Page 35 - Banks

Govt may raise dividend target to Rs 70k cr from RBI, banks, FIs in Budget

Having reaped rich dividends from the Reserve Bank in the current financial year, the government will be looking forward to receiving about Rs 70,000 crore from the central bank and the financial institutions (FIs) in the next financial year. In the interim Budget to be unveiled in the Lok Sabha on February 1 by Finance Minister Nirmala Sitharaman, sources said, the government would peg receipts from dividends from financial institutions at much higher level than Rs 48,000 crore estimated for the current fiscal. The current financial year estimate has already exceeded the Budget target as RBI paid a dividend of Rs 87,416 crore. With public sector banks and financial institutions posting good quarterly numbers during the current financial year, the dividend payout by them in the coming year would be higher compared to this year. So, it would be feasible to expect about Rs 70,000 crore as dividend payout from RBI and financial institutions in FY'25, sources said. The government had

YES Bank Q3FY24 results: Net profit rises 349% to Rs 231.46 cr, NII up 2.3%

Reduced loan provisioning drives significant profit surge for lender

Utkarsh Small Finance Bank Q3 results: Profit jumps 24% to Rs 116 crore

Utkarsh Small Finance Bank on Saturday posted a 24 per cent increase in its profit at Rs 116 crore in the third quarter ended December 2023. The bank had earned a net profit of Rs 93.5 crore in the same quarter a year ago. Total income rose to Rs 889 crore during the quarter under review as against Rs 712 crore in the year-ago period, the bank said in a regulatory filing. The bank's interest income grew to Rs 806 crore as compared to Rs 641 crore in the October-December period of the previous financial year. As regards asset quality, gross Non-Performing Assets (NPAs) of the bank declined to 3.04 per cent of the gross loans by the end of December 2023 from 3.58 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.19 per cent from 0.72 per cent at the end of the third quarter in FY22.

Lloyds bank to cut around 1,600 branch jobs in digital transition

Rival Barclays also slashed thousands of jobs last year, with the majority falling in the bank's back office support unit, Reuters first reported in November

Dhanlaxmi Bank's CEO to continue till the successor assumes charge

Dhanlaxmi further said that the board has already approved a panel of candidates for the chief executive officer position and has sought the regulator's approval

Indian Bank wholly-owned subsidiary to begin operations in FY25, says MD

Public sector Indian Bank is engaged in floating a wholly-owned subsidiary with a capital infusion of Rs 10 crore and it is expected to commence operations in the next financial year, a top official said here on Thursday. The subsidiary would largely focus on back-office processing, collection, sales and marketing, Indian Bank Managing Director and CEO Shanti Lal Jain said. "Around a week back, we got the financial approval. It will be a wholly-owned subsidiary. We will be putting Rs 10 crore as capital and we are in the process of recruiting people at the top level like CEO, CTO...," he told reporters. The plan to launch a subsidiary is to focus on sales and marketing, collection and recovery process, he said. "There are many works that we are doing. Call centre work, already we are in the process of recruiting people. Maybe in the next financial year, it will be in operation. This subsidiary will not be as big as Indian Bank, they will do our work, feet on the street for collecti

Maruti Suzuki, J&K Bank partner to provide financing solutions to dealers

Maruti Suzuki India on Thursday said it has joined hands with Jammu & Kashmir Bank to provide financing solutions to its dealer partners. The Memorandum of Understanding (MoU) inked with Jammu & Kashmir Bank would empower over 4,000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital requirements, the auto major said in a statement. "Our collaboration with J&K Bank will focus on innovative financing solutions for inventory funding for our dealer partners," Maruti Suzuki India Ltd (MSIL) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said. This strategic alliance reinforces the company's long term association with J&K Bank, leveraging the strength of both the MSIL and J&K Bank to offer tailored retail finance products and end-to-end working capital solutions, thus marking a significant milestone for both the organisations, he added. "The MoU is surely a big step towards providing

