Month: April 2021

RBI joins network for greening financial system, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The Reserve Bank of India (RBI) on Thursday said it has joined the Central Banks and Supervisors Network for Greening the Financial System (NGFS) as a member. The central bank joined the NGFS on April 23, 2021. Green finance assumed significance in the context of climate change.

Launched at the Paris One Planet Summit on December 12, 2017, the NGFS is a group of central banks and supervisors willing to share best practices and contribute to the development of environment and climate risk management in the financial sector, while mobilising mainstream finance to support the transition towards a sustainable economy.

The RBI said it expects to benefit from the membership of NGFS by learning from and contributing to global efforts on green finance, which has assumed significance in the context of climate change.

Follow and connect with us on , Facebook, Linkedin



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Equitas SFB Q4 PAT soars 162%

Banking & Finance

[ad_1]

Read More/Less


The net interest income for Q4FY21 was at Rs 449 crore as against Rs 424 crore in Q4FY20.

Equitas Small Finance Bank on Thursday reported a 162% jump in its profit after tax (PAT) at Rs 113 crore for Q4Fy21, against Rs 43 crore in the corresponding quarter of the previous fiscal. Total income stood at Rs 997 crore as against Rs 799 crore in the year-ago preiod, registering around 25% growth.

Equitas SFB said gross NPA was at 3.59% in Q4FY21 as compared to 4.16% (proforma approach) in Q3FY21 and 2.72% in Q4FY20. Net NPA stood at 1.52% in Q4FY21 as compared to 1.71% (proforma approach) in Q3FY21 and 1.67% in Q4FY20. The provision coverage ratio as at 58.59%.

During the fourth quarter, the bank has written off Rs 171 crore in the micro finance portfolio while the loan loss and provision for FY21 was at Rs 375 crore as against Rs 247 crore in FY20.

The net interest income for Q4FY21 was at Rs 449 crore as against Rs 424 crore in Q4FY20. Net interest margin (NIM) stood at 7.57% while the core income (net income other than PSL fees, treasury and others) was at 84%. As of March 31, 2021, total CRAR of the bank at 24.18%, with tier-I CRAR being at 23.23% and tier II CRAR at 0.95%, it added.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Reserve Bank of India – Tenders

Tenders

[ad_1]

Read More/Less


The Department of Supervision, Reserve Bank of India, Central Office, Mumbai invites Expression of Interest (EOI) from eligible firms of repute for engagement as consultant for:

1. Review of supervisory processes under Risk Based Supervision Model and benchmarking global best practices in supervisory processes.

2. Review of supervisory rating models under CAMELS approach for Urban Co-operative Banks and NBFCs.

Last date for receipt of EOI is May 31, 2021 by 12 PM. For details, please visit our website (www.rbi.org.in). Further, Addendum/ Corrigendum, if any, shall be uploaded only on our website. The decision of the Bank, in this regard, shall be final and binding on all.

Chief General Manager-in-Charge
Department of Supervision, Central Office

Mumbai

“Don’t get cheated by Emails/SMSs/calls promising you money”

[ad_2]

CLICK HERE TO APPLY

Leave a comment

ICICI Bank launches digital service ‘Merchant Stack’

Personal Finance

[ad_1]

Read More/Less


The lender also aims to provide value-added services like alliances with major e-commerce and digital marketing platforms for expansion of online
presence.

ICICI Bank on Thursday launched digital platform ‘Merchant Stack’ to target over 2 crore retail merchants in the country. The platform enables merchants to meet their banking requirements amid the Covid-19 pandemic.
The main features include instant credit facilities, zero-balance current account and digital store management, among others.

The bank also said the credit limit for customers will be dynamic, based on the available digital data.
Anup Bagchi, executive director, ICICI Bank, said, “There are over 2 crore merchants in the country with approximately $ 780 billion in value of transactions in 2020. They are expected to grow rapidly in the coming years.”

