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Economic Times
26 minutes ago
- Economic Times
10 year yield spikes amid a decline in bets on August rate cut
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Yields of the 10-year benchmark government security spiked six basis points to 6.37% on Friday, before softening slightly and closing at 6.34%.The spike in yields came after the central bank governor said price stability will be the primary concern for the central bank amid cooling retail inflation, despite Mint Road winning the 'battle' against 10-year yield had closed at 6.31% the previous day.A section of the market started pricing in another rate cut in August after India's retail inflation, as measured by the consumer price index (CPI), hit a six-year low of 2.1%, data released on July 14 change in expectations of the rate cut trajectory also impacted auction of the 10 year paper conducted on Friday, pushing prices below 100 at 99.95, with cut off yield at 6.33%. The auction was for Rs 30,000 crores'When people are not positive about the rate cut next month, why would someone hold the security, they would want to sell,' said a bond trader at a primary dealership. 'There were quite a few people who had priced in a cut in the August policy, but after the interview, markets were not very positive about it,' the trader said.'The battle against inflation is won, but war continues,' RBI Governor Sanjay Malhotra said at a banking summit organised by the newspaper in Mumbai on Friday. 'Our primary objective is to maintain price stability and we have mentioned that it is not inconsistent with the other objectives we have of growth because that is a prerequisite.'This comes just a few days before the monetary policy committee (MPC) is set to announce its rate decision on August 6. During the last MPC meet, the repo rate was reduced by a larger-than-expected 50 basis points to 5.50%'The rates went up because the market was anyway long, and those positions increased after the inflation data. Maybe because inflation was lower, markets thought that the RBI would be more open to further rate cuts in August. The governor today did not say anything different, but maintained what he has said in his previous encounters,' said a senior bond trader at another primary dealership.
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Business Standard
26 minutes ago
- Business Standard
Bank of Baroda Q1FY26 results: Net profit up 1.9%, margins compress
Public sector lender Bank of Baroda 's (BoB) net profit rose 1.9 per cent year-on-year (Y-o-Y) to Rs 4,541 crore in the first quarter of financial year 2025-26 (Q1FY26), aided by treasury income amid pressure on net interest margin. Sequentially, the net profit fell from Rs 5,048 crore. Net interest income (NII)—the difference between interest earned and interest expended—fell 1.4 per cent Y-o-Y to Rs 11,435 crore. Net interest margin (NIM) from domestic operations fell to 2.91 per cent in Q1FY26, down from 3.18 per cent in Q1FY25. 'Pressure on NII will continue to be there for the next quarter because the transition matrix, both on the asset and liability side, will fully realign in the next quarter and Q3 onwards. Banks may experience lower or negative growth in NII because the cost of deposits will take a bit more time to realign,' said Debadatta Chand, managing director and CEO, Bank of Baroda. Other income, including fees, commission, and treasury earnings, expanded by 88 per cent to Rs 4,675 crore in Q1FY26 from Rs 2,487 crore a year ago. Treasury gains increased to Rs 2,226 crore in the first quarter, compared to Rs 295 crore during the same period last year. 'RAM (Retail, Agri, and Micro, Medium, and Small Enterprises) was at 62.7 per cent because the growth in the corporate loan book was very low at 4.2 per cent, which is expected to increase in the subsequent quarter. However, the bank plans to grow RAM to 65 per cent in the next two to three years,' Chand said. The bank's domestic deposits expanded by 8.1 per cent Y-o-Y to Rs 12.04 trillion. The share of low-cost deposits—current account and savings account (CASA)—stood at 39.33 per cent in June 2025, down from 40.31 per cent a year ago. Going forward, deposit growth is expected to remain around 9-11 per cent. On the credit front, the guidance for FY26 is 11-13 per cent, said Chand. The asset quality profile improved, with gross non-performing assets (NPAs) declining to 2.28 per cent from 2.88 per cent a year ago. The net NPAs declined to 0.60 per cent from 0.69 per cent in June 2024. The provision coverage ratio (PCR), including those for write-offs, stood at 93.18 per cent in June 2025. The lender's capital adequacy ratio stood at 17.19 per cent, with the common equity tier I (CET-1) at 17.61 per cent. On Friday, the BoB stock closed 1 per cent lower at Rs 243.5 per share on the BSE.
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Business Standard
26 minutes ago
- Business Standard
TMB's net profit up 6% in Q1, driven by strong lending and deposit growth
Thoothukudi-headquartered Tamilnad Mercantile Bank (TMB) has posted its highest-ever quarterly net profit of Rs 304.9 crore during the first quarter of financial year 2025-26, up 6 per cent from Rs 287.3 crore during the April to June quarter of the previous financial year. Total income grew 7 per cent to Rs 1,617 crore during the quarter under review, compared to Rs 1,515 crore in June 2024. 'We have achieved the highest-ever quarterly net profit in Q1FY26, driven by continued growth in our core lending and deposit businesses. We remain committed to our strategic priorities of expanding our reach and enhancing customer experience," said Salee S. Nair, Managing Director and Chief Executive Officer of TMB. The bank's deposits increased to Rs 53,803 crore during the period, up from Rs 49,188 crore last year. Advances also increased to Rs 45,120 crore, reflecting a growth rate of 10.44 per cent on a YoY basis. Net Interest Income for the quarter stood at Rs 580 crore for Q1FY26, compared to Rs 567 crore for Q1FY25, registering a growth rate of 2.29 per cent. The bank's net worth increased to Rs 9,328 crore, up from Rs 8,244 crore last year, reflecting an absolute rise of Rs 1,084 crore, or a growth rate of 13.15 per cent. The RAM (Retail, Agri, and MSME) segment increased to 93.31 per cent for Q1FY26, compared to 92.07 per cent for Q1FY25. "In this year, we have opened 7 new branches in this quarter across key markets, further strengthening our distribution network. We have also entered into several strategic partnerships for the digital transformation of the bank, increasing operational efficiency, and enhancing customer growth. We believe that these strategic initiatives, coupled with our focus on responsible lending and cautious risk management practices, will pave the way for sustainable and profitable growth in the years to come," said Nair.
