Kolkata: Lower provisions helped ICICI Bank report a 5.2% rise in standalone net profit to Rs 12,359 crore for the second quarter of the fiscal as compared with Rs 11,746 crore in the same period last year exceeding market expectations. The private sector lender set aside Rs 914 crore as provisions and contingencies for the … Read more
Mumbai: Private sector lender Axis Bank on Wednesday reported a 26% fall in its September-quarter net profit to ₹5,090 crore due to a one-time standard asset provision impact. A poll of analysts by Bloomberg had estimated a net profit at ₹5,838 crore. The lender had reported a net profit of ₹6,918 crore in the year-ago … Read more
The Parliamentary Select Committee appointed to review the new Income Tax Bill 2025 proposed by the government has retained the provisions in the new Bill empowering tax officials to access, forcibly if necessary, the social media and private emails of people they are conducting search and seizure operations on. The Income Tax Bill 2025 was … Read more
M.K. Alagiri. File | Photo Credit: S. James The Madras High Court on Tuesday (March 4, 2025) reversed an order passed by a judicial magistrate in Madurai in 2021 discharging former Union Minister M.K. Alagiri from select provisions of law in a 2014 land grab case and ordered that he must face trial for those … Read more
Kolkata: IDFC First Bank on Saturday reported a 53% year-on-year fall in net profit for the third quarter, on account of higher provisions to cover stressed loans. The net profit was Rs 339 crore for the quarter against Rs 716 crore in the year ago period. The bank attributed the fall in profit to the … Read more
IDFC First Bank reported a 73% drop in its September quarter standalone net profit at Rs 201 crore versus Rs 751 crore reported by it in the year ago period. However, the Net Interest Income (NII) grew 21% to Rs 4,788 crore in Q2FY25 versus Rs 3,950 crore in the year ago period. The earnings … Read more
The story so far: The Supreme Court on October 3 declared that caste-based division of labour in prisons is “unconstitutional” marking a significant milestone in addressing institutional biases entrenched in India’s correctional system. Accordingly, a three-judge Bench headed by Chief Justice of India D.Y. Chandrachud struck down several provisions in State prison manuals that reinforced … Read more
The Reserve Bank of India‘s income rose 17 percent last fiscal on higher interest income from bond holdings, but it was the sharp drop in provisions transferred to the Contingency Fund that helped it pay a record Rs. 2.1 lakh crore in dividend to the central government. An amount of ₹42,819.91 crore was provided towards … Read more
Mumbai: Mahindra & Mahindra Financial Services reported a 10% year-on-year fall in profit in the quarter to March amid a sharp rise in provisions and higher finance costs. Standalone net profit fell to ₹619 crore in the quarter from ₹684 crore a year ago, largely as total provisions increased to ₹341 crore in March 2024 … Read more
Half a dozen banks reported higher quarterly net profit Saturday, as growth in retail loans, increased non-interest income and a fall in provisions more than offset the impact of increasing cost of funds that weighed on their net interest margins (NIMs). ICICI Bank, the largest of the six lenders, reported a 24% rise in net … Read more