The bank has thus launched the ‘Merchant Stack’, which most importantly offers a range of ‘contactless’ banking services, providing safety to merchants and their customers alike, he added.

Retail merchants can avail of these contactless services, without visiting the bank’s branches, at a time when people are advised to stay home and maintain social distancing. They can avail of these facilities instantly, on InstaBIZ, the bank’s mobile banking application for businesses. The lender also aims to provide value-added services like alliances with major e-commerce and digital marketing platforms for expansion of online
presence.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment ,

BoM profit jumps 187% to Rs 165 cr; makes Covid provisions of Rs 583 cr

Banking & Finance

[ad_1]

Read More/Less


Agriculture had a good year, so recoveries were good and retail loans also saw comparatively better recoveries, he said.

Public sector lender Bank of Maharashtra on Thursday reported a 187% year-on-year rise in its net profit to Rs 165 crore for the quarter ended March 31, 2021, aided by a 35% growth in net interest income (NII) to Rs 1,383 crore.
The net interest margin improved to 3.11% compared to 2.41% in the March 2020 quarter.

There was also a one-time other income of Rs 508 crore on account of recovery from the Bhushan Power account. This amount was written off earlier but a one time recovery was made during the March quarter. The bank saw a 215% increase in non-interest income to Rs 1,235 crore.

AS Rajeev, MD & CEO, BoM, said the bank’s asset quality had improved with decline in gross NPA to 7.23% from 12.81% and net NPA from 4.77% to 2.48%. Gross NPA was down to Rs 7,779.68 crore from Rs 12,152 crore while net NPA was at Rs 2,544.3 crore from Rs 4,145 crore.

There has been a reduction in NPAs in all the sectors, including agriculture and retail, as well as corporate loans, Rajeev said. Agriculture had a good year, so recoveries were good and retail loans also saw comparatively better recoveries, he said.

Taking the second wave into consideration, the bank had decided to make additional COVID provisions of Rs 583 crore for any contingencies, he said. But Rajeev did not expect any adverse impact on FY22 performance because of the second wave and the bank would be able to perform well this financial year as the country was better prepared to handle this.

Rajeev said the bank plans to raise capital of up to Rs 5,000 crore by way of follow-on public offer, QIP, rights issue or bonds. This could happen in second or third quarter of FY22 depending on market conditions.

BoM reported a 35% growth in MSME lending, 26% growth in retail lending and 12% growth in agriculture loans during the March quarter.

BoM’s total business as on March 31 was up 15% to Rs 2,81,659 crore, with deposits rising by 16% to Rs 1,74,006 crore and advances going up by 18% to Rs

1,07,654 crore.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

Reserve Bank of India – Tenders

Tenders

[ad_1]

Read More/Less


Regional Director, Reserve Bank of India, Bengaluru invites e-Tender through MSTC for General Repairs and Repainting of Banks Main Office Building and Residential Building at RBI Main Office Premises, Bengaluru. The e-Tender along with the detailed tender notice is available at MSTC website https://www.mstcecommerce.com/eprochome/rbi and the website of the RBI at https://www.rbi.org.in under the menu “Tenders”.

2. All empanelled bidders must register themselves with MSTC through the above referred website to participate in the e-Tendering process.

3. The estimated cost of the work is ₹23.53 lakh (approx.), however the actual amount may vary.

4. The schedule for the e-Tendering process is as under:

A E-Tender No. RBI/Bengaluru/Estate/478/2020-21/ET/732
B Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through
www.mstcecommerce.com/eprochome/rbi)
C Date of NIT available to parties to download 10.00 am of April 30, 2021
D Earnest Money Deposit Rs.47,060/- from each bidder in the from Demand Draft / Bank Guarantee / NEFT to the Bank (details under para “bidding in e-tender)
E Start Bid Date 11.00 am on April 30, 2021
F Last Date for submission of the tender 3.00 pm on June 01, 2021
G Date of opening of Part I (Technical Bid) of tender 3.30 pm on June 01, 2021

5. The Part-II i.e. price bid will be opened on the same day or at a later date as intimated by the Bank in respect of only those contractors/bidders who satisfies all criteria stipulated in Part-I. The Bank reserves the right to accept or reject any or all e-Tenders without assigning any reasons thereof.

