Contify Banking presents a summary of the most important news stories that made maximum impact on Friday and Saturday from its banking, finance, insurance and economy portal.
State Bank of India Jan-Mar net up nearly 200-fold to Rs 40.5 bln on low base, fall in provisions
New Delhi: India's largest lender State Bank of India's fiscal fourth quarter (Jan-Mar) net profit rose nearly 200 times on-year to Rs 40.50 billion as in the same quarter a year ago it reported a net profit of mere Rs 208.8 million on account of heavy provisioning. Further, higher income from interest and steep fall in provisioning in the fourth quarter helped the state-run bank post good earnings which pushed up shares in a flat market.
Reserve Bank of India to take more steps if needed to protect rupee: dy gov Gokarn
New Delhi: The Reserve Bank of India will continue to step in to defend the rupee as it has enough resources to meet its commitments, Deputy Governor Subir Gokarn said Friday, as the Indian currency precariously neared the disturbing 55-mark against the US dollar in intra-day trade today.
India's Apr consumer price inflation quickens to 10.36% on-yr from 9.38% in Mar
New Delhi: India's retail consumer prices grew 10.36% on-year in April, a comprehensive consumer price index (CPI) data released by the government showed Friday, quicker than 9.38% (final) recorded in the previous month.
State Bank of India sees FY13 credit growth at 16%-18%: chmn Chaudhuri
New Delhi: India's largest lender State Bank of India expects a credit growth of 16%-18% for the current financial year 2012-13, Chairman Pratip Chaudhuri said Friday, in line with the Reserve Bank of India's projection for the banking industry.
State Bank of India plans to approach Moody's for rating upgrade after strong Q4 performance
New Delhi: State Bank of India's Chairman Pratip Chaudhuri Friday said it plans to approach global credit rating agency Moody's Investors Service to reverse the last year's downgrade on its standalone rating, following announcement of the bank's robust performance in the Jan-Mar quarter.
India's Apr consumer food inflation accelerates to 10.18% on-yr from 8.22% in Mar
New Delhi: India's consumer food and beverage inflation quickened to 10.18% on-year in April, a comprehensive consumer price index (CPI) data released by the government showed Friday, from 8.22% recorded in March.
Karnataka Bank Jan-Mar net profit falls 8.43% on-yr to Rs 831.6 mln on rise in provisions
New Delhi: Indian private sector lender Karnataka Bank Ltd's fiscal fourth quarter (Jan-Mar) net profit declined 8.43% to Rs 831.6 million from Rs 908.2 million in the same quarter a year ago, on account of rise in provisions and expenses.
City Union Bank Jan-Mar net profit surges 40% on-yr to Rs 719.8 mln on lower provisions
New Delhi: Indian private sector lender City Union Bank's fiscal fourth quarter (Jan-Mar) net profit soared 40% on-year to Rs 719.8 million from Rs 513.9 million in the same quarter a year ago driven by rise in income from interest and fall in provisions, it said Friday.
India pitches for higher ratings from Fitch on healthy FDI inflows, fiscal discipline
New Delhi: India has made a strong pitch for higher ratings from global credit rating agency Fitch Ratings, citing healthy foreign direct investment inflows and government's commitment to reign-in fiscal deficit after Standard & Poor's cut India's outlook to negative recently.
Reliance Capital Jan-Mar net profit at Rs 3.29 bln on-yr vs loss of Rs 60 mln
New Delhi: Indian financial services company Reliance Capital Ltd's fiscal fourth quarter (Jan-Mar) net profit was at Rs 3.29 billion, against a net loss of Rs 60 million in the same period a year ago, on account of higher income from operations and healthy performance by its life insurance, commercial finance and broking and distribution businesses.