Page 6 - Indian Banking Sector

Punjab & Sind Bank posts Rs 218 crore profit in September quarter

Public sector Punjab & Sind Bank (P&SB) on Monday reported a net profit of Rs 218.28 crore in the quarter ended in September 2021 on the back of NPA recovery. The bank had reported a net loss of Rs 401.27 crore in the year-ago period but had a net profit of Rs 173.85 crore in the April-June 2021 quarter. Total income of the bank during the July-September quarter of FY22 was down at Rs 1,945.12 crore against Rs 1,974.78 crore in the corresponding period of FY21, P&SB said in a regulatory filing. The bank's gross non-performing assets (NPAs) rose further to 14.54 per cent of the gross advances at the end of September 2021 from 14.06 per cent at September-end 2020, and from 13.33 per cent by the end of June 2021. The bank managing director S Krishnan said the increase in gross NPA is due to two large accounts of Srei Group. In value terms, the gross NPAs (bad loans) of the Delhi-headquartered bank stood at Rs 9,822.80 crore by end of Q2FY22, as against Rs 8,673.16 crore by ...

Top lenders fuel higher consumer spending in India with easy credit

HDFC Bank's retail loans surged 12.9% in the three months ended September from a year earlier, the lender's first double-digit growth in such loans since the onslaught of the pandemic

Indian banking sector to witness new round of consolidation: Acuite Ratings

The rating agency said this consolidation is eminent because many small sized private banks continue to face chronic asset quality problems which constrain their capital availability

RBI must deal more with consumers, review rules impacting them: CUTS talks

Experts at discussion say approach favouring of banks over consumers may make the latter move away from the digital economy towards cash

BS Columnist Tamal Bandyopadhyay wins KLF book award for 'Pandemonium'

'Pandemonium' is touted to be a definitive insider story on the rot in India's banking system

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

UCO Bank net profit jumps over 4-fold to Rs 102 crore in first quarter

The Kolkata-headquartered lender trimmed its gross non-performing assets (NPAs or bad loans) significantly

Fairfax-backed CSB Bank Q1 net profit jumps 14% to Rs 61 crore

Sequentially, too, the Kerala-based bank reported improved numbers, posting a rise of 42 per cent.

Ujjivan, Equitas promoter holdings to fall to zero post mergers with SFBs

Predictably, share prices of Ujjivan Financial Services, and Equitas Holdings jumped 20 per cent each after the two entities received the nod to reverse merge with their small finance bank entities

CSB Bank gains 7%, hits record high post June quarter business update

CSB Bank reported a 3.5 per cent QoQ decline in gross advances to Rs 14,146 crore

IDBI Bank invites bids to divest stake in Asset Reconstruction Company

The last date for submission of expression of interest (EoI) is June 25, 2021.

State-owned Union Bank of India fourth quarter profit at Rs 1,330 crore

It incurred a net loss of Rs 2,503.18 crore in the year-ago quarter.

Net loss of Central Bank of India, tipped to be privatised, narrows in Q4

Central Bank of India stock closed at Rs 23 apiece on the BSE, a jump of 7.98 per cent over the previous close.

CSB Bank soars 10%, hits 52-week high on impressive Q4 results

In Q4FY21, the net interest income (NII) grew 75 per cent year-on-year (YoY) at Rs 275.70 crore as against Rs 157.54 crore in the year-ago quarter

Reliance Industries may renegotiate Future group valuation: Bankers

FRL sales to drop by 71% in FY21 owing to pandemic impact; sales in FY22 to remain about 30% lower than in FY20, according to Fitch

De-risking the Risk Business webinar series - IFRS 17: From Compliance to Business Transformation

Will try to keep interest rate benign for as long as possible: SBI chief

State Bank of India (SBI) will try to keep the interest rates benign as long as possible with a view to supporting the economic growth, its chairman Dinesh Kumar Khara has said

Indian stock market vulnerable to the rise in Covid cases: Chris Wood

The renewed mobility restrictions in India, he believes, also increase the potential risk of a renewed deterioration in asset quality for banks

Axis Bank board approves re-appointment of Amitabh Chaudhry as MD & CEO

Private sector lender Axis Bank on Thursday said its board has approved the re-appointment of Amitabh Chaudhry as its Managing Director and CEO for three years with effect from January 1, 2022. "The board of directors of the bank.. considered and approved the proposal relating to re-appointment of Amitabh Chaudhry as the Managing Director and CEO of the bank, for a further period of 3 years, with effect from January 1, 2022 up to December 31, 2024," Axis Bank said in a regulatory filing. The appointment will be subject to the approval of the Reserve Bank of India (RBI) and shareholders of the bank, the filing added. Chaudhry was appointed as Managing Director (MD) and CEO of Axis Bank for a period of three years, with effect from January 1, 2019 up to December 31, 2021. Prior to joining Axis Bank, Chaudhry was MD and CEO of HDFC Standard Life Insurance Company.

RBI to conduct customer satisfaction survey on impact of bank mergers

This is to find out the impact of the recent mergers of state-owned banks on banking services being availed by individuals.