Note: All the tenderers may please note that any amendments / corrigendum to the e-Tender, if issued in future, will only be notified on the RBI and MSTC Website as given above and will not be published in the newspaper.

Regional Director
Bangalore

April 30, 2021

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Ageas Federal Life Insurance net profit down 20%

Banking & Finance

[ad_1]

Read More/Less


Ageas Federal Life Insurance reported a 20 per cent drop in its net profit to ₹119 crore in 2020-21 from ₹148 crore 2019-20. Total premium grew by 6 per cent on a year on year basis to ₹1,959 crore in 2020-21 while renewal premium increased by 4 per cent to ₹1,327 crore last fiscal.

“This is the ninth consecutive year of profit for the life insurer since it first declared profit in 2012-13. The growth in total premium was driven by a 24 per cent rise in individual new business premium to ₹504 crore,” it said in a statement.

New business premium

The company also benefited from a 40 per cent growth in individual new business premium from Federal Bank, it said. The private sector insurer’s 13th month persistency was at 86 per cent as of March 31, 2021 as against 83 per cent, a year ago.

“We will continue to ramp up our proprietary distribution channels, while looking to further leverage the relationship with our bancassurance partners,” said Vighnesh Shahane, MD and CEO, Ageas Federal Life Insurance. The board has recommended a final dividend of ₹104 crore, at a rate of dividend of 13 per cent, subject to approval at the Annual General Meeting.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Equitas Bank posts Q4 profit of ₹113 crore

Banking & Finance

[ad_1]

Read More/Less


Equitas Small Finance Bank on Thursday posted a 163 per jump in March quarter net profit at ₹113 crore, helped by a jump in ‘other income’. The bank posted a net profit of ₹43 crore in the same quarter of the previous fiscal.

The bank’s total income on a year-on-year (yoy) basis grew by 25 per cent to ₹997 crore (₹799 crore) during Q4 FY21. Of which, interest income grew by 10.18 per cent to ₹736 crore (₹668 crore) while other income grew by 141 per cent to ₹178 crore (₹74 crore).

Net interest income stood for Q4 FY21 stood at ₹449 crore (₹424 crore). Net interest margin was at 7.57 per cent.

Advances of the bank as of Q4 FY21 stood at ₹17,925 crore, registering a yoy growth of 17 per cent. Gross NPA, as a percentage of gross advances, stood at 3.73 per cent as against 3 per cent in the year-ago period. Net NPA to net advances stood at 1.58 per cent (1.67 per cent).

‘Micro finance portfolio’

“During the quarter the bank has written off of ₹171 crore in the Micro Finance portfolio. Loan loss and provision for FY21 was ₹375 crore as against ₹247 crore in FY20,” the bank said in a press release and added that it holds a management overlay provision of ₹153 crore as of March 31, 2021.

Deposits excluding CDs grew by 58 per cent yoy to ₹16,319 crore. The savings account deposits stood ₹5,094 crore, while the CASA deposits stood at ₹ 5,614 crore.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

L&T Finance Holdings Q4 net profit down 31%

Banking & Finance

[ad_1]

Read More/Less


L&T Finance Holdings reported a 30.9 per cent decline in its consolidated net profit to ₹266.85 crore in the fourth quarter of the fiscal year as against ₹386.15 crore in the same period in the previous fiscal. For the full fiscal 2020-21, its consolidated net profit fell 42.9 per cent to ₹970.94 crore as compared to ₹1,700.17 crore in 2019-20.

