Companies & Sectors
Bandhan Bank posts Rs.275 crore profit
Bandhan Bank reported a net profit of over Rs.275 crore over seven months and seven days of the fiscal 2015-16.
 
During the period under review, the Kolkata-based bank -- which started operations in August 2015 -- posted a total income of Rs.1,082 crore. Its net interest income (NII) stood at Rs.932.72 crore.
 
The private lender's gross advances were at Rs.15,493.97 crore, of which only Rs.156 crore was advanced to non-micro credit sectors.
 
"Despite spending on technology, infrastructure and new employees, the bank has posted a decent profit which is satisfactory and encouraging," said Chandra Shekhar Ghosh, the bank's managing director and chief executive.
 
The city-based private lender has expanded its operation across 29 states through a network of 670 branches and 234 ATMs. It opened over 15 million accounts, including deposits and advances.
 
The bank has collected deposits of Rs.12,088.75 crore and caters to over 8 millions deposit customers up to March end.
 
Its current account and savings account balance stood at Rs.2,605.59 crore -- 21.55% of total deposits.
 
"We expect to achieve 30% credit and deposit growth by end of the March 2017," he said.
 
The bank has also opened 21 small format branches, he said.
 
"The bank has 20,600 employees at present and with the expansion of network of branches and ATMs in the coming months, the employee number will go up accordingly," he said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Ramesh Poapt

9 months ago

dearFM, please take a note this vs PSU banks recent performance!'bandhans' are in psu banks and not in Bandhan Bank!!

Indian manufacturing likely to slow in first quarter: Ficci
India's manufacturing sector growth may slow down during the first quarter of 2016-17 ending June owing to factors like bleak export outlook, poor demand and high cost of borrowing, industry chamber Ficci said on Sunday on the basis of its latest survey.
 
"The survey had earlier indicated revival in the manufacturing activity in Q4 of 2015-16, which seems to be slowing down in Q1 now," the Federation of Indian Chambers of Commerce and Industry said of its previous survey.
 
"The percentage of respondents expecting higher growth in Q1 2016-17 has gone down to 53% as compared to 60% for Q4 (January-March 2015-16). The percentage was 55% for Q3 2015-16," it said, citing the present survey.
 
"While the bleak export outlook is responsible for this less optimistic outlook for manufacturing production in first quarter of the current financial year, there have been several other factors that have contributed like poor demand conditions, unstable roadmap for various sectors leading to uncertainty, high interest cost, among others," it added.
 
Moreover, only 38% respondents have reported higher order books for the April-June quarter which is less compared to the 44% reporting similarly in the previous quarter.
 
The quarterly survey gauges expectations of manufacturers for April-June for 13 major sectors namely textiles, capital goods, metals, chemicals, cement and ceramics, electronics, auto, leather and footwear, machine tools, food, tyre,paper and textiles machinery.
 
The hiring outlook also looks unpromising as over 80% of survey respondents said they are unlikely to hire in the said quarter, Ficci said.
 
The proportion of respondents expecting higher exports in the first quarter of 2016-17 is 36% which is much lower than 41% in the fourth quarter of 2015-16, the survey said.
 
Official data on Friday showed India's merchandise exports in April were valued at $20.57 billion - down 6.74% in dollar terms against $22.05 billion in the like month of last year, signalling a decline for the 17th straight month.
 
In terms of investment in the current quarter, 75% respondents, as against 68% in the previous quarter, reported that they have no plans for capacity additions for the next six months, signifying a continuing slowdown in private sector investment.
 
The survey noted that capacity utilization has improved in cement, food, capital goods and electronics sector, though in chemicals, textiles machinery and tyres, it has remained same.
 
On interest rates, it said: "Interest rate paid by the manufacturers seems to have moderated in the last few months, however it still remains high.
 
"The interest rate ranges from 6% to 15% with average rates being around 11.4% per annum compared to 11.8% in the previous survey."
 
Data released on Thursday showed growth of India's manufacturing, which has the maximum weight in the overall index of industrial production (IIP), actually fell by 1.2% in March after rising during the month before.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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India's April wholesale price inflation up at 0.34%
India's annual wholesale price inflation (WPI) moved up into the positive zone at 0.34% for April, from (-)0.85% in March and (-)2.43% during the corresponding month of the previous year, official data showed on Monday.
 
The WPI moved up after staying in negative zone for 17 straight months, mainly on the back of a rise in global commodity prices.
 
The wholesale index of primary articles rose 2.34%, the manufactured product index rose 0.71%, while fuels fell by 4.83%. 
 
Food inflation jumped to 4.23% as compared to 3.73% in March, due to higher prices of tea, pulses, poultry and fruits and vegetables. Mineral prices were down by 27.2%.
 
India's consumer price index (CPI), or retail, inflation climbed to 5.39% in April from 4.83% in March.
 
This, coupled with a delay in monsoon, reduces chances of the Reserve Bank of India cutting interest rates, at least in its forthcoming monetary policy review due early next month.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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