Kolkata: Private sector lender Karur Vysya Bank on Monday reported a 51% rise in net profit at 378 crore for the July-September period against 250 crore in the corresponding quarter last year, riding on sharply lower provisions in line with asset quality improvement. The bank’s net interest margin stood at 4.07% for the quarter under … Read more
MUMBAI – IDFC First Bank Ltd reported a 61.3% year-on-year (YoY) rise in net profit for the quarter ended June to Rs 765 crore. Total income from operations grew 43.3% on year to Rs 8,282 crore. Net interest income, the difference between interest earned and interest expended, rose 36% YoY to Rs 3,745 crore. Operating … Read more
“As far as our net profits are concerned, we had a net profit of Rs 4023 crores to be exact. This is for the first time in the history of Bank of India, the annualised profit has touched Rs 4023 crores as against the backdrop of Rs 3405 crores as on March 2022,” says Rajneesh … Read more
Mumbai, Noted banker KV Kamath, who now chairs the National Bank for Financing Infrastructure and Development (NaBFID), expects the digital sector to contribute a quarter of the incremental GDP by the time the economy becomes a USD 7 trillion giant by FY29. Currently, the contribution of the digital economy is a low 4 per cent, … Read more
“Banks have written off ₹11.17 lakh crore bad loans from their books in the last six years till financial year 2021-22,” Parliament was informed on December 20. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the … Read more
New Delhi: There was no proposal under consideration of the central government for restoration of the old pension scheme, Minister of State for Finance Bhagwat Karad informed Parliament on Monday. Under the old pension scheme, employees get a defined pension. Under this, an employee is entitled for a 50 per cent amount of the last … Read more
NEW DELHI: Share of industrials in the aggregate profit hit a decadal high of 46 per cent while that of financials also jumped to over a quarter, suggests study based on trailing12-month corporate earnings of top 1,000 companies by market capitalisation. As per the study, the aggregate trailing 12-month corporate profits (excluding loss makers) of … Read more
BofA Securities expects shares of State Bank of India and Bank of Baroda to see a valuation re-rating, on account of continued improvements in their growth profile. These state-run banks could also benefit from the capex cycle, the brokerage said. The brokerage has a ‘buy’ rating on both and Bank of Baroda, with target prices … Read more
The Reserve Bank of India on Tuesday extended the timeline by six months for NBFCs to adhere the new NPA recognition norms. Earlier the regulator had set March 31 deadline for non-bank lenders to upgrade NPAs only after all arrears and principal dues are paid. “NBFCs will have time till September 30, 2022 to put … Read more
The Income Tax Department has found an “unholy nexus” between four asset reconstruction companies (ARCs) based in Mumbai and borrower groups after they were raided recently, the CBDT said on Wednesday. The searches were launched on December 8, and a total of 60 premises in Mumbai, Ahmedabad, Delhi and few other places were covered. The … Read more