Reserve Bank of India – Press Releases
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Ajit Prasad Press Release: 2021-2022/1142 |
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Credit card spends jump 60% in September, set for further festive push, BFSI News, ET BFSI
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Credit card spends jumped 60 per cent year-on-year (YoY) in September, helped by the onset of the festive season.
On a sequential basis, the growth slowed down to 3 per cent at Rs 80,500 crore, according to various research reports.
The festive season, opening up of the economy and rising consumer confidence is set to keep the credit card spends buoyant, experts say.
Kotak Mahindra Bank reported the highest growth (27% MoM) in September, followed by IndusInd Bank and ICICI Bank (13% each). Other major players reported growth in the +-4% range. On a two-year CAGR basis, spends for ICICI Bank grew 58%, IndusInd 33%, Kotak Mahindra Bank 29%. HDFC Bank and SBI Cards posted growth of 10–15% and Axis Bank and SCB 2–3%. While, Citi and Amex saw a decline of 8% and 26%, respectively. ICICI Bank surpassed SBI Cards to become the second-largest player in spends, with market share of 19.3% over 6MFY22.
Outstanding credit cards up 10.8%
The total number of outstanding credit cards in the system grew 10.8% YoY to 65 million in September 2021 – the highest in the past 11 months.
Among the major players, ICICI Bank reported strong growth of 26.1% YoY, followed by IndusInd Bank (15.6%), SBI Cards (14.3%). Foreign players such as American and Citi witnessed declines of 10% and 5% respectively. SBI Cards and ICICI Bank continued to perform strongly, resulting in a 59–218 bps YoY increase in market share to 19.3% and 18.0% respectively in September.
ICICI Bank added close to 2 million new cards in the past 10 months, taking its credit card base to 11.6 million as of September.
Despite a 247 bps year on year decline, HDFC Bank remained the largest player with a market share of 23.0%.
10.91 lakh card adds
Around 10.91 lakh new cards were added to the system in September with HDFC Bank being the largest acquirer at 2.44 lakh cards. ICICI Bank added 2.34 lakh, Axis Bank added 2.03 lakh, while SBI Cards added 1.75 lakh cards in September, while, Standard Chartered Bank, AMEX and Citi posted a decline of 13,000, 11,000 and 4,500, respectively, in the card base. IDFCF Bank also posted a strong performance with 39,000 new credit card additions in September.
Higher spends per card
Monthly spends per card for the industry increased to Rs 12400, from an average of Rs 10,700 over the past six months (higher v/s pre-Covid levels). This was attributable to an increase in the ticket size to Rs 4,300, the highest in the past several years.
Conversely, the number of transactions per card declined to 2.8 v/s 3.0 in August (3.1 in March). IndusInd and Kotak Mahindra Bank saw a higher increase of Rs 2,400 and Rs 2,200, respectively, followed by ICICI Bank with Rs 1,400.
IndusInd (Rs 9,700) and Amex (Rs 5,900) had the highest ticket sizes, followed by Kotak Mahindra Bank (Rs 5,100) and ICICI Bank (Rs4,900). All other players were in the range of Rs 3,900–Rs 4,300 – barring Citi and SCB, which were lower at Rs 3,000–3,200.
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Reserve Bank of India – Tenders
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Reserve Bank of India, Archives intends to prepare a panel of suppliers for supply of archival preservative material (archival stationery) to RBI Archives, College of Agricultural Banking (CAB), Reserve Bank of India, Pune. The panel is expected to remain operational for a period three years from the date of empanelment subject to satisfactory performance. The expected annual procurement is ₹4.0 Lakh (Rupees Four lakh only) which may be increased or decreased at the sole discretion of the Bank. Interested suppliers may visit the Bank’s web-site https://www.rbi.org.in for full details and for downloading the application form. The last date for submission of duly completed application form is December 01, 2021 up to 02:00 P.M. The Bank reserves the right to reject any or all of the applications without assigning any reason thereof. Chief Archivist |
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2 Stocks To “BUY” For Good Gains Up To 28% In 1 Year: ICICI Direct
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Buy Trent Ltd with a target price of Rs 1330
Trent is India’s top retailer, with 400+ outlets and a footprint in a variety of consumer sectors. According to the brokerage, Trent reported its highest ever quarterly revenue in Q2FY22, followed by robust EBITDA margins. On a favourable base, revenue grew 126% YoY to Rs 1020.4 crore (two-year CAGR: 12%). “Trent also reported robust EBITDA margins of 21.7% (Q2FY21: 1.4%, Q2FY20: 16.2%). On account of robust operational performance, PAT came in at Rs 125.6 crore (Q2FY20: Rs 38.3 crore, Q2FY21: (-) Rs 48.1 crore)” the brokerage said.
“Trent has been an exceptional performer with stock price appreciating at ~39% CAGR in the last five years. We value Trent at Rs 1330 based on SOTP valuation” said ICICIdirect.
