AXIS BANK Q2 NET PROFIT JUMPS 83% TO ₹790 CR
NEW DELHI: Private lender Axis Bank on Friday reported a 83% jump in its net profit at ₹790 crore for the quarter ending September on the back of healthily growth in core income and a decline in provisions for bad loans. The bank had registered a net profit of ₹432 crore in the July-september quarter of 2017-18, according to a statement by the bank. Total income of the bank rose to ₹15,959.37 crore during the second quarter of 2018-19 as against ₹13,820.62 crore in the same period of the preceding fiscal.
SBI to raise ₹4,116 cr via Basel III compliant bonds
NEW DELHI: The country’s largest lender State Bank of India (SBI) will raise ₹4,116 crore by issuing Basel III compliant bonds to add up to its tier-ii capital, the bank said on Friday. The committee of the directors for capital raising has accorded approval to allot Basel III compliant debt instruments qualifying as tier-ii capital of the bank, SBI said in a regulatory filing. As per the bond programme, the bank will issue 41,159 non-convertible, taxable, redeemable, subordinated, unsecured debt instruments in the nature of debentures of face value of ₹10 lakh each, bearing coupon of 8.90% per annum aggregating to ₹4,115.90 crore, it said.
Privacy should be treated as human right: Nadella
LONDON: Microsoft CEO Satya Nadella has called on tech companies to treat privacy as a human right, with political and business leaders working together to protect people from cyber threats. The Indian-origin boss of one of the world’s biggest software giants was delivering a keynote address at the Microsoft Future Decoded conference in London on Thursday when he focussed his speech on privacy, cybersecurity and artificial intelligence (AI) among the key aspects of an increasingly digital landscape.
Indian Oil’s Q2 profit drops 12.6% on forex losses
NEW DELHI: Indian Oil Corp. (IOC), the nation’s biggest company, Friday reported a 12.6% drop in its second-quarter net profit on the back of foreign exchange losses and lower refining margins. Net profit of ₹3,246.93 crore, or ₹3.43 per share, in July-september compared with a net profit of ₹3,696.29 crore, or ₹3.90 a share, in the same period of previous year, IOC chairman Sanjiv Singh told reporters here. The company suffered a foreign exchange loss of ₹2,600 crore in the quarter as rupee depreciated, making repayment of loans as well as crude oil purchase costlier, he said.
Banks’ nonfood credit grows by 11.3% in Sept
MUMBAI: Non-food bank credit of schedule commercial banks rose 11.3% to ₹80.25 lakh crore in September 2018 as compared to an increase of 6.1% in the same month last year, RBI data showed. Loans to agriculture and allied activities increased by 5.8% in the reporting month, the same rate as in September 2017.
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