State-owned Bank of Maharashtra (BoM) on Tuesday reported 23 per cent increase in net profit to Rs 1,593 crore during the first quarter, helped by decline in bad loans and improvement in interest income. The Pune-based lender had posted a net profit of Rs 1,293 crore in the April-June period of the previous year. Total income in the quarter under review rose to Rs 7,879 crore from Rs 6,769 crore in the same period a year ago, BoM said in a regulatory filing. Interest earned by the bank grew to Rs 7,054 crore as compared to Rs 5,875 crore in June quarter FY25. The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 1.74 per cent of gross advances at the end of June quarter FY26 from 1.85 per cent a year ago. Similarly, net NPAs or bad loans declined to 0.18 per cent as against 0.20 per cent in the year-ago period. Capital adequacy ratio of the bank rose to 20.06 per cent from 17.04 per cent in the same quarter of FY25.
On a sequential basis, profit after tax may decline by 2.2 per cent, due to pressure on interest margins and muted credit growth
Public sector banks saw 13.1 per cent loan growth in the financial year 2024-25, beating private banks' 9 per cent for the first time since 2011
Banks in Kolkata (West Bengal), India, will remain shut today, Friday, May 9, 2025, because of Rabindranath Jayanti, as per the Reserve Bank of India's (RBI) holiday calendar for 2025
Ambedkar Jayanti is being observed across the country and hence, banks in most parts of India will remain closed today
Loan growth is expected to have further slowed down amid low demand in certain secured products, stress in the unsecured segment, and a high CD ratio across the system
On Wednesday, February 26, banks will stay closed in certain states because of Mahashivratri. This week, banks in a number of cities will be closed for two days, but not consecutively
When comparing the top rates across different categories of banks, small finance banks take the lead, with Unity Small Finance Bank and NorthEast Small Finance Bank offering an impressive 9% interest
The gold loan portfolio of banks rose by 71.3 per cent year-on-year (Y-o-Y) till December 2024 to Rs 1.72 trillion
State-owned lender also raises Rs 10K cr through 15-yr infra bonds at 7.23%
Last month, in its latest move, the RBI asked lenders to stop issuing new microfinance loans to borrowers unless they have cleared previous loans, three of the bankers said
Indian banks are prioritising work-life balance by implementing policies to reduce overtime and after-hours communication, responding to rising attrition and employee burnout
Lenders such as Union Bank of India, Bank of Baroda, Punjab & Sind Bank, and others are promoting special schemes across their loan and deposit products
In a separate statement announcing the new facility, the PBOC said it would use it to trade with primary dealers in OMO on a monthly basis
UCO Bank shares jumped after the company reported healthy Q2FY25 results. The bank's net profit jumped 50 per cent year-on-year (Y-o-Y) to Rs 602.7 cr in Q2FY25, from Rs 401.7 crore in Q2FY24
Analysts at Nomura suggested that larger private banks are likely to experience a greater negative impact on their NIMs from the potential US Fed rate cuts compared to mid-sized & smaller banks.
He said SBI has been able to create resilience in the system. While ensuring this, the country's largest lender had to ensure an improved customer experience against the backdrop of legacy systems
Public sector banks have reported over three-fold jump in compensation towards frauds or e-frauds reported by their customers to Rs 140 crore during 2023-24, Parliament was informed on Tuesday. The amount of compensation paid by these banks stood at Rs 42.70 crore in the previous fiscal, Finance Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. Union Bank of India paid the highest compensation of Rs 74.96 crore followed by Bank of India at Rs 20.38 crore and Indian Bank at Rs 16.16 crore during FY24, she said. In FY23, Union Bank of India was again the highest compensation payer at Rs 12.18 crore followed by Central Bank of India at Rs 11.68 crore. Sitharaman further said that RBI, in July 2017, issued instructions on limiting the liability of customers in cases of unauthorised electronic banking transactions. As per these instructions, a customer has zero liability if the unauthorised transaction occurs on account of contributory fraud or negligence/deficien
State-owned UCO Bank on Monday reported a 147 per cent year-on-year jump in net profit to Rs 551 crore in the April-June quarter. The lender's bottomline in the corresponding period a year ago stood at Rs 223 crore. Operating profit in the reporting quarter was Rs 1,321 crore, registering a growth of 9.81 per cent over the year-earlier period. The Kolkata-based bank's total business grew 11.46 per cent on-year to Rs 4,61,408 crore, while gross advances increased 17.64 per cent to Rs 1,93,253 crore, it said in a statement. Total deposits rose 7.39 per cent year-on-year to Rs 2,68,155 crore in the three months ended June. Advances in retail, agriculture and MSME (RAM) sectors were up 18.65 per cent at Rs 1,01,986 crore, it said. The bank also managed to reduce its Gross NPA in April-June by 116 basis points to 3.32 per cent, while net NPA declined by 40 basis points to 0.78 per cent. The statement said capital adequacy ratio stood at 17.09 per cent at the end of the first quarter,
Ahead of Budget 2024, the Finance Ministry will meet state-owned banks and financial institutions on Tuesday to assess advancements in key financial inclusion schemes. Three key schemes explained