Page 34 - Banks

ICICI Bank Q3 net profit jumps 23.6% to Rs 10,272 cr, NII up 13.4%

Net Interest margins dip on rise in cost of deposits; makes Rs 627 crore provision to AIF exposure

IDFC First Bank Q3 net profit rises 18% to Rs 716 cr, total income jumps

Private sector lender IDFC First Bank on Saturday reported an 18 per cent growth in net profit to Rs 716 crore in the third quarter ended December 31, 2023, on the back of improved interest income. The bank had earned a net profit of Rs 605 crore in the October-December quarter of 2022. The total income of the bank increased to Rs 9,396 crore in the quarter as compared to Rs 7,064 crore in the December quarter of the previous fiscal, IDFC First Bank said in a regulatory filing. The bank's interest income improved during the third quarter of the current fiscal to Rs 7,879 crore, as against Rs 5,912 crore in the same period last fiscal. The gross non-performing asset (NPA) ratio improved to 2.04 per cent as on December 31, 2023, as against 2.95 per cent as on December 31, 2022. Similarly, the net NPA also declined to 0.68 per cent as compared to 1.03 per cent at the end of December 2022. However, provisions and contingencies rose to Rs 655 crore in the December quarter from Rs 450

Kotak Mahindra's Q3 consolidated net up 6.76% at Rs 4,265 cr; NII jumps 16%

On a standalone basis, the net profit for the reporting period was up 7.62 per cent to Rs 3,005 crore, attributed to a sharp rise in provisions

Union Bank of India net profit surges 60% to Rs 3,590 crore in Q3

State-owned Union Bank of India on Saturday posted a 60 per cent jump in net profit to Rs 3,590 crore for the December quarter on the back of lower provisioning and better interest income. The bank had reported a net profit of Rs 2,249 crore in the year-ago period, Union Bnak of India said in a regulatory filing. The total income of the bank increased to Rs 29,137 crore during the third quarter of the ongoing fiscal as compared to Rs 24,154 crore a year ago, the filing said. The bank's interest income improved during the third quarter of the current fiscal to Rs 25,363 crore, as against Rs 20,883 crore a year ago, it said. The bank's gross Non-Performing Asset (NPA) ratio improved to 4.83 per cent as on December 31, 2023 as against 7.93 per cent a year ago. Similarly, the net NPA also declined to 1.08 per cent as compared to 2.14 per cent at the end of December 2022. Provisioning for bad loans came down to Rs 1,226 crore during the quarter under review from Rs 2,443 crore on the

Indian lenders seek looser liquidity conditions going ahead: Report

Banks made these suggestions to industry body Fixed Income Money Market and Derivatives Association of India (FIMMDA) on Wednesday

Citigroup partners with LuminArx to launch private lending vehicle

Last year, Wells Fargo also launched a fund in partnership with a private equity firm

Indian banks seek looser liquidity conditions going ahead: Traders

Banks made these suggestions to industry body Fixed Income Money Market and Derivatives Association of India (FIMMDA) on Wednesday

Commercial banks rushing to ramp up presence in temple town of Ayodhya

The town has been buzzing with business activities since the temple construction started following the Supreme Court's permission in November 2019. The opening is scheduled for January 22

Africa's biggest insurer Sanlam banks on India as its home market reels

India's $3.4 trillion economy is expanding almost five times quicker than Sanlam's home market, with the World Bank forecasting 6.4% growth this year

Morgan Stanley's Dec quarter profit hit by charges, revenue beats estimates

Morgan Stanley's net income fell to $1.5 billion, or 85 cents per diluted share, in the three months ended Dec. 31, compared with $2.2 billion, or $1.26 per diluted share, a year earlier

Bank of Maharashtra Q3 results: Profit jumps 34% to Rs 1,036 crore

State-owned Bank of Maharashtra (BoM) on Tuesday posted a 34 per cent rise in net profit to Rs 1,036 crore in the third quarter ended December 2023 due to improvement in interest income and a decline in bad loans. The Pune-based lender had posted a net profit of Rs 775 crore in the same quarter a year ago. Its total income increased to Rs 5,851 crore during the quarter under review against Rs 4,770 crore in the same period last year. Speaking about quarterly numbers BoM managing director AS Rajeev said the net interest income (NII) grew by 24.56 per cent to Rs 2,466 crore against Rs 1,980 crore in the year-ago period. The bank earned an interest income of Rs 5,171 crore during the quarter compared to Rs 4,129 crore a year ago. Rajeev further said operating profit has shown a growth of 27.32 per cent to Rs 2,012 crore from Rs 1,580 crore in Q3 FY23. The bank was able to reduce gross non-performing assets (NPAs) to 2.04 per cent of the gross loans by the end of December 2023 from 2

Axis Bank gives Rs 1 bn loan to Everest Fleet for 4 years to purchase EVs

Everest Fleet is one of the largest independent fleet management providers in the country. This transaction will support the fleet to accelerate the use of electric vehicles

Indian firms took on larger forex risk in 2023 counting on RBI support

"For us, the drop (in forward hedging) has been bigger, more in the vicinity of 20% to 25%," a senior FX salesperson at a private bank said

New block facility sees token trades in 1st week as only few able to avail

The so-called ASBA facility, which has become operational from January 1, has seen only 'token trades' with a limited set of customers making use of the facility

Bandhan Bank advances in Q3 FY24 increase by 18.6% to Rs 1.6 trn

Total deposits grew 14.8% to Rs 1.17 trn, lender tells exchanges

China's top banks tighten exposure to smaller peers to curb credit risk

The two state-owned banks have decided to reduce interbank lending limits and set shorter maturity periods for smaller peers deemed high risk, said two of the sources

Kotak Mahindra Bank appoints Anupam Kaura as chief human resources officer

Kaura, who joins the private sector lender from Crisil's London office, has been appointed to "spearhead organisational transformation", according to a statement

RBI proposes banks with less than 6% net NPAs to declare dividends

The Reserve Bank on Tuesday proposed allowing banks having net non-performing assets (NPAs) ratio of less than 6 per cent to declare dividends. As per the prevailing norms last updated in 2005, banks need to have a NNPA ratio of up to 7 per cent to become eligible for declaration of dividends. "The net NPA ratio, for the financial year for which the dividend is proposed, shall be less than six per cent," the Reserve Bank said in the draft guidelines on dividend declaration. The guidelines have been reviewed in the light of implementation of Basel III standards, the revision of the prompt corrective action (PCA) framework, and the introduction of differentiated banks, the RBI said. The central bank has proposed that the new guidelines should come into effect from FY25 onwards. The draft lays down directions need to be followed by banks' boards while considering proposals of dividend payouts, which include consideration on divergence in classification and provisioning for NPAs as ..

Ashok Vaswani takes charge as Kotak Mahindra Bank MD & CEO from January 1

Furthermore, C S Rajan, independent director, has assumed the office as the part-time chairman of the bank, with effect from January 1, 2024

Karur Vysya Bank biz grows at 14.74% to stand at Rs 1.58 trn for Q3FY24

The lender announced that ICICI Prudential Asset Management Company Limited (ICICI AMC) received approval from the Reserve Bank of India (RBI) to increase its stake