ICICIdirect has said “During its recent AGM, the management has affirmed its aggressive store opening plans for its fashion format (Westside: 35 & Zudio: 75) in FY22 (outlined CAPEX worth Rs 200 crore in FY22E). Capex trajectory accelerated in H1FY22 with CAPEX up 224% YoY to Rs 68.7 crore. Trent continues to have healthy cash and investments worth Rs 685 crore, which would enable it to tide over the current situation better than peers. We maintain BUY rating on the stock with a revised target price of Rs 1330 (earlier | 1100).”
Buy Dabur India with a target price of Rs 745
Dabur India Ltd is a prominent FMCG company in India, with revenues of over Rs 7,680 crore and a market cap of over Rs 48,800 crore. “Dabur reported healthy results with 10% volume growth, sales were up 12% YoY with strong growth across segments, EBITDA was at Rs 620.7 crore, up 9% YoY, with margins at 22% and consequent PAT was at Rs 505.3 crore (up 4.6% YoY)” said the brokerage.
“Dabur’s share price has given 100% return in the last five years (from Rs 298 in November 2016 to Rs 598 in November 2021). We maintain our estimates with expected strong growth propelled through new product, rural distribution & Ayurveda, naturals consumption tailwind. We value the stock at Rs 745 on ascribing 55x FY24 earnings multiple. We continue to maintain our BUY rating on the stock” ICICIdirect has said.
Disclaimer
The above stocks are picked from the brokerage report of ICICI Direct. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.
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CCI approves HDFC Life’s 100 per cent acquisition of Exide Life Insurance
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The Competition Commission of India (CCI) has approved HDFC Life Insurance’s acquisition of 100 per cent shareholding in Exide Life Insurance, a unit of battery manufacturer Exide Industries.
It may be recalled that HDFC Life had in early September announced that it would acquire the entire share capital of Exide Life Insurance for a total consideration of ₹6,687 crore. This deal is expected to help HDFC Life strengthen its presence in South India, a region where Exide Life has a strong foothold.
“Commission approves acquisition of 100 per cent equity share capital of Exide Life Insurance Company Limited by HDFC Life Insurance Company Limited and the subsequent merger of Exide Life with HDFC Life,” CCI tweeted on Tuesday evening.
The proposed combination involves acquisition of fully paid-up equity shares, representing 100 per cent of target by the Acquirer from Exide Industries Limited.
After completion of the share acquisition, Exide Life (which will be a wholly owned subsidiary of HDFC Life) is proposed to be merged with HDFC Life.
HDFC Life is India’s most valuable private life insurer. It offers a range of individual and group life insurance solutions including participating, non-participating and unit linked insurance products.
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Rupee strengthens vs dollar on IPO flows; gains capped before US FOMC statement, BFSI News, ET BFSI
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NEW DELHI: The rupee strengthened marginally versus the US dollar on Wednesday because of a drop in global crude oil prices and on the back of dollar sales by foreign banks for overseas investments in initial public offerings of Indian companies, dealers said.
The domestic currency on Wednesday opened at 74.60 against the US dollar as against 74.6775 at the previous close. The local unit, which was last at 74.5550 versus the greenback, moved in the range of 74.5375-74.6425 so far in the day.
Crude oil prices declined, providing some relief for traders on the twin fronts of inflation and the trade deficit. India is the world’s third-largest importer and consumer of crude oil.
Oil futures for December delivery on the New York Mercantile Exchange declined 0.2 per cent to close at $83.91 per barrel on Tuesday.
The rupee had also gained sharply on Tuesday on account of flows for overseas investment into local companies, with the domestic currency adding 0.3 per cent versus the greenback.
“There were flows for Policybazaar IPO etc. And now we have Paytm IPO lined up as well next week,” a dealer with a private bank said on condition of anonymity.
“Oil seems to have stabilised a bit after the surge of this month. But having said that, we don’t expect a major degree of appreciation before the Fed’s statement. Whatever they say on tapering is going to set the tone for markets,” he said.
The US Federal Open Market Committee is scheduled to release its monetary policy statement late Wednesday.
Details of a potential rollback in quantitative easing in the world’s largest economy may play a major role in overseas investors’ appetite for emerging market currencies such as the rupee.
Government bonds were steady, with the yield on the 10-year benchmark 6.10 per cent 2031 paper unchanged at 6.36 per cent. Bond prices and yields move inversely.
Bond traders kept to the sidelines in a heavily truncated week. The market will be shut on Thursday and Friday on account of Diwali and Diwali Balipratipada.
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Goldman Sachs promotes 30 executives as MDs in India, the largest ever in the country, BFSI News, ET BFSI
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Leading global investment bank Goldman Sachs has promoted 30 executives in its India offices to the managing director (MD) position, the largest ever group of new MDs the company has promoted in the country.
The highest ever number of new MD promotions in India is a reflection of the company’s investment in the country, a key footprint and a deep fintech hub globally. In the 2019 MD promotion cycle, the company had 18 managing director promotions in India, which represents the second largest presence of the firm outside of New York.
