Page 94 - Banking Sector

UCO Bank gets board nod for Rs 3,000-cr equity capital raise in FY22

State-owned UCO Bank on Thursday said its board has approved raising Rs 3,000 crore equity capital for the current fiscal year.

Suryoday Small Finance Bank reports 89% dip in profit to Rs 12 cr in FY21

Suryoday Small Finance Bank (SFB) on Thursday reported an 89 per cent decline in its net profit to nearly Rs 12 crore for the financial year ended March 2021. The bank, which was listed on the bourses in late-March 2021, had reported a net profit of Rs 110.94 crore in the previous year, the bank said in a regulatory filing. It reported widening of its net loss to Rs 43 crore in the March 2021 quarter, compared with Rs 15.5 crore a year ago. "Profit after tax (PAT) fell 89 per cent year-on-year for FY21 to Rs 11.9 crore compared to FY20. "The lower profitability is due to additional provisioning on increased NPA (non-performing assets) and additional floating provision of 1.5 per cent amounting to Rs 37.5 crore on inclusive finance portfolio due to uncertainty related to second wave of COVID-19, and lower disbursement during FY21," Suryoday SFB said. Disbursements during the year saw a growth of 28 per cent year-on-year to Rs 2,217 crore, predominantly due to uncertainty relating t

UCO Bank Mar qtr net profit jumps about five-folds to Rs 80 crore

The Kolkata-headquartered lender had posted a net profit of Rs 16.78 crore in the corresponding a year ago.

Banks need to monitor asset quality, prepare for higher provisioning: RBI

RBI also expressed confidence that banks are better positioned than before in managing stress in their balance sheets in view of higher capital buffers

Karnataka Bank Q4 net profit rises 15% at Rs 31 cr; NII declines 13%

The capital adequacy ratio improved to 14.85% in March 2021

Govt to seek approval from Cabinet to set up a land bank company

DIPAM finalises structure of the company that will sell land parcels of govt departments and PSUs

Bank credit grows by 6.02%; deposits up by 9.87%, RBI data shows

In fiscal year 2020-21, bank credit had grown by 5.56 per cent and deposits by 11.4 per cent.

Punjab & Sind Bank shares close over 4% higher after Q4 profit

Shares of Punjab & Sind Bank on Monday closed over 4 per cent higher as the company turned profitable in the fourth quarter of the financial year 2020-21 after eight consecutive quarters of losses. The stock rallied 7.33 per cent to Rs 21.95 during the day on the BSE. It closed at Rs 21.35, a gain of 4.40 per cent. On the NSE, it jumped 3.16 per cent to close at Rs 21.20. The state-run bank turned profitable in the fourth quarter of the financial year 2020-21 after eight consecutive quarters of losses, posting a profit after tax of Rs 161 crore on the back of improvement in recoveries and decline in bad loans. The lender had registered a net loss of Rs 236.3 crore in the year-ago period. However, for the full year, its loss widened to Rs 2,732.9 crore as against Rs 990.8 crore in financial year 2019-20. "The profitability is due to our focussed monitoring and also on account of recoveries. Though it has been challenging times, we were able to make a reasonable amount of ...

RBI issues guidelines for merging district central co-op banks with state ones

This is subject to various conditions, including that a proposal should be made by the state government concerned.

Canara Bank board meeting on Friday to consider capital raise for this fiscal

The bank is looking to raise capital through a mix of equity and debt instruments

RBI's new restructuring package for small borrowers: Will it work?

The new restructuring package for small borrowers has little chance of taking off

State Bank of India Q4 profit up 80% at Rs 6,451 crore, beats estimates

Lender posts highest-ever full year net profit of over Rs 20,000 crore

South Indian Bank reports Rs 7 crore net profit in March quarter

The bank reported a net interest income of Rs 561 crore, down 6 per cent year-on-year (YoY)

SBI's March quarter showing impresses Street; stock jumps over 5%

Sequential comparisons indicate economic activity did not pick up

Banks may transfer 80 large NPA accounts for resolution to National ARC

It is expected that NPAs over Rs 2 trillion will move out of the books of the banks to the bad bank

RBI asks PSBs to implement recently announced measures 'in right earnest'

RBI Governor urges banks to continue focusing on enhancing resilience of their balance sheets

Mumbai Angels back cloud-based neobank Nemo with undisclosed funding amount

A brainchild of IIM Ahmedabad alumni, Nemo is creating a unique business that aims to empower Indian MSMEs with the financial tools, resources, and networks that large corporations have access to

God's own patience: Meet Padmakumar Madhavan Nair, MD & CEO of NARCL

His staying power was in evidence during the groundwork for the resolution of the debt owed by Anil Ambani-controlled Reliance Communication which involved over 50 lenders

State Bank of India's Padmakumar M Nair named as CEO of proposed bad bank

Prior to his elevation in 2020, he worked as general manager in the SARG from 2017.

Govt likely to drop plan to decriminalise cheque bounce offences

It would seek directions from a Supreme Court panel formed to expedite the pendency of cheque bounce cases before taking a final call