Page 6 - Psu Banks

Rally in PSU banks to sustain on higher margins, loan surge: Morgan Stanley

Brokerage raises price targets for non-SBI state-owned banks

PSU banks trade firm in a weak market; SBI nears record high

Recently, SBI raised Rs 10,000 crore through its maiden issue of infrastructure bonds, for funding infrastructure and affordable housing segment.

Rally in PSU banks set to continue; biz prospects may improve further in H2

There's been credit expansion and credit costs have remained low, due to general economic growth and low non-performing assets (NPAs)

Congress slams govt over rise in NPAs, questions 'unbridled powers' to PSBs

The Congress on Tuesday alleged that NPAs have risen by 365 percent under the Modi government and questioned why "unbridled powers" were being given to PSU banks to "sell off assets at throwaway prices". Congress spokesperson Supriya Shrinate said 38 wilful defaulters have fled the country after swindling banks and asked the government on its plans to bring them back. She claimed that the BJP does not contest elections on issues or its report card but on the face of the prime minister, and said it must answer questions on the rise in non performing assets (NPAs) and loans being written off. "The BJP or the prime minister never contests polls on issues and seeks votes on its report card as they never work. Every election is being contested on the personal background of the prime minister. But, who will answer as to why big haircuts are being given by banks," she told reporters at a press conference. The Congress leader said 61 percent of the fiscal deficit can be funded by this writ

PSU Bank index soars 73% from June lows; UCO, BOI, Canara zoom up to 102%

In the past one month, the Nifty PSU Bank index has rallied 31 per cent as compared to a 2.8 per cent rise in the Nifty 50 index

Govt raises maximum tenure of PSU banks' CEOs to 10 years to retain talent

As per a government notification dated November 17, 2022, the term for the appointment has been extended to 10 years, from the earlier 5 years, subject to superannuation age of 60 years

Investors pull out big money from debt funds despite attractive yields

Fund managers and MF distributors expect net inflows to turn positive after completion of rate hike cycle

Bank of Maharashtra tops list of PSU lenders in credit growth in Q2

Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan growth in percentage terms during second quarter of 2022-23. The Pune-headquartered lender recorded 28.62 per cent increase in gross advances at Rs 1,48,216 crore at the end of September 2022, according to published quarterly numbers of public sector banks (PSBs). It was followed by Union Bank of India with 21.54 per cent growth to Rs 7,52,469 crore. The country's largest lender State Bank of India stood at third spot with 18.15 per cent jump in gross advances. However, SBI's total loans were about 17 times higher at Rs 25,47,390 crore as compared to Rs 1,48,216 crore of BoM in absolute terms. With regard to Retail-Agriculture-MSME (RAM) loans, BoM recorded the highest growth of 22.31 per cent followed by Bank of Baroda with 19.53 per cent and SBI at 16.51 per cent during the period under review. As far as low-cost Current Account Savings Account (CASA) deposits are concerned, B

TMS Ep298: Regulate 'finfluencers', EWS quota, Markets, Regulatory sandbox

Is it time to regulate financial influencers? What does the EWS quota verdict mean for India? Is the tide turning for PSU banks? What is a regulatory sandbox? All answers here

Strong Q2 results drive earnings, target price upgrades for SBI, BoB

Analysts see up to 31 per cent and 17.6 per cent upside in SBI and BoB's stock, respectively, from a one-year perspective

Flying high! SBI, BoB, Canara Bank poised for up to 18% rally, charts show

The Nifty PSU Bank index hit a fresh 52-week high on Friday and has gained 15 per cent so far this month. The index can rally another 4 per cent.

Nifty PSU Bank index hits record high; Indian Bank surges 22% in one week

In the past one week, Nifty PSU Bank index has rallied 12 per cent as compared to 3 per cent rise in Nifty50

PSU Bank leads Nifty pack, up 7.6% in the past two trading sessions

With asset quality improving, analysts see more growth

Nifty PSU Bank index surges 2%; Canara Bank, Bank of Baroda gain over 3%

Operational performance is expected to remain positive across lenders, given steadier yields. Thus, robust recovery in earnings is expected in PSU banks, ICICI Securities said

Govt notifies 12% wage hike for employees of PSU general insurers

The Finance Ministry has notified an average 12 per cent wage hike for employees of four public sector general insurance companies effective from August 2017. "This Scheme may be called the General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Amendment Scheme, 2022," a gazette notification dated October 14, 2022 said. This wage revision is effective from August 1, 2017 and applicable to those who were in the service of these companies, it said, adding that officers and employees will get arrears for five years. The next revision due from August 2022 will be in the form of a variable pay based on the performance of the company and the employee, it added. Unions are not happy with imposition of pay linked to performance of the company and their performance. "We are having strong reservations against the way the wage revision has been done after the wait of 64 months. Linking wages with performance seems to be illogical as we employees underta

PSU banks give digital lending a push as part of EASE reform agenda

Public sector banks are fast adapting to digital means as they have cleared digital lending of Rs 83,091 crore in the financial year ending March 2022. As part of EASE 4.0 reforms, state-owned banks were asked to focus on digital lending, co-lending with non-banking firms, agriculture financing, and technological resilience for 24x7 banking. The Enhanced Access and Service Excellence (EASE) program, driven by Indian Banks' Association (IBA), also stressed on data analytics, automation, and digitization. Launched in 2018, EASE programme sets a common reforms agenda for public-sector banks every year. EASE aims to foster new-age reforms in Public sector banks (PSBs) to improve profitability, asset quality, customer service and digital capabilities. The fourth edition of EASE was focussed on technology-enabled simplified and collaborative banking and Finance Minister Nirmala Sitharaman felicitated top performing banks on various parameters, according to a IBA statement. Bank of Barod

Analysts bullish on banks, defence-related plays in the PSU pack

The rally in PSU pack thus far in CY22 was mostly led by stocks from the banking and defence-related verticals, while those of oil & gas and metals & minerals did not contribute much

Despite over 20% rally from June lows, analysts bullish on broader markets

With the recent rally, the Nifty Midcap 100 now trades at an 18-per cent premium to large-caps at 23.2x

BoB issues Rs 2,500 crore AT-1 bonds at 7.88%, cheaper than peers

Four PSU banks have raised Rs 7,800 crore AT-1 bonds so far in FY23 as credit demand booms

Despite 22% jump in 3 months, analysts see more upside in Nifty PSB index

Among individual shares, Bank of Baroda, Canara Bank, State Bank of India, Indian Bank, and Union Bank of India soared between 21 per cent and 34 per cent during the period