Globally, the company promoted 643 employees as MDs this year, which includes 71 Indians, making it the largest MD class to date globally, the company said in a note. The new MDS will take charge on January 1.
In India, there was one managing director promotion in the Mumbai office and 29 promotions in the company’s Bengaluru office. The firm opened a new Hyderabad office in July this year.
Goldman Sachs has more than 8,000 employees in India and employs more than 43,000 professionals globally.
The Bengaluru and Hyderabad offices represent a ‘deep fintech hub’ of the firm and a key enabler of its existing and new businesses.
Over 25% of the promotions are women and more than 50% are from engineering functions.
Globally, the promotions this year are reflective of the firm’s strategic priorities, including investments in core businesses (investment banking division and global markets); growth strategies (asset management, consumer and engineering); and strategic locations (particularly Bengaluru, Salt Lake City and Dallas), the company said.
In the entire cohort of MDs promoted globally this year, overall 20% of the promotions are from engineering functions, while 72 from strategic locations represents 11% of the overall class and is two times the total number promoted in 2019.
This is also the most diverse group with 30% women, 28% Asian and 3% LGBTQ, according to the company.
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Government’s Kisan Vikas Patra (KVP) Scheme To Double Your One-time Investment
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Interest rate and deposits
The government’s Kisan Vikas Patra (KVP) scheme is currently attracting an interest rate of 6.9%, which is compounded annually, as per recent rule. The minimum amount to open a Kisan Vikas Patra (KVP) account is Rs. 1000 and in multiples of Rs. 100. There is no bar on the maximum amount. It is a safe investment tool, with the security of the union government.
Benefits of the Kisan Vikas Patra (KVP) scheme
The invested amount, whatever is, will double in 10 years and 4 months (124 months), according to the rule. You can open any number of accounts under this scheme. So, using the KVP calculator, if you are investing a lump sum of Rs. 1,00,000, at once, your total return will be Rs. 2,00,000 after 10 years and 4 months. According to Post Office, “The deposit shall mature on the maturity period prescribed by the Ministry of Finance from time to time as applicable on the date of deposit.”
Eligibility
Any single adult can open the Kisan Vikas Patra (KVP) account under a Post Office. In the case of a Joint Account, up to 3 adults will be allowed. However, if you are a guardian, you can open the account on behalf of your children. Along with that, on behalf of a minor or on behalf of a person of unsound mind, you can open the account. On the other hand, a minor above 10 years can open an account in his name.
Premature closure
In case of premature closure, the Post Office has certain rules that follow:
(i) On the death of a single account, or any or all the account holders in a joint account.
(ii) On forfeiture by a pledgee being a Gazette officer.
(iii) When order by court.
(iv) After 2 years and 6 months from the date of deposit.
(f) Transfer of account from one person to another person.
One can also check Public Provident Fund (PPF) Scheme to get assured return after a certain period for better interest rate, guaranteed by the union government.
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Profit may double, NIM likely in 3-3.1% range, BFSI News, ET BFSI
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NEW DELHI: State Bank of India (SBI) may report up to 100 per cent surge in net profit for September quarter on a marginal rise in net interest income (NII). Net interest margin (NIM) is seen healthy at 3-3.1 per cent. Analysts said healthy NIM, recovery from DHFL and lower loan loss provision should lead to strong profitability, which may partly be offset by the hit on NPS/pension for retired personnel.
Slippages should remain moderate, with limited NPAs in retail, said Emkay Global, which said the stress in SME could be taken out via restructuring.
This brokerage is expecting the bank to report 58.5 per cent YoY rise in net profit at Rs 7,249.80 crore compared with Rs 4,574.20 crore in the same quarter last year. It sees NII rising 2.4 per cent to Rs 28,856.30 crore from Rs 28,181.50 crore YoY. NIM is seen at 3 per cent compared with 2.9 per cent in June quarter and 3.1 per cent in the year-ago quarter.
Nirmal Bang Institutional Equities is pegging profit at Rs 7,646.60 crore, up 67.2 per cent YoY. NII is seen growing 3.8 per cent YoY to Rs 29,263.30 crore. Pre-provision profit is seen at Rs 18,792.30 crore, up 14.2 per cent.
The bank is seen reporting a loan growth of 8.1 per cent YoY to Rs 24,80,546.20 crore and deposit growth of 8.6 per cent at Rs 37,69,359.80 crore. Credit cost is seen at 1.4 per cent.
“SBI should continue to report better NII growth of 3.5 per cent YoY, loan growth of 8 per cent on lower interest reversals. We build higher slippages from Agri and SME segments, while we build in recovery from DHFL,” Prabhudas Lilladher said.
This brokerage is expecting a 102 per cent surge in profit at Rs 9,263 crore. It sees NIM at 3.05 per cent while gross NPA is seen at 5.83 per cent.
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Reserve Bank of India – Press Releases
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