Page 43 - Finance Sector

BS BFSI Summit 2023: Margins sacrosanct for NBFCs, says Umesh Revankar

Dwelling on the challenge of maintaining margins at BS BFSI summit, Umesh Revankar, executive vice-chairman at Shriram Finance, said margins are sacrosanct for the companies

RBI allows DCCBs to wind-up branches without prior notice to central bank

The RBI on Monday said District Central Co-operative Banks are allowed to close their un-remunerative branches without prior permission of the central bank, though a nod will be needed from the Registrar of Cooperative Societies of the respective state. The decision to close down branches should be taken by the Board after taking into account all the relevant factors and should be properly recorded/minuted in the proceedings of the Board meeting, the Reserve Bank of India said in a circular. "The bank should give two months notice in advance to all existing depositors/ clients of the branch through press release in local leading newspapers as well as communicate to each constituent of the branch, well in advance of the closure of the branch," it said. Also, the District Central Co-operative Bank (DCCB) should return the original licence/s issued for the closed branch to the Regional Office concerned of the Reserve Bank. However, DCCBs will not be allowed to close branches if ...

BFSI highlights: Quality should get rewarded, says IFSCA chairperson

India's highest decision-makers brainstorm on the country's future growth trajectory and maintaining financial stability amid global headwinds at BS BFSI Insight Summit today

AUM to see 18-20% growth during second half: Shriram Finance's Revankar

Executive vice chairman of Shriram Finance, believes that the company's assets under management (AUM) may see healthy growth during the rest of the year as well

BS BFSI Summit: Brainstorming by who's who of financial world starts today

India's prominent decision-makers to discuss for two days the country's future growth trajectory amid global headwinds

No plan to enter banking sector: Mobikwik co-founder, CEO Bipin Preet Singh

Singh indicates that an initial public offering (IPO) is on the cards

Bajaj Finserv Q2 results: Consolidated net profit rises 24% to Rs 1,929 cr

Its consolidated total income rose by 25 per cent Y-o-Y to Rs 26,023 crore in the reporting quarter from Rs 20,803 crore in Q2FY23

CBDC can play important role in cross-border payment, says RBI Guv

Reserve Bank Governor Shaktikanta Das has said that the Central Bank Digital Currency (CBDC), which is being promoted by the central bank, can play an important role in cross-border payments without much difficulty. The Reserve Bank, he said, has undertaken pilot projects with regard to promotion of the CBDC and the results have been "excellent". The CBDC as a pilot was introduced in the wholesale and retail segments and will now be extended to overnight money markets. "The learning has been excellent and more than what it was one year ago. We are even more convinced that CBDC can prove to be the most effective and efficient mode for cross-border payments in particular, other than of course domestic transactions. And this is not something which is very difficult," he said at an interaction at IMF Governor Talks at Marrakesh, Morocco early this month. He emphasised that while paper currency will continue, the CBDC is going to be the future currency of the world. "CBDC is going to be

KPMG India, Vianai Systems sign pact for AI-based conversational finance

KPMG in India on Wednesday said it has formed an alliance with human-centred AI platform and products firm Vianai Systems for AI-based conversational finance to help finance professionals. The joint offering will leverage Vianai's hila Enterprise fine-tuning and optimisation capabilities with enterprise systems of record, according to a statement. Targeting finance professionals, conversational finance will allow finance users to ask any question against their systems of record, internal documents, public data, and other data in natural language, with a view to get immediate responses by way of text, dashboards, charts and more, it added. At present, the adoption of AI and the use of Large Language Models (LLMs) in enterprises has largely been a non-starter for business users that require an extremely high degree of accuracy and reliability, in particular those in finance roles. Issues of LLM hallucinations and inaccuracies are too risky for business-critical functions, such as ...