Indian Bank Q3 profit up 52% at Rs 2,119 cr, income rises to Rs 16,099 cr

The public sector Indian Bank on Wednesday reported a 52 per cent jump in net profit at Rs 2,119 crore in the December quarter, on the back of improvements in core income and a reduction in bad loans. The Chennai-based lender had earned a net profit of Rs 1,396 crore in the same quarter a year ago. The operating profit of the bank was almost flat at Rs 4,097 crore as against Rs 4,061 crore in December 2022. Total income increased to Rs 16,099 crore during the quarter under review as compared to Rs 13,551 crore in the same period last year, Indian Bank said in a regulatory filing. Interest income also rose to Rs 14,198 crore over Rs 11,834 crore for the quarter ended December 2022. On the asset quality front, the bank's gross Non-Performing Assets (NPAs) declined to 4.47 per cent of the gross loans by the end of December 2023 from 6.53 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.53 per cent as compared to 1 per cent in 2022. As a result, provisions for ba

Bank of Canada holds key rate at 5%, signals it's done with hikes

"If the economy evolves broadly in line with the projection we published today, I expect future discussions will be about how long we maintain the policy rate at 5%," Macklem said

UCO Bank Q3 profit declines 23% to Rs 505 crore on wage provisions

State-owned UCO Bank on Wednesday reported 23 per cent decline in net profit at Rs 503 crore for December quarter 2023-24. The Kolkata-based lender had logged a net profit of Rs 653 crore in the same quarter a year ago. Operating profit was almost flat at Rs 1,119 crore as against Rs 1,354 crore in December 2022 quarter. Total income increased to Rs 6,413 crore from Rs 5,451 crore in the same period last year, UCO Bank said in a regulatory filing. Interest income also rose to Rs 5,552 crore over Rs 4,627 crore. On the asset quality front, the bank's gross Non-Performing Assets (NPAs) declined to 3.85 per cent of gross loans by the end of December 2023 from 5.63 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.98 per cent as compared to 1.66 per cent in 2022. As a result, provisions for bad loans declined to Rs 116 crore from Rs 220 crore a year ago. The capital adequacy ratio rose to 16.01 per cent from 14.32 per cent at the end of December quarter FY22.

Global watchdog to report in October on how social media fuels bank runs

A U.S. regulator last week called for new liquidity rules to cope with outflows over five days

Karur Vysya Bank Q3 results: Net profit rises 43% to Rs 412 crore

The bank's total income from operations saw a 24 per cent increase to Rs 2,497 crore for the quarter ending in December 2023, compared with Rs 2,013 crore in the same period a year ago

Tamilnad Mercantile Bank reports Rs 284 crore net profit in third quarter

The bank's total income increased by 18 per cent to Rs 1,387 crore during the quarter under review, compared with Rs 1,173 crore in the corresponding quarter last year

Tamilnad Mercantile Bank Q3 results: Profit rises marginally to Rs 284 cr

Private sector Tamilnad Mercantile Bank has reported a net profit of Rs 284 crore for the October-December 2023 quarter, the bank said on Monday. The Tuticorin-based bank had reported a net profit at Rs 280 crore during the corresponding quarter of the last financial year. The bank's total income during the quarter under review grew to Rs 1,387 crore from Rs 1,173 crore registered in the same period last year. The total business of the bank during the October-December 2023 quarter surged to Rs 85,185 crore from Rs 78,242 crore in the same period last year. In a BSE filing, the bank said it has been giving continued thrust on advances to priority sectors like agriculture, micro, small and medium enterprises, and housing constituting 75 per cent of the Adjusted Net Bank Credit (ANBC) which is above the regulatory requirement of 40 per cent. During the quarter ending on December 31, 2023, the bank said it had opened six branches and a new current account scheme 'TMB RERA Current Acco

Bank Holiday Today: Half-day off in many banks due to consecration ceremony

Ministry of Finance issued an order asking some banks to observe half-day off in several states to allow employees to participate in the Ram temple consecration ceremony

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