Page 38 - Banks

Large exposures carefully scrutinised; will remain vigilant in good times

The slippage went high due to the recognition of one mid-corporate account into NPA with an exposure of Rs 92 crore

Banks write off Rs 14.56 trn NPAs in last nine financial years: Centre

Banks have written off bad loans worth Rs 14.56 lakh crore in the last nine financial years starting 2014-15, Parliament was informed on Monday. Out of the total Rs 14,56,226 crore, written off loans of large industries and services stood at Rs 7,40,968 crore. Scheduled Commercial Banks (SCBs) have recovered an aggregate amount of Rs 2,04,668 crore in written-off loans, including corporate loans, since April, 2014 and up to March, 2023, Minister of State for Finance Bhagwat Karad said in a written reply to Lok Sabha. Loans written-off during the financial year, net of recovery in written-off loans during the financial year (net write-off) in public sector banks (PSBs) was Rs 1.18 lakh crore in the financial year (FY) 2017-18, which has declined to 0.91 lakh crore in FY 2021-22 and to Rs 0.84 lakh crore (RBI provisional data) in FY 2022-23, he said in another reply. Net write-off loans by private sector banks stood at Rs 73,803 crore (RBI provisional data) in FY 2022-23, he said. N

Five-day work week in banks soon as industry demand gets nod from IBA

The proposal has now been sent to the finance ministry for its final approval. If approved, all Saturdays will be declared as bank holidays

SBI Q1 results: Net profit up 178% to Rs 16,884 cr, NII rises 25%

Credit growth robust in all segments, says chairman of public sector lender

Banks' profitability may have reached peak, set to fall: Mckinsey

Banks' profitability may have reached its peak and is set to fall going ahead due to a slew of factors, global consultancy Mckinsey & Company said on Wednesday. The firm also said that the banking system is meeting less than a third of the credit demand for green finance, and recommended moves like inclusion of such finance under priority sector lending and creating a credit guarantee platform. Aspects like rise in deposit costs due to the lagged effect of rate hikes and the war for deposits, higher operational costs on tech spends and hiring of specialized talent, and higher credit costs as the stress on the books goes up will hurt the profitability, its senior partner Peeyush Dalmia told reporters here. "We expect RoAs (return on assets) to absolutely fall..., if I were to take a 12-18 month view, it will (fall) absolutely," he said, pointing to his outlook on the key ratio arrived at by dividing net income with the total assets. Dalmia said in the next 24-30 month period, he ...

Standard Chartered sees senior banker exits in India as rivals circle

Standard Chartered Plc is losing several senior long-serving executives in its India operations, with some heading for new opportunities at rival local banks

Jana Small Finance Bank refiles IPO papers, seeks to raise Rs 575 cr

The offer consists of fresh issue of shares worth up to 5.75 billion rupees ($70 million) and an offer for sale of up to 4.1 million shares, according to the draft herring prospectus

Banks to remain shut for 14 days in August 2023, check full list here

Banks will remain shut for a total of 14 days in the month of August. However, banking services like Internet banking and ATMs will remain operational throughout the country on all holidays

Canara Bank Q1FY24 net up 74.81% to Rs 3,534.8 crore, NII up 27.7% YoY

The asset quality profile improved, with gross NPAs declining to 5.15 per cent in June 2023 from 6.94 per cent in June 2022

Nil return: A must-do even for those with income below threshold level

Banks, passport and visa authorities ask for your ITR, and it's a prerequisite for tax refund

Top Headlines: Welfare schemes in poll-bound states, Q1FY24 results, more

Business Standard brings you the top headlines at this hour

Financial services secy asks banks to achieve financial inclusion targets

Financial services secretary Vivek Joshi has urged public sector banks to achieve the targets allocated to them under various schemes for financial inclusion for the current financial year at the earliest. During a review meeting with the top management of state-owned banks and Nabard chairman, Joshi exhorted the banks to expeditiously clear the sanction and disbursement pendency of applications under PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme. He further urged banks to devise the strategy and step up efforts to increase the digital onboarding of street vendors and scale up their digital payments, the finance ministry said in a statement on Thursday. PM SVANidhi scheme envisages empowerment of street vendors through hassle free access to affordable credit and their digital onboarding for their economic development. During the meeting, he reviewed the progress under various social security (Jan Suraksha) schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradh

IDFC First Bank looks to raise Rs 2,000 crore in second half of FY24

IDFC First Bank has board approval to raise 40 billion rupees. It has already raised close to half that amount through a preferential allotment to IDFC Ltd

Wage talks between bank employees unions and banks to start on July 28

"IBA was positive to our demand and agreed to work out an amicable resolution of this issue at the earliest", AIBEA claimed

RBI buys $7.37 billion in spot foreign exchange market in May: Bulletin

The Indian rupee depreciated by over 1% against the dollar in May

UBS Group AG is 'sole successor' to Credit Suisse's CDS, panel rules

Credit-default swaps tied to the debt of the two banks have been converging in recent months as investors bet on this outcome

Karur Vysya Bank Q1 results: Net profit rises 57% to Rs 359 crore

Private sector lender Karur Vysya Bank on Monday reported 57 per cent rise in net profit at Rs 359 crore for June quarter due to decline in bad loans and increase in interest income. The Tamil Nadu-based lender had posted a net profit of Rs 235 crore in the year-ago period. Total income during the quarter under review increased to Rs 2,216 crore from Rs 1,673 crore in FY23, Karur Vysya Bank said in a regulatory filing. Interest earned by the bank grew to Rs 1,883 crore over Rs 1,474 crore in June quarter a year ago. The bank's asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 1.99 per cent of gross advances by the end of June 2023, from 5.28 per cent as of June 2022. Similarly, net NPAs or bad loans eased to 0.59 per cent as against 1.93 per cent a year ago. However, Capital Adequacy Ratio of the bank declined 17.67 per cent from 18.98 per cent in the same quarter of FY23.

Central Bank Q1 profit surges 78% to Rs 418 cr due to decline in bad loans

State-owned Central Bank of India on Monday reported a 78 per cent rise in net profit at Rs 418 crore for the June quarter due to decline in bad loans and increase in interest income. The Mumbai-based lender had posted a net profit of Rs 235 crore in the year-ago period. Total income during the quarter under review increased to Rs 8,184 crore from Rs 6,357 crore in FY23, Central Bank of India said in a regulatory filing. Interest earned by the bank grew to Rs 7,225 crore over Rs 5,527 crore in the June quarter a year ago. Net Interest Income of the bank increased by 48 per cent to Rs 3,176 crore in Q1 FY24, it said. The bank's asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 4.95 per cent of gross advances by the end of June 2023, from 14.90 per cent as of June 2022. Similarly, net NPAs or bad loans eased to 1.75 per cent as against 3.93 per cent a year ago. Net Interest Margin (NIM) of the bank improved to 3.62 per cent, registering a growth of

HDFC Bank Q1FY24 results: Net profit jumps 30% to Rs 11,952 crore

The bank's gross non-performing assets (GNPAs) rose slightly to 1.17 per cent in Q1FY24 as compared to 1.12 per cent in Q4FY23

Pay public sector bankers well, and give them a break on Saturdays

If we want public sector banks to compete with their private peers, they should get competitive compensation, linked to performance