India Financial Services Correspondent, Mumbai
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May 22, 2015

India’s top bank SBI says bad loan pressure easing

MUMBAI/KOLKATA (Reuters) – State Bank of India, the nation’s top lender by assets, posted better-than-expected quarterly bad debt levels on Friday and said it now expected an improvement, a long-awaited sign of easing pressure that helped its shares jump over five percent.

The loan improvement in the three months ended in March helped SBI, which accounts for about a quarter of Indian loans and deposits, post a 23 percent rise in net profit to 37.42 billion rupees ($589 million), above forecasts.

May 11, 2015

Bank of Baroda’s net profit halves in fourth quarter

MUMBAI (Reuters) – Bank of Baroda(BOB.NS: Quote, Profile, Research, Stock Buzz) reported on Monday a near-halving of its quarterly net profit, lagging estimates, as the nation’s second-biggest state-owned lender was weighed down by higher provisions for bad loans.

The Mumbai-based bank said standalone net profit fell to 5.98 billion rupees ($93.76 million) for its fiscal fourth quarter to March 31, from 11.57 billion rupees reported a year earlier.

May 11, 2015

India’s second-biggest state lender Bank of Baroda’s Q4 net halves

MUMBAI, May 11 (Reuters) – India’s Bank of Baroda
reported on Monday a near-halving of its quarterly net profit,
lagging estimates, as the nation’s second-biggest state-owned
lender was weighed down by higher provisions for bad loans.

The Mumbai-based bank said standalone net profit fell to
5.98 billion rupees ($93.76 million) for its fiscal fourth
quarter to March 31, from 11.57 billion rupees reported a year
earlier.

May 4, 2015

Future expands retail footprint with Bharti deal

NEW DELHI/MUMBAI (Reuters) – Future Retail Ltd (FURE.NS: Quote, Profile, Research) has agreed to acquire most of local conglomerate Bharti Enterprises’ shares in its retail business to create one of India’s biggest retail chains with more than 570 stores across the country.

Under the all-stock deal valued at about 7.5 billion rupees ($118 million), the retail operations of Future Retail and Bharti Retail will be merged to create a new company.

May 4, 2015

India’s Future expands retail footprint with Bharti deal

NEW DELHI/MUMBAI, May 4 (Reuters) – India’s Future Retail
Ltd has agreed to acquire most of local conglomerate
Bharti Enterprises’ shares in its retail business to create one
of India’s biggest retail chains with more than 570 stores
across the country.

Under the all-stock deal valued at about 7.5 billion rupees
($118 million), the retail operations of Future Retail and
Bharti Retail will be merged to create a new company.

Apr 27, 2015

ICICI Bank Q4 profit beats forecast, sees bad loans situation improving

MUMBAI (Reuters) – ICICI Bank Ltd (ICBK.NS: Quote, Profile, Research), India’s biggest private sector lender by assets, said it expects the new financial year to be better in terms of bad loans, after reporting an increase in sour assets in its fiscal fourth quarter.

ICICI (IBN.N: Quote, Profile, Research), which is also traded in New York, on Monday reported net profit rose 10 percent to a record 29.22 billion rupees ($458.9 million) for the three months ended March, ahead of analysts’ estimate of 28.65 billion rupees. Its gross bad loans ratio, however, rose to 3.78 percent from 3.4 percent in the third quarter and 3.03 percent a year earlier.

Apr 27, 2015

India’s ICICI Bank sees bad loans situation improving

MUMBAI, April 27 (Reuters) – ICICI Bank Ltd,
India’s biggest private sector lender by assets, said it expects
the new financial year to be better in terms of bad loans, after
reporting an increase in sour assets in its fiscal fourth
quarter.

ICICI, which is also traded in New York, on Monday
reported net profit rose 10 percent to a record 29.22 billion
rupees ($458.9 million) for the three months ended March, ahead
of analysts’ estimate of 28.65 billion rupees. Its gross bad
loans ratio, however, rose to 3.78 percent from 3.4 percent in
the third quarter and 3.03 percent a year earlier.

Apr 24, 2015

Infosys bets on new services to push sales to $20 bln by 2020

MUMBAI, April 24 (Reuters) – Infosys Ltd, India’s
second-largest software services exporter, on Friday posted
quarterly net profit that lagged most analyst expectations,
dampening hopes of a quick turnaround after top management
changes.

Bengaluru-based Infosys, once seen as the bellwether of
India’s $150 billion IT services industry, has in recent years
struggled to innovate and retain market share due to a staff
exodus that also impacted its ability to win lucrative deals.

Apr 24, 2015

Banks set for cost increases on new loan provisioning rules

MUMBAI (Reuters) – India’s banks could see their lending-related costs rise by up to a fifth as a recent rule change means they must make bigger provisions for restructured debt, crimping their profits at a time when consumers and firms are starting to borrow more.

This could make banks cautious about lending, hurting an economy that is emerging from its weakest growth since the 1980s. The stricter provisioning norms may also affect the recovery chances of troubled borrowers as more loans are classified as bad instead of attempts to restructure them.

Apr 24, 2015

Indian banks set for cost increases on new loan provisioning rules

MUMBAI, April 24 (Reuters) – Indian banks could see their
lending-related costs rise by up to a fifth as a recent rule
change means they must make bigger provisions for restructured
debt, crimping their profits at a time when consumers and firms
are starting to borrow more.

This could make banks cautious about lending, hurting an
economy that is emerging from its weakest growth since the
1980s. The stricter provisioning norms may also affect the
recovery chances of troubled borrowers as more loans are
classified as bad instead of attempts to restructure them.