For the quarter ended March 31, 2021, its profit before exceptional items and tax was much higher at ₹718.24 crore as against ₹455.94 crore. Its total revenue from operations increased by 1.8 per cent to ₹3,415.16 crore in the fourth quarter of 2020-21, from ₹3,353.7 crore a year ago.

“Highest quarterly net interest margin (NIM) and fees in 2020-21 reached 8.17 per cent in the fourth quarter led by a strong growth in rural. In 2020-21, NIMs and fee was at 6.95 per cent,” L&T Finance said in a statement on Thursday. It maintains a strong capital adequacy of 23.8 per cent. In the fourth quarter, it had raised about ₹3,000 crore through a rights issue.

“As a prudent measure, LTFH is carrying additional provisions of ₹1,033 crore (1.2 per cent of standard book) as of the fourth quarter 2020-21,” it further said.

Its total lending book however, dropped by four per cent to ₹94,013 crore in the fourth quarter of the fiscal versus ₹98,384 crore a year ago.

Dinanath Dubhashi, Managing Director and CEO, L&T Finance Holdings, said, “With normalcy returning in the latter half, our focused businesses have witnessed continued momentum in disbursements, with increased market share across desired businesses (15 per cent in farm and 11 per cent in two-wheeler finance).”

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Bank of Maharashtra’s Q4 net soars

Banking & Finance

[ad_1]

Read More/Less


Bank of Maharashtra’s (BoM) net profit soared 187 per cent year-on-year (yoy) in fourth quarter to ₹165 crore on the back of a large recovery in a technically written-off account and a robust growth in net interest income.

The Pune-headquartered public sector bank reported a net profit of ₹58 crore in the year ago quarter. The higher net profit in the reporting quarter comes despite a 92 per cent rise in loan loss provisions.

Interest income

Net interest income was up 35 per cent yoy to ₹ 1,383 crore (₹ 1,023 crore). Non-interest income, comprising fee-based income, trading income and other income, skyrocketed 215 per cent to ₹1,235 crore (₹392 crore).

MD & CEO, AS Rajeev, said recovery of ₹508 crore from the Bhushan Power (technically written-off) account bumped up the other income. Loan loss provisions, including Covid-19 related, increased to ₹1,376 crore (₹717 crore). Provision coverage ratio improved to 90 per cent as at March-end 2021 against 84 per cent as at March-end 2020.

As of March-end 2021, the total deposits rose 16 per cent yoy to ₹1,74,006 crore and total advances were up 13 per cent yoy to ₹1,07,654 crore.

Within deposits, the proportion of low-cost current account, savings account (CASA) deposits rose to 54 per cent from 50 per cent a year ago.

Within total advances, retail advances were up 26 per cent; mico, small and medium enterprises advances (35 per cent); and agriculture (13 per cent). However, corporate & other advance de-grew about 2 per cent.

Rajeev expects 14-15 per cent growth in deposits and 15-16 per cent growth in advances in FY22. Further, the proportion of CASA deposits could go up to 55 per cent and the loan mix between retail:wholesale could change to 65:35 from the current 63:37.

Net interest margin improved to 3.11 per cent in the reporting quarter against 2.41 per cent in the year ago quarter.

Gross non-performing asset (NPA) position improved to 7.23 per cent of gross advances against 12.81 per cent in the year ago quarter. Net NPAs declined to 2.48 per cent of net advances against 4.77 per cent

Meanwhile, the Bank said it is planning to raise up to ₹5,000 crore via equity and bonds.

Last year, out of the enabling provision for raising up to ₹3,000 crore, BoM could raise only ₹505 crore via Tier-II bonds. The market then was not conducive for tapping Tier-I (equity) issuance, the Bank’s chief said.

Rajeev said, in FY22, BoM could raise the resources via follow-on public offer, rights issue, qualified institutions placement issue, preferential issue and via Basel III compliant bonds.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,
1 … 3 4 5 6 7 … 95