Fitch expects bank credit to expand by 13%, up from 11.5% a year ago; deposits to grow 11% in current and next fiscal years, slower than loan growth.
Kaizad Bharucha, the current executive director of HDFC Bank, has been elevated to the rank of MD; Bhavesh Zaveri is made executive director.
The outstanding CDs stand at Rs 2.41 lakh crore as of 21 October compared to just Rs 0.57 lakh crore a year ago.
Punjab National Bank has introduced a special 600-day fixed deposit scheme, offering interest rates of up to 7.85% per annum.
Punjab & Sind Bank plans to add 50 branches, 25 of which will open this quarter and the rest 25 in the next quarter.
Punjab National Bank shuts Hong Kong branch, is on track to recover Rs 32,000 crore from bad loans in FY23 and shortlists Rs 20,008 crore of stressed assets to move to NARCL, CEO Atul Kumar Goel said.
IDBI Bank posts 46% YoY rise in net profit to Rs 828.09 crore in September quarter amid double-digit growth in advances and improvement in asset quality.
Canara Bank reported 89% year-on-year rise in net profit to Rs 2,525 crore in Q2, riding high on strong credit growth and improved asset quality.
Union Bank of India Q2 net up to Rs 1,848 crore on the back of strong credit growth; margins widen.
Axis Bank has reported a 70% year-on-year growth in net profit to Rs 5,330 crore for the quarter ended September.
IndusInd Bank’s loan book grows 18% to Rs 2.6 trillion; corporate advances up 24% YoY.
Bank of Maharashtra’s margins will remain steady and be around 3.5% for FY23, said MD & CEO A S Rajeev.
HDFC Bank CFO Srinivasan Vaidyanathan also talks of possibility of margin improving in a tightening monetary cycle, customer penetration in time deposit segment and MTM losses.
HDFC Bank has reported a 20% year-on-year jump in its net profit for the fiscal second quarter ended September to Rs 10,605.8 crore.
Bank of Maharashtra bucks the trend, cuts home loan rates to 8% from earlier 8.3%; interest rate on personal loans also slashed.
