Page 39 - Banks

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

Veteran banker Vaswani takes charge as Kotak Mahindra Bank's MD, CEO

He replaced Dipak Gupta, who was the interim MD and CEO, following founder director Uday Kotak stepping down as the head of the bank, effective September 1, 2023

Banks raise over Rs 1 trn through CDs in Dec amid liquidity crunch

CDs, which are short-term debt instruments, are utilised by banks to raise funds

Bank credit growth to moderate; capital buffers to remain comfortable

"Margins under pressure due to rising interest rates plus increase in the operating expenditure on revision in salaries. Despite this, banks' profitability will remain robust"

Banks not spending IT budgets fully, says RBI Dy Guv Swaminathan J

Reversal of interest cycle to impact margins, profits

Banks' capital adequacy ratio to fall 71 bps on higher risk weight: RBI

Higher risk weight to dampen growth exuberance, improve credit quality

Indian state banks to snap two-month streak of selling govt debt: Report

The pullback has left the 10-year yield around 7.20%, which traders say is attractive

Further strengthen balance sheets even if financials remain strong: RBI

Gross NPAs lowest in a decade; tighter norms on unsecured loans for stability

RBI imposes Rs 2 lakh penalty on TDCC Bank for sanctioning loan to director

The Reserve Bank of India (RBI) has said it has imposed a penalty of Rs 2 lakh on the Thane District Central Co-operative (TDCC) Bank for alleged violation of banking regulations by sanctioning loan to one of the directors of the bank. The RBI gave this information in a release issued by its Chief General Manager Yogesh Dayal on Friday. In an order issued on November 28, the RBI imposed a penalty of Rs 2 lakh on the TDCC Bank for the violation of sections 20 and 56 of the Banking Regulation (BR) Act, 1949, it said. The penalty was imposed under the powers conferred on the RBI under sections of the BR Act. The statutory inspection of the bank conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2022, and examination of the inspection report and all the related correspondence, revealed that the TDCC Bank had sanctioned a loan to one of its directors, the release said. A show-cause notice was then issue

Banks bid 2.5 times at Rs 4.75 trn against notified amount at VRR auction

Bids totaling 2.7 times the notified amount were received at VRR auction on December 15