Latest news with #privatebank
Bloomberg
an hour ago
- Business
- Bloomberg
Citi Targets Middle East Money With Push to Hire Private Bankers
Citigroup Inc. 's private bank is planning a hiring drive for the Middle East region as part of the Wall Street giant's global expansion of its services to the ultra-wealthy. James Holder, who assumed leadership of the unit's Middle East operations this year, said in an interview that he aims to recruit private bankers to serve territories including Dubai, Saudi Arabia and Abu Dhabi.
Yahoo
4 days ago
- Business
- Yahoo
India's HDFC Bank reports 12.2% profit growth in Q1 due to higher interest income
(Reuters) -HDFC Bank, India's largest private bank by market capitalisation, reported higher-than-expected quarterly profit on Saturday due to a surge in interest income from loans and treasury gains, even as provisions for bad loans spiked. The bank's standalone net profit rose 12.2% to 181.55 billion rupees ($2.11 billion) in the April-to-June quarter, above the average analyst forecast of 172.84 billion rupees, according to data compiled by LSEG. The bank's net interest income - the difference between interest earned on loans and paid on deposits - rose 5.4% to 314.38 billion rupees. Other income, typically backed by treasury gains and fees on services, more than doubled to 217.29 billion rupees in the quarter. HDFC Bank's provisions for bad loans, however, jumped five-fold to 144 billion rupees. The bank, in its exchange filing, said most of these provisions were not linked to any actual bad loans but instead acted as a "countercyclical buffer for making the balance sheet more resilient." Indian lenders have been grappling with an increase in bad loans in segments such as microfinance and unsecured portfolio, which have forced them to set aside more funds for potential defaults and to strengthen their balance sheets. On Thursday, HDFC Bank peer Axis Bank saw its new bad loans double due to a market benchmarking exercise. While overall bank credit growth has slowed in India, HDFC Bank posted growth of 6.7% for its overall loan book, driven by a 17.1% rise in loans to small and medium businesses. The private lender also approved its first ever bonus share issue on Saturday, meaning each of its shareholders will be eligible to receive an extra bonus share for every share held. The date of issuance is still to be determined, the bank said. In a bonus issue, a company distributes additional stock to shareholders as a proportion of their holdings at no cost. It is typically a sign of confidence in financial performance and growth trajectory. The board has also approved a special dividend of 5 rupees per share. ($1 = 86.1450 Indian rupees) Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
India's HDFC Bank reports 12.2% profit growth in Q1 due to higher interest income
(Reuters) -HDFC Bank, India's largest private bank by market capitalisation, reported higher-than-expected quarterly profit on Saturday due to a surge in interest income from loans and treasury gains, even as provisions for bad loans spiked. The bank's standalone net profit rose 12.2% to 181.55 billion rupees ($2.11 billion) in the April-to-June quarter, above the average analyst forecast of 172.84 billion rupees, according to data compiled by LSEG. The bank's net interest income - the difference between interest earned on loans and paid on deposits - rose 5.4% to 314.38 billion rupees. Other income, typically backed by treasury gains and fees on services, more than doubled to 217.29 billion rupees in the quarter. HDFC Bank's provisions for bad loans, however, jumped five-fold to 144 billion rupees. The bank, in its exchange filing, said most of these provisions were not linked to any actual bad loans but instead acted as a "countercyclical buffer for making the balance sheet more resilient." Indian lenders have been grappling with an increase in bad loans in segments such as microfinance and unsecured portfolio, which have forced them to set aside more funds for potential defaults and to strengthen their balance sheets. On Thursday, HDFC Bank peer Axis Bank saw its new bad loans double due to a market benchmarking exercise. While overall bank credit growth has slowed in India, HDFC Bank posted growth of 6.7% for its overall loan book, driven by a 17.1% rise in loans to small and medium businesses. The private lender also approved its first ever bonus share issue on Saturday, meaning each of its shareholders will be eligible to receive an extra bonus share for every share held. The date of issuance is still to be determined, the bank said. In a bonus issue, a company distributes additional stock to shareholders as a proportion of their holdings at no cost. It is typically a sign of confidence in financial performance and growth trajectory. The board has also approved a special dividend of 5 rupees per share. ($1 = 86.1450 Indian rupees)
Reuters
4 days ago
- Business
- Reuters
India's HDFC Bank reports 12.2% profit growth in Q1 due to higher interest income
July 19 (Reuters) - HDFC Bank ( opens new tab, India's largest private bank by market capitalisation, reported higher-than-expected quarterly profit on Saturday due to a surge in interest income from loans and treasury gains, even as provisions for bad loans spiked. The bank's standalone net profit rose 12.2% to 181.55 billion rupees ($2.11 billion) in the April-to-June quarter, above the average analyst forecast of 172.84 billion rupees, according to data compiled by LSEG. The bank's net interest income - the difference between interest earned on loans and paid on deposits - rose 5.4% to 314.38 billion rupees. Other income, typically backed by treasury gains and fees on services, more than doubled to 217.29 billion rupees in the quarter. HDFC Bank's provisions for bad loans, however, jumped five-fold to 144 billion rupees. The bank, in its exchange filing, said most of these provisions were not linked to any actual bad loans but instead acted as a "countercyclical buffer for making the balance sheet more resilient." Indian lenders have been grappling with an increase in bad loans in segments such as microfinance and unsecured portfolio, which have forced them to set aside more funds for potential defaults and to strengthen their balance sheets. On Thursday, HDFC Bank peer Axis Bank ( opens new tab saw its new bad loans double due to a market benchmarking exercise. While overall bank credit growth has slowed in India, HDFC Bank posted growth of 6.7% for its overall loan book, driven by a 17.1% rise in loans to small and medium businesses. The private lender also approved its first ever bonus share issue on Saturday, meaning each of its shareholders will be eligible to receive an extra bonus share for every share held. The date of issuance is still to be determined, the bank said. In a bonus issue, a company distributes additional stock to shareholders as a proportion of their holdings at no cost. It is typically a sign of confidence in financial performance and growth trajectory. The board has also approved a special dividend of 5 rupees per share. ($1 = 86.1450 Indian rupees)
Reuters
4 days ago
- Business
- Reuters
India's ICICI Bank reports 15.5% profit growth in Q1 helped by higher core lending income
July 19 (Reuters) - ICICI Bank ( opens new tab, India's second-largest private lender by market capitalisation, beat quarterly profit forecasts on Saturday, helped by healthy loan growth resulting in higher core lending income. The bank's standalone net profit rose 15.5% to 127.68 billion Indian rupees ($1.48 billion) in the April-to-June quarter, above the average analyst forecast of 120.24 billion rupees, according to data compiled by LSEG. Net interest income increased by 10.6% year-on-year to 216.35 billion rupees in the quarter. While credit growth has slowed across the industry, ICICI Bank posted 12% growth in its loan book, driven mainly by a 29.7% rise in loans to businesses. ICICI Bank's net interest margin, a key gauge of profitability, fell to 4.34%, from 4.36% a year earlier and 4.41% in the previous quarter, due to the Indian central bank's recent rate cut actions. When rates are lowered, lenders typically pass on the advantage to borrowers first and only later cut deposit rates, which temporarily squeezes their margins. ICICI's asset quality, meanwhile, improved, with the gross non-performing assets ratio at 1.67% at the end of June, versus 2.15% in the same period last year. Indian lenders have kept a tight lid on unsecured lending, after grappling with higher bad loans in the segment, a move that has supported asset quality. ICICI Bank's provisions for bad loans rose 36.2% year-on-year to 18.15 billion rupees. ($1 = 86.1450 Indian rupees)
