end of second quarter of previous financial year. The net NPAs fell to 0.64 per cent in the quarter under review, from 0.78 per cent in t

Risk of Indian banks' unsecured retail loans turning sour is rising: UBS

UBS has turned "neutral" on the banking sector and sees a higher probability of regulatory tightening on unsecured loans

RBI action may weigh on growth, increase costs for Bank of Baroda

The Q1FY24 data indicates over 90 per cent of savings and current accounts are sourced digitally

Kotak Mahindra Bank bets big on SMEs, mid-market segments in South

Currently, the bank's SME and mid-market portfolio forms 27 per cent of its entire wholesale banking book

India gets 5th set of Swiss bank details under info exchange framework

This is fifth such annual exchange of information between Switzerland and India with officials saying that new details shared with Indian authorities pertain to "hundreds of financial accounts"

SBI launches 'Mobile Handheld Device' for convenience to customers

SBI Director Dinesh Khara revealed the "mobile handheld device", which is aimed at providing essential banking services to the consumers and promoting financial inclusion among the masses

Bank's liability for locker content is limited, so buy insurance coverage

Do not keep cash in the locker as the agreement with the bank prohibits it

SBI takes banking to doorsteps to enhance inclusion with mobile devices

State Bank of India on Wednesday introduced banking through mobile handheld devices for its customers to enhance financial inclusion. This initiative, chairman Dinesh Khara said, aims to empower financial inclusion and extend essential banking services to the masses and is part of enhancing accessibility and convenience in availing banking services. The move brings kiosk banking directly to customers' doorsteps as it offers greater flexibility to customer service point agents, enabling them to reach out to customers, especially for those facing health issues, senior citizens and differently-abled. The new offer will provide five core banking services -- cash withdrawal, deposits, fund transfers, balance inquiry, and mini statements -- in its initial phase. These services account for more than 75 per cent of the total transactions conducted at the bank's CSP (customer service point) outlets, Khara said. The bank also plans to include services such as enrolments under social security

Federal Bank advances up 20% to Rs 1.95 trillion in September quarter

The pace of loan growth for the private lender was higher than the 15.1% y-o-y growth in advances of the banking system until 8 September 2023, according to RBI data

Govt hikes interest rate on 5-year recurring deposit scheme to 6.7%

Small savings schemes are government-backed investment options that offer guaranteed returns. The interest rates on small savings schemes are reviewed every quarter

Banks stare at treasury losses in second quarter as bond yields harden

The yield on the 10-year benchmark government security rose 10 basis points during the quarter to settle at 7.22 per cent on Friday