Page 10 - Banking

Indian Overseas Bank second quarter profit jumps to Rs 376 cr

Gross NPAs stood at 10.66 per cent (Rs 15,666 crore), down from 13.04 per cent (Rs 17,660 crore)

Central Bank of India second quarter net profit jumps 55% to Rs 250 cr

Public sector Central Bank of India on Tuesday reported an over 55 per cent jump in net profit at Rs 250 crore for the quarter ended September. The lender had posted a net profit of Rs 161 crore during the same quarter of the previous fiscal. However, total income of the bank during July-September period of 2021-22 was down at Rs 6,503.39 crore, as against Rs 6,762.36 crore in the year-ago period, it said in a regulatory filing. Net interest income rose 5.99 per cent to Rs 2,495 crore, as against Rs 2,354 crore earlier. Net interest margin (NIM) improved from 3.21 per cent to 3.36 per cent on a year-on-year basis, registering an improvement of 15 basis points, it added. On the asset quality front, net non-performing assets (NPAs or bad loans) reduced to 4.51 per cent as of September 30, 2021, from 5.60 per cent by end of the same month last year. Gross NPAs moderated to 15.52 per cent from 17.36 per cent. Also, the bank's cost of deposit declined to 3.84 per cent from 4.45 per c

Axis Bank second quarter net profit rises 86% to Rs 3,133 crore

Private sector Axis Bank on Tuesday reported an over 86 per cent jump in its standalone net profit at Rs 3,133.32 crore in the second quarter ended September 2021. The bank had posted a net profit of Rs 1,682.67 crore during the same period of the previous fiscal year. Total standalone income during July-September 2021-22 rose to Rs 20,134.39 crore, from Rs 19,550 crore in the same period of 2020-21, Axis Bank said in a regulatory filing. The bank showed improvement on the asset quality front, as the gross non-performing assets (NPAs) or bad loans fell to 3.53 per cent of the gross advances by the end of September this year from 4.18 per cent in the same period a year ago. Net NPAs, however, rose to 1.08 per cent from 0.98 per cent. Bank's provisions for bad loans and contingencies for the reported quarter fell substantially to Rs 1,735 crore from Rs 4,343 crore put aside in the year-ago period. Shares of Axis Bank closed at Rs 842.25 apiece on the BSE, down 0.33 per cent from th

Canara Bank net profit jumps over two times to Rs 1,333 cr in Sep qtr

State-run Canara Bank on Tuesday reported over two-fold jump in its net profit at Rs 1,332.61 crore in second quarter ended September of this fiscal. The bank had posted net profit of Rs 444.41 crore in the same period of the previous fiscal year. Total income of the bank also rose to Rs 21,331.49 crore during July-September period of 2021-22, as against Rs 20,793.92 crore in same period of 2020-21, Canara Bank said in a regulatory filing. Bank's gross non-performing assets (NPAs) were a tad up at 8.42 per cent of the gross advances as of September 30, 2021, as against 8.23 per cent by end of September 2020. However, it fell sequentially from 8.50 per cent by end of June 2021 quarter. In value terms, the gross NPAs stood at Rs 57,853.09 crore, up from Rs 53,437.92 crore. Net NPAs (bad loans), however, fell to 3.21 per cent (Rs 20,861.99 crore) from 3.42 per cent (Rs 21,063.28 crore). Provisions for bad loans and contingencies for the reported quarter fell to Rs 3,360.23 crore fro

Fino Payments Bank IPO to open on Oct 29; price band set at Rs 560-577

Fino Payments Bank on Tuesday said it has fixed a price band of Rs 560-577 a share for its Rs 1,200-crore initial public offering, which will open on October 29. The three-day initial share-sale will conclude on November 2, the company announced in a virtual press conference. The initial public offer (IPO) includes a fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS) of 15,602,999 equity shares by the promoter Fino Paytech. The offer includes a reservation of Rs 3 crore worth of shares for the company's eligible employees. At the upper end of the price band, the initial share-sale is expected to fetch Rs 1,200.3 crore. Proceeds from the fresh issue would be used towards augmenting the bank's Tier-1 capital base to meet its future capital requirements. Investors can bid for a minimum of 25 equity shares and in multiples of 25 equity shares thereafter. The company said that up to 75 per cent of the total offer has been reserved for qualified institutional

ICICI Bank: Rally spurred by Q2FY22 results likely to sustain, say analysts

Most analysts are very optimistic, and believe it is the best pick among private banks

Nadir B. Godrej funds MergerDomo - tech based investment banking marketplace supporting startups and SMEs

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Govt appoints seven executive directors for public sector banks

Many of these executives, in their early 50s, who stand to serve a full five-year term, will be eligible for extension

YES Bank to take 2 more years to stabilise, says former SBI chief

In his book titled 'The Custodian of Trust', Rajnish Kumar said that SBI was reluctant to play the lender of last resort role for YES Bank but circumstances compelled it to rescue the private lender

Top headlines: IPO-bound Ola to see top-level exits; CRED valued at $4 bn

Moody's upgrades outlook on Indian banking from 'negative' to 'stable'

Google halts plans for Google Pay-based banking service: Report

The service was supposed to let users sign up for checking or savings accounts offered by a variety of traditional banks that the user would then manage through the app

Improve governance and rules instead of privatisation: Raghuram Rajan

Rajan was also critical of the government for not focusing enough on healthcare and education, and cutting down on expenditure

Ind-Ra retains 'stable' outlook on Indian banking sector in FY22

The rating agency has kept its FY22 credit growth estimates unchanged at 8.9% for FY22

Google-Equitas Small Finance Bank deposits deal under RBI's watch

Panel on digital lending may focus on marketplace for banking products

Ending weeks of financial disruption, Afghanistan banks resume operations

Businesses in Afghanistan were also being hampered due to the recent disruption in the country's banking system.

Axis Bank begins issuing debt securities under Rs 35,000 cr-debt raise plan

Axis Bank on Monday said it has started issuing debt securities under its Rs 35,000 crore-debt raise plan announced earlier this year

RBI's Index on financial inclusion: A very timely initiative

The index includes 97 attributes that are extensive and one assumes that they cover capital markets insurance and other banking services

City Union Bank Q1 net up 12% at Rs 173 cr on lower provisioning

The bank had posted a net profit of Rs 154 crore in the same quarter a year ago.

RBI's new rules on interchange fee, 24/7 bulk clearing facility functional

The Reserve Bank of India's new directions on raising interchange fee and making available the facility of bulk clearing round the clock have become effective from Sunday onwards.

Bandhan Bank Q1 net profit falls 32% to Rs 373 cr, asset quality weakens

Bandhan Bank stock settled 0.43 per cent up at Rs 291.30 on BSE.