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Performance was aided by healthy rise in net interest income, drop in provisions and contingencies
Last week, Canara Bank said that is planning to sell its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to State Bank of India (SBI) for about Rs 114 crore
Going beyond corporate loans, SBI is getting into vendor financing as well as supply chain and cluster financing, the buzzwords of banking these days
Only NIIF has so far stayed the course as a viable infrastructure financing institution, using sovereign support
The government on Tuesday claimed in the Rajya Sabha that it has saved Indian banks from Rs 3 lakh crore of NPAs by helping clear pending road projects in the country since 2014. Road Transport and Highways Minister Nitin Gadkari informed the Rajya Sabha that there are 415 road projects where 95 per cent of work is complete but have been categorised in the delayed projects category. He said the government would soon carry out state-wise monitoring of all such pending or delayed projects and help clear them at the earliest. "There are 415 projects where 95 per cent of work is complete and are termed as delayed projects. When our government came in 2014, there were projects worth Rs 3.85 lakh projects which were shut for various reasons," he told the house during Question hour. The minister was replying to a question about whether the government has any plan to restart the delayed or stalled road projects in the country and if a further action plan is being prepared after ascertainin
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
Finance Minister Nirmala Sitharaman on Monday said the government's efforts to reduce bad loans are yielding result with 12 public sector banks reporting a 50 per cent jump in combined net profit at Rs 25,685 crore in the second quarter ended September. In the first half of FY23, the cumulative net profit of all public sector banks (PSBs) increased by 32 per cent to Rs 40,991 crore. During the second quarter, the SBI reported the highest-ever profit of Rs 13,265 crore. On year-on-year basis, this was 74 per cent higher than the same quarter a year ago. "The continuous efforts of our govt for reducing the NPAs and further strengthening the health of PSBs are now showing tangible results. All 12 PSBs declared net profit of Rs 25,685 cr in Q2FY23 & total Rs 40,991 cr in H1FY23, up by 50% & 31.6%, respectively (y-o-y)," Sitharaman said in a tweet. She further said Canara Bank reports an 89 per cent jump in profit to Rs 2,525 crore as compared to second quarter of the previous ...
NARCL has been set up by commercial banks to aggregate and consolidate stressed assets for their subsequent resolution
Mangaluru-headquartered Karnataka Bank has posted an all-time high quarterly net profit of Rs 411.47 crore for the quarter ended Sept-2022. This shows growth in net profit by 228 percent, compared to the Sept 2021 quarter net profit of Rs 125.45 crore. The director board of the bank, at its meeting held here on Tuesday, approved the financial results for the quarter and the half year that ended September 30, 2022. During the half year period, the net profit stood at Rs 525.52 crore, which is also an all-time high against Rs 231.36 crore of September 2021, a bank release said here Wednesday. For the quarter ending September 2022, the net interest income also increased by 26 percent to Rs 802.73 crore from Rs 637.10 crore. The NPAs have also further moderated as the GNPAs reduced to 3.36 percent against 4.03 percent as of June 30, 2022 , while NNPAs also reduced to 1.72 percent against 2.16 percent as of June 30. The business turnover of the bank has touched a new high of Rs 1,41,50
Mere classification of a firm's loans as NPAs by lender banks does not relieve the borrower from its liability towards payment of interest or the principal, the authority says
Impairment losses and bad debts declined 8 per cent YoY to Rs 546 crore but was up 21 per cent sequentially.
Jammu and Kashmir Bank will put up for sale non-performing assets to the tune of Rs 960 crore, as part of its efforts to improve its balance sheet, sources in the bank said. The bank is hoping that the process of sale of these non-performing assets to the National Asset Reconstruction Company Limited (NARCL) will be completed by the end of this month, the sources said. Of the six accounts, the JK Bank has an exposure of Rs 230 crore in the now-bankrupt Reliance Naval and Engineering Limited, Rs 188 crore in Jaypee Infratech, Rs 176 crore in Jaiprakash Associates Limited and Rs 126 crore in Coastal Energen Private Limited. Jammu and Kashmir Bank's Rs 960 crore NPAs are part of the Rs 9,234 crore bad assets of the Public Sector Undertaking (PSU) lenders that the NARCL has offered to buy at Rs 3,570 crore in the first phase. The proceeds from the sale of the NPAs, which the NARCL is doing on 15-85 basis over a period of five years, will aid Jammu and Kashmir bank's plans to raise capi
NPA declines to Rs 2,457 crore, compared to Rs 3,972 crore a year ago
Profits would have been higher if not for aggressive provisioning: IDBI Bank CEO
Reliance's revenue has jumped 34 per cent to Rs 2.33 trillion
The State Bank of India (SBI) has lined up various non-performing assets up for sale this month and the next, including the fraud account of Sintex BAPL, to recover over Rs 746 crore. In an auction scheduled for November 4, SBI will put up NPAs for sale to asset reconstruction companies (ARCs)/ financial institutions (FIs), banks or Non-Banking Financial Companies (NBFCs). The auction of NPAs will include accounts of Sintex BAPL with an outstanding of Rs 197.74 crore; Surat Hazira NH6 Tollway Pvt Ltd of exposure of Rs 335.54 crore and Shreebhav Polyweaves Pvt Ltd (Rs 20.20 crore). In case of Sintex BAPL, SBI said only ARCs are eligible in the e-auction as it is a fraud account. The outstanding of Rs 197.74 crore against the company includes bank guarantee of Rs 6.10 crore. The company's business is manufacturing injection moulded plastic components for the automotive industry. SBI said the proposed acquisition of these assets should not be funded and backed by ...
Lender reports 45% growth in deposits to Rs 20,389 crore at the end of the quarter
With low NPAs and high provisions, time ripe for global standards: Bankers
Ghosh says bank is looking to increase branch count to 8,000 nationally from the current 5,640
There is no way that lenders can bypass established regulatory norms including the step of inviting counter bids under Swiss challenge method, they said