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Sundaram Home Finance Q2 results: Net Profit rises 18% at Rs 59.33 cr

Sundaram Home Finance has reported a 18 per cent increase in its net profit for the second quarter ending September 30, 2023 at Rs 59.33 crore, the company said on Thursday. The city-based wholly owned subsidiary of non-banking finance company Sundaram Finance had registered a net profit at Rs 50.30 crore during the corresponding quarter of last year. For the half-year ending September 30, 2023 the net profit of the company grew to Rs 116.75 crore, up by 20 per cent, from Rs 97.56 crore registered during the same period of last year. Disbursements made during the quarter under review grew to Rs 1,213.87 crore from Rs 940.56 crore recorded in the same period of last year. For the six month period ended September 30, 2023 the total disbursements rose to Rs 2,307.38 crore, from Rs 1,736.25 crore registered in the same period of last year. Commenting on the financial performance, Sundaram Home Finance MD, Lakshminarayanan Duraiswamy said,"the strong growth of 33 per cent in disburseme

HMD announces Easy Pay financing solution in partnership with DMI Finance

HMD said the Easy Pay is available at over 4,000 retail stores in the country where consumers can purchase Nokia smartphone by availing financing through digital process

PNB Housing Finance Q2 results: Net profit rises 45.8% to Rs 383 crore

The net interest income (NII) inched 1.85 per cent up to Rs 661 crore from 649 crore. The Net Interest Margin (NIM) slipped down to 3.95 per cent from 4.14 per cent in Q2FY23

RBI-regulated entities interface set for a change with bigger role for SROs

The SRO story has just begun to unfold

RBI puts Rs 2.5 cr penalty on L&T Finance for non-compliance of NBFCs norms

The Reserve Bank of India on Friday said a penalty of Rs 2.5 crore has been imposed on L&T Finance Ltd for non-compliance with certain norms concerning non-banking financial companies (NBFCs). After examination of reports following statutory inspection of the company, the RBI said it was revealed that the NBFC did not disclose to its retail borrowers, the gradation of risk and rationale for charging different interest rates to different categories of borrowers in the loan application form/sanction letter. It also failed to notify the change in penal interest rate to borrowers, when it charged penal interest rate higher than what was communicated at the time of sanction, the RBI said. "After considering the company's reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, the RBI came to the conclusion that the charge of non-compliance... was substantiated and warranted imposition of monetary penalty, to the extent of such ...

Shares of Bajaj Finance fall 3% as management projects margin contraction

Bajaj Finance stock: During the recently concluded quarter, Bajaj Finance saw 29 bps year-on-year (YoY) and 11 bps quarter-on-quarter (QoQ) decline in NIM to 10.5 per cent

IIFL Finance Q2FY24 results: Consolidated net profit up 32% to Rs 526 cr

The company's non-fund based income, including fees and commissions, rose by 24 per cent year-on-year to Rs 598 crore in the reporting quarter

Bajaj Finance picks 26% stake in fintech firm Pennant Technologies

Pennant will become a related party of Bajaj Finance after completion of deal

SIDBI & GAME onboards 18 cohorts to NBFC Growth Accelerator Program

The joint initiative by SIDBI and GAME is expected to bolster the lending capacity of MSME focused NBFCs

Indian banks are facing a higher risk of defaults from unsecured loans: UBS

The note said the share of borrowers with more than five personal loans rose from 1 per cent in 2018 to 7.7 per cent in March 2023

RBI to extend PCA supervisory norms to govt-owned NBFCs from October 2024

The Reserve Bank on Tuesday said the strict supervisory norms under the Prompt Corrective Action (PCA) Framework will apply to government-owned non-banking financial companies from October 2024. Being put under the PCA framework means restrictions on dividend distribution/ remittance of profits; promoters/ shareholders to infuse equity and reduction in leverage; and restrictions on the issue of guarantees or taking on other contingent liabilities on behalf of group companies. The Reserve Bank introduced the PCA Framework for NBFCs on December 14, 2021. "The Framework has since been reviewed and it has been decided to extend the same to Government NBFCs (except those in Base Layer) with effect from October 1, 2024, based on the audited financials of the NBFC as on March 31, 2024, or thereafter," the central bank said in a circular. Some of the major government non-banking financial companies (NBFCs) include PFC, REC, IRFC and IFCI. The objective of the PCA framework is to enable ..

Microfinance sector's disbursements up 30% in Q1FY24, shows data

Lenders raise concern over attempts to harm credit culture

Select unsecured loans up by nearly Rs 7 trillion since 2019, shows data

Value has nearly doubled in the period after the Covid-19 pandemic

Monetary policy: UCB gold loan limit, CoF tokenisation facility, and more

RBI has allowed NBFCs in the middle and base layer to offset their exposures with eligible credit risk transfer instruments

Strong growth prospects for the affordable housing finance sector

The competitive intensity is high in the lender segment, with banks, small finance banks and NBFCs including both specialised HFC and non-specilaised NBFCs active in the segment

Credit to retail sector dips to 18.3% in August 2023, shows RBI data

Picks up speed in lending to agri, services

Household savings report: There is no distress, says finance ministry

The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades

RBI's stringent norms: Wilful defaulters must be identified within 6 months

NBFCs, co-op banks allowed to name defaulters

Would like to see 10-12% of funding met by public deposits: CEO, LIC HF

Most of our funding, around 52-53%, is through NCD issues, says Adhikari

Headwinds ahead for NBFCs; analysts differ significantly in recommendations

But analysts differ significantly with respect to individual large players