Page 35 - Banks

Central Bank of India Q2 results: Net profit jumps 90% to Rs 605 crore

State-owned Central Bank of India on Friday reported a 90 per cent jump in net profit to Rs 605 crore for the September quarter on a healthy growth core income and a fall in bad loans. The bank had posted a net profit of Rs 318 crore in the year-ago period. During the quarter, total income rose to Rs 8,412 crore from Rs 7,065 crore a year ago, Central Bank of India said in a regulatory filing. Interest income during the September quarter grew to Rs 7,351 crore as against Rs 6,155 crore in the year-ago period. Net Interest Income (NII) grew 10.23 per cent to Rs 3,028 crore in the second quarter of the current fiscal as against Rs 2,747 crore a year ago. Gross non-performing assets (NPAs) reduced to 4.62 per cent of gross advances as of September 30. Net NPAs were also brought down to 1.64 per cent as compared to 2.95 per cent in the same period previous fiscal. As a result, provision and contingencies declined to Rs 967 crore as against Rs 1,125 crore in the same period a year ..

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

Singapore's financial regulator to inspect Credit Suisse in $2 bn scandal

The local unit of Credit Suisse will be among banks the Monetary Authority of Singapore plans to examine to determine whether they properly handled the monitoring of wealthy clients

Rainer Gut, who transformed Credit Suisse into global bank, dies at 91

The Swiss-born Gut, whose career included stints on Wall Street, held top positions at Credit Suisse from 1971 to 2000, and was honorary chairman until April

Bank of Maha Q2 net up 72% at Rs 920 cr, rules out equity capital offering

On a quarter-on-quarter basis, the bank's profit rose by 4.27 per cent from Rs 882 crore in Q1 of FY24. The stock ended the day 1.26 per cent higher at Rs 47.42 a share on BSE

ED conducts raids on erstwhile Bhushan Steel in Rs 56,000 cr 'fraud' case

The Enforcement Directorate on Monday said it has conducted fresh searches against the promoters and entities of erstwhile Bhushan Steel Limited as part of a money laundering probe against them linked to an alleged Rs 56,000 crore bank fraud case. Thirty locations in the national capital region, Haryana, Kolkata, Mumbai and Bhubaneswar (Odisha) were raided and surveyed last week on October 13, officials said. The money laundering case stems from a charge sheet filed by the Serious Fraud Investigation Office, an investigative agency under the Ministry of Corporate Affairs. A probe found that the erstwhile Bhushan Steel Limited (BSL) and its Managing Director Neeraj Singal and his associates formed several shell companies, the agency alleged in a statement. After completing the corporate insolvency resolution process (CIRP), Bhushan Steel was taken over by Tata Steel Ltd in 2018. The ED alleged the promoters and entities linked to BSL "rotated funds from one company to another throu

MDBs should work to increase private financing by $500 bn by 2030: Experts

Multilateral Development Banks (MDBs) should work systematically with the private sector to increase private financing by an additional USD 500 billion by 2030, a G20 expert group has said in a report. The independent expert group on multilateral development banks set up under India G20 Presidency, called for a better, bolder, and bigger MDB system to provide long-term finance to meet physical and social infrastructure needs globally. The second volume of the report 'The Triple Agenda' said the MDBs should work together better as a system. MDBs include the World Bank, Inter-American Development Bank, Asian Development Bank, the African Development Bank, and the European Bank for Reconstruction and Development. The report also suggested that MDBs agree to be held accountable, individually and collectively, on a range of Key Performance Indicators (KPIs) to match the expanded mandate. MDBs should share diagnostic tools, mutually recognise each other's standards and set up shared ...

Karur Vysya Bank net profit surges 51% to Rs 378 cr in quarter ending Sept

Total advances were Rs 70,448 crore, marking a 15.32 per cent growth from Rs 61,086 crore in the previous year

State-run banks to lower bond purchases as liquidity tightens: Officials

Bond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy restrictive and sell bonds to manage banking system liquidity. Bond prices move inversely to yields