Google, US bank coalition pledge billions to underserved businesses

The Biden Administration announced a series of measures to boost small and minority-owned businesses ahead of its annual Freedman's Bank Forum

Adding more bite: A case for tougher RBI penalties for violations

The amounts lenders are fined for violations are too little and may not deter them

RBL Bank Q2 results: Net profit increases 46%, aided by rise in core income

Provisions rise amid strategic shift in advances

IDBI Bank Q2 results: Net profit jumps 60% to Rs 1,323 cr on declining NPAs

IDBI Bank on Saturday reported a 60 per cent rise in net profit to Rs 1,323 crore for the second quarter ended September 30 on the back of a fall in bad loans. The private sector lender controlled by India's largest insurer LIC had posted a net profit of Rs 828 crore in the year-ago period. The total income in the September quarter increased to Rs 6,924 crore over Rs 6,066 crore a year ago, IDBI Bank said in a regulatory filing. The interest income grew to Rs 6,035 crore during the period under review from Rs 4,978 crore in the corresponding quarter a year ago. The bank's asset quality improved significantly with its gross non-performing assets (NPAs) declining to 4.90 per cent of the gross advances as of September 30, 2023, against 16.51 per cent at the end of September 2022. Its net NPAs fell to 0.39 per cent as compared to 1.15 per cent in the same quarter a year ago. The bank's Capital Adequacy Ratio increased to 21.26 per cent from 19.48 per cent at the end of the same quart

L&T Finance net jumps 46% to Rs 595 crore on strong retail loan sales

L&T Finance Holdings on Friday reported a 46 per cent on-year growth in net income at Rs 595 crore for the September quarter on the back of record retail loan sales. It achieved the highest-ever quarterly retail disbursements of Rs 13,499 crore, a growth of 32 per cent on-year, the lender said in a release. Its retail portfolio mix now stands at 88 per cent of the total loan book, even as it continued to reduce the wholesale book by a steep 76 per cent on-year or by Rs 28,740 crore. Its asset quality improved with gross Non Performing Assets (NPAs) falling to 3 per cent from 3.82 per cent and net NPAs to 1 per cent from 1.14 per cent, L&T Finance Holdings managing director and chief executive Dinanath Dubhashi said. Net income from retail loans came in at Rs 606 crore, up 86 per cent, on the back of strong net interest margin of 12.16 per cent, which rose from 11.33 per cent leading to a reduction in credit cost to 2.74 per cent from 3.46 per cent. Retail loan book rose 33 per

KFin Technologies profit grows 28% to Rs 61 crore during Jul-Sept quarter

Tech-driven financial services firm KFin Technologies on Friday reported a 28 per cent surge in profit after tax (PAT) at Rs 61.4 crore in three months ended September. In comparison, the company had posted a PAT of Rs 47.92 crore in the same quarter preceding the fiscal, KFin Technologies said in a regulatory filing. The company's revenue from operations grew 16 per cent to Rs 209 crore during the quarter under review, as compared to Rs 180.16 crore in the July-September quarter of the preceding financial year (2022-23). For the quarter ended September 30, 2023, the company added 172 new corporate clients and four million investor folios under issuer solutions. "Our investment in next-generation technology and talent in the last four years is facilitating new client wins and process efficiencies across business segments which continue to aid faster growth in sales, expansion in margins and profitability," Sreekanth Nadella, Managing Director and CEO, KFin Technologies said. In th

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 ..

J&K Bank Q2 profit soars 57% to Rs 381 cr on growth in interest income

Jammu & Kashmir Bank on Friday reported a 57 per cent jump in net profit to Rs 381 crore for the September quarter on a healthy growth in interest income and a fall in bad loans. The bank had posted a net profit of Rs 243 crore in the year-ago period. During the quarter, total income rose to Rs 2,954 crore from Rs 2,445 crore a year ago, J&K Bank said in a regulatory filing. Interest income during the July-September quarter grew to Rs 2,764 crore as against Rs 2,299 crore in the same period a year ago. Gross non-performing assets (NPAs) were reduced to 5.26 per cent of gross advances as of September 30, 2023 over 7.67 per cent by the end of September 2022. Net NPAs were also brought down to 1.04 per cent as compared to 2.10 per cent in the same period previous fiscal.

Paytm Q2 results: Loss narrows as revenue jumps 32% on strong loan growth

Paytm, one of the country's first startups to go public, said revenue increased 32% to Rs 2,519 crore in the second quarter, from Rs 1,914 crore a year earlier

IndusInd Bank Q2 results: Net profit jumps 22% on robust growth in loans

(Reuters) -Indian private lender IndusInd Bank reported a 22.1% rise in second-quarter profit on Wednesday, helped by robust growth in loans and core lending income.

China tells banks to roll over local government debts as risks mount

Local government debt reached 92 trillion yuan ($12.58 trillion), or 76% of the country's economic output in 2022, up from 62.2% in 2019