Page 49 - Banking Sector

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

Rivalry between direct lenders, banks fueling riskier debt deals: Moody's

Private credit firms and banks have been in a tug of war over financing new deals, with direct lenders raising huge amounts of capital to do so

Massive write-offs, low recovery ailing banking sector: Amit Mitra

Principal chief advisor to West Bengal chief minister Amit Mitra said on Thursday that massive write-offs in the last nine years and low recovery is presently ailing the banking sector of the country. Speaking at a CII banking session here, Mitra said that in the last nine years from 2014-2023, Rs 14.56 lakh crore has been written off from the books of the banks. During 2021-22, the written-off amount was Rs 1.75 lakh crore, and subsequently Rs 2.09 lakh crore in the succeeding fiscal. Mitra, also the former finance minister of the West Bengal government, said that union minister of state for finance Bhagwat Karad had informed Parliament that out of the total written-off amount of Rs 14.56 lakh crore, Rs 7.40 lakh crore are for large industry and services segments. He said, however, the recovery had been low to the tune of Rs 2.04 lakh crore out of Rs 14.56 lakh crore, which means more than Rs 12 lakh crore is yet to be recovered. According to him, the amount of write-offs in the

Credit card spending among Indians rises 2.67% to Rs 1.48 trn in August

The transactions at PoS increased by nearly 6.7 per cent to Rs 52,961 crore whereas e-commerce payments jumped to Rs 95,641 crore

BFSI companies go the whole hog to retain talent, prevent poaching

Companies are providing internal career switch opportunities with promotions, upskilling opportunities, quarterly incentives, and Esops across the ranks to retain talent

JPMorgan sees India in its top 3 fastest-growing Asia markets in 2024

Global corporations like Apple Inc have stepped up production out of India while others like Tesla are in discussions to begin manufacturing in the country