Banks urge RBI to set up liquidity window for financing of startups

High mortality rates in startups a big worry

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

After RBI bans Bob World, Bank of Baroda shares decline around 3%

Shares of state-owned lender Bank of Baroda declined more than 3 per cent on Wednesday. On Tuesday, the Reserve Bank of India barred the Bank of Baroda from onboarding new customers on its mobile app 'Bob World' following material supervisory concerns. The action taken by the central bank is based on certain material supervisory concerns observed in the manner of onboarding customers onto its mobile application. In late morning trade, shares of Bank of Baroda declined 3.10 per cent to Rs 207.55 apiece and plunged further to Rs 207.20 apiece, registering a 3.27 per cent fall during the day on the BSE. On the NSE, the stock of the company dived 2.96 per cent to Rs 207.95 per piece and went lower by 3.22 per cent to close at Rs 207.40 per scrip. In the volume terms, 12.69 lakh equity shares were traded on the BSE, while 4.30 crore shares were on the NSE, during the day. The 30-share BSE Sensex rose 393.69 points to close at 66,473.05, while NSE Nifty gained 121.50 points to settle a

Indian banks pursue unpaid loans by Singapore's GVK in British court

A trial involving six Indian banks pursuing unpaid loans amounting to an estimated USD 2 billion, including interest accrued, from GVK Coal Developers (Singapore) Pte Ltd and associated companies opened in the High Court here on Tuesday. Judge Dame Clare Moulder presided over the hearing at the Commercial Court division to hear the case brought by Bank of Baroda (acting by its Ras Al Khaimah branch), Bank of India (London branch), Canara Bank (London branch), ICICI Bank Ltd (acting by its Bahrain, Dubai and Off-Shore Banking branches), Indian Overseas Bank (Corporate Branch, India) and Axis Bank Ltd. The case dates back to 2011 and 2014, when loan facilities were made available to the company, which the banks say are long overdue other than USD 83 million from the proceeds of the sale of a Bengaluru airport and certain amounts not in dispute. According to court documents, the banks have been pursuing the case at the High Court in London since 2020. GVK's legal representatives had .

SBI chairman Dinesh Kumar Khara gets extension till August next year

State Bank of India (SBI) on Friday said the government extended the tenure of the bank's chairman Dinesh Kumar Khara till August next year. The government extends the term of office of Dinesh Kumar Khara, Chairman, State Bank of India beyond October 2023 till he attains the age of 63 years, or until further orders, whichever is earlier, SBI said in a regulatory filing quoting the finance ministry's notification. Khara attains the age of 63 years on August 28, 2024. SBI, in another filing, informed about the extension of the tenure of Ashwini Kumar Tiwari as the managing director for two years beyond January 27, 2024.

Monetary policy: RBI flags financial stability risks from unsecured loans

Outlier growth in the retail unsecured loan segment prompted the RBI to flag the risks that can arise to financial stability, the Reserve Bank said on Friday. Comments by Governor Shaktikanta Das while announcing the bi-monthly monetary policy review are just an advisory and the central bank is not announcing any macroprudential measures at this point of time, Deputy Governor J Swaminathan said. "We would expect, as the first layer of defence, the banks, NBFCs and fintechs, to take appropriate internal controls," he said, warning that the RBI will "examine" the aspect if it does not see action on it. Earlier in the day, Das said certain components of personal loans are recording very high growth and the RBI is closely monitoring the same for any signs of incipient stress. "Banks and NBFCs would be well advised to strengthen their internal surveillance mechanisms, address the build-up of risks, if any, and institute suitable safeguards in their own interest," he added. There had ..

Banks continue to struggle for CASA share in Q2, challenge to remain in H2

CASA accounts, vital for daily operations of businesses, households, or individuals, offer banks a cost-effective source of funds

MDB reforms off the block

Driven by the G20 declaration, transformative changes have begun at multilateral banks

Banks, financial services behind 70% jump in greenwashing incidents in 2023

European financial institutions accounted for most of those instances, and much of the greenwashing involved claims about fossil fuels

Last date to exchange Rs 2,000 banknotes is tomorrow, clarifies RBI

The RBI had earlier fixed September 30, 2023 as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public

Depositors' trust is with banks, not fintech cos: Mastercard India chief

Chairman of Mastercard India Rajnish Kumar on Thursday said that the trust of the depositors is with the banking system and not with fintech companies. Speaking at the CII banking conclave here, Kumar, also the former chairman of the State Bank of India (SBI), said that what the fintech companies are challenging is the legacy system in an innovative way. "Banks are now conscious about innovative capabilities and changing fast with the times", he said. Because of the legacy system, the challenges for the banks are much more. "Leadership has a big role to play. Most of the public sector banks are actively adopting technology", he said. Implementation of the core banking system (CBS) was a humongous task, but the legacy banks did it, he said. Core banking has now changed and paved the way for app-based banking, Kumar added.