🍒 Bank of Baroda reduces lending rate by 15 bps to 6.85% : Bank of Baroda, India's third largest public sector bank, announced a reduction in Baroda Repo Linked Lending Rate (BRLLR) from seven per cent to 6.85 per cent. The rate cut would be effective from November 1, 2020. With the cut in the external benchmark repo linked rate, all retail loans of the bank would get automatically adjusted.The customers availing home loan, mortgage loan, car loan, education loan, personal loan and all other retail loan products could avail of this benefit. Earlier, ahead of the festive season, the bank had announced a concession in interest rates on home loans and car loans. Now with the revision of BRLLR, home loan rates start at 6.85 per cent, car loan rates at 7.1 per cent, mortgage loan rates at 8.05 per cent and education loan rates at 6.85 per cent. - economic times
🍒 Union Bank of India cuts home loan rates by 10 bps : Union Bank of India (UBI) has decided to cut the interest rate on home loans above Rs.30 lakh by 10 basis points (bps) with effect from November 1, 2020. The public sector bank, in a statement, said women home loan borrowers will get a further concession of 5 bps in rate of interest over and above the aforementioned reduction in interest rate. One basis point is equal to one-hundredth of a percentage point.There will be zero processing charges for home loans till December 31, 2020, the bank added.In addition, UBI has waived legal and valuation charges upto Rs.10,000 in case of take over of home loans by it. UBI said there are no processing charges for car and educational loans. - Business Line
🍒 ICICI Bank Q2 net profit rises over 6-fold to Rs 4,251 crore : ICICI Bank on Saturday reported an over six-fold jump in its standalone net profit at Rs 4,251 crore for the second quarter ended September 2020. The bank had posted a net profit of Rs 655 crore during the same period of the previous fiscal year. Total income (standalone) in July-September 2020 stood at Rs 23,650.77 crore, up from Rs 22,759.52 crore in the same period a year earlier. On asset front, there was an improvement with gross non-performing assets (NPAs) falling to 5.17 per cent of gross advances as of September 30, 2020, against 5.37 per cent a year ago. In value terms, gross NPAs or bad loans stood at Rs 38,989.19 crore as against Rs 45,638.79 crore. Net NPAs fell to 1 per cent (Rs 7,187.51 crore) from 1.60 per cent (Rs 10,916.40 crore). On consolidated basis, the bank’s net profit was up over four-times at Rs 4,882 crore in Q2 FY21 against Rs 1,131 crore in Q2 FY20. - Business Line
🍒 IDFC First Bank posts Rs 101-cr profit in Q2 on interest income, lower provisioning : IDFC First Bank on Saturday reported a net profit of Rs 101 crore for the July-September quarter of the current fiscal year on healthy interest income and lower provisions. The private sector lender had posted a net loss of Rs 680 crore in the same quarter a year ago. The profit after tax for the half-year ended September 30, 2020, is reported at Rs 195 crore. Thus the bank reported three consecutive quarters of profitability, IDFC First Bank said in a release. Bank's total income grew by 21 per cent at Rs 2,288 crore in July-September period of 2020-21 from Rs 1,884 crore. Net interest income was up by 22 per cent at Rs 1,660 crore. Despite the COVID-19 pandemic impact, the quarter-on-quarter NII grew by 2 per cent, the private sector lender added. - Business Standard
🍒 DCB Bank Q2 net profit down 10% : DCB Bank’s net profit declined 9.97 per cent to ₹82.29 crore in the second quarter of the fiscal from ₹91.41 crore a year ago. “Profit before tax for the quarter was impacted by ₹48 crore Covid-19 Regulatory Package Provision. In order to further strengthen the balance sheet, the bank intends to make conservative provisions given the current environment,” DCB Bank said in a statement on Saturday. Total income also declined to ₹970.98 crore in the quarter ended September 30, 2020 from ₹980.59 crore a year ago. - Business Line
🍒 Retail, small biz loans aid credit recovery in September : Outstanding bank credit in September rose by ₹71,490 crore from the previous month, in sharp contrast to August when it had shrunk by ₹36,000 crore month-on-month. However, on a year-on-year basis, bank credit rose just 5.8% in September, compared to an 8.2% growth in September 2019.According to the Reserve Bank of India’s sectoral credit deployment data released on Friday, the jump in bank credit was driven by personal loans, services sector and agriculture and allied sectors. Within personal loans, housing loans grew by ₹10,300 crore, and other personal loans grew by ₹12,400 crore from the previous month. Within the services sector, loans to non-bank lenders saw sequential growth of ₹5,800 crore to ₹8.02 trillion. - Live Mint
🍒 Kotak Mahindra Bank Rating: Buy- A strong second quarter for company : Kotak Mahindra Bank (KMB) reported a strong quarter – with lower provisions and higher treasury income boosting earnings, even as core PPOP grew 19% y-o-y. The bank reported an uptick in fee income and margins too expanded 12bp q-o-q, while loan growth stood flat. On the asset quality front, slippages stood lower (partially aided by the SC order), driving sequential improvement in asset quality ratios, while PCR increased to 76%. The bank carries total COVID-19 provisions of Rs 12.79 bn (0.6% of advances). On the business front, the loan book stood flat q-o-q, reflecting the bank’s cautious approach in a weak environment. Disbursals under the ECLG scheme exceeded Rs 81 bn in Oct’20 (Rs 76 bn as of end-Sep’20), while the Agri/Tractor portfolio reported healthy growth. CASA growth remains steady, driving further improvement in the CASA mix to 57.1%. We increase our FY21/FY22 earnings by 27%/20%, aided by steady revenues and sharp decline in provisioning expenses. We upgrade to Buy, following a gap of 10 quarters, when we had downgraded our rating to Neutral, nearly at current price. - financial express
🍒 Small & midcaps underperform; 55 stocks in BSE 500 rose 10-70% in October : Bulls remained in control of D-Street in October and pushed benchmark indices above crucial resistance levels, but the rise in COVID cases across the globe, as well as uncertainty around the US elections, capped the upside. The S&P BSE Sensex rose above 4 percent while the Nifty50 rallied 3.5 percent in October compared to 1.3 percent rise seen in the S&P BSE Midcap index, and 0.14 percent gain seen in the S&P BSE Smallcap index in the same period. As many as 55 stocks in the S&P BSE 500 index rallied 10-70% in October. These include Can Fin Homes, ICICI Bank, IndusInd Bank, Asian Paints, JSW Steel, Kotak Mahindra Bank, Dr Lal PathLabs, and Just Dial among others. - Moneycontrol.
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