AU Small Finance Bank’s profit up 42% in March quarter

MUMBAI: AU Small Finance Bank’s profit grew 42 per cent to Rs 118 crore in the March quarter led by a 50 per cent growth in loans for vehicle purchases. Net Interest Income the difference between what it paid for funds and what it earned from lending, nearly to Rs 851 crore from Rs 464 crore. “Capital raise, stable asset quality, adequate liquidity, continued growth momentum and uptick in yields, cost to income and return ratios were key highlights of the fiscal,” said Sanjay Agarwal, CEO, AU Small Finance. The credit growth was driven by strong…

Read More

Sundaram Finance reports 13.9% rise in Q4 profit

CHENNAI: Non-banking finance company Sundaram FinanceBSE 1.02 % has recorded a 13.9 per cent rise in its fourth quarter net profits ending March 31, 2017 at Rs. 139 crore. The city-based company had clocked net profits at Rs. 122 crore during the corresponding quarter of previous year, a top official said. For the full year ending March 31, 2017, the net profits stood at Rs. 495 crore. The profit for the year ending March 31, 2017 is not comparable to previous year, which includes a one-time profit of Rs. 40.64…

Read More

HSBC’s $2.5 billion buy-back boosts shares as bank postpones profit goal

HSBC (HSBA.L) announced a $2.5 billion share buy-back and pared ambitions to grow dividend payouts and returns as it took pragmatic steps to soothe investors amid slowing growth in its home markets of Britain and Hong Kong. The lender’s London-listed shares were trading 3.6 percent higher at 0808 GMT (4:08 a.m. ET) after the buy-back took the sting out of a 29 percent drop in January-June pretax profits, which matched analysts’ expectations. As Britain’s vote to leave the European Union clouds economic prospects and Hong Kong absorbs slower growth in…

Read More