IDFC FIRST BANK Q2 EARNINGS UPDATE
Savings account interest rate up to 7.25%: Post office savings account vs SBI, HDFC Bank, ICICI Bank, PNB, Union Bank, IDFC FIRST Bank
Savings account interest rates: Compare the interest rates of savings accounts at Post Office, SBI, HDFC Bank, ICICI Bank, PNB, Union Bank, and IDFC FIRST Bank to find the highest rate.
TCS faces a muted Q1, trend in project ramping holds the key for Q2 show
The country's largest software exporter is likely to report 1.4% sequential increase in the revenue at $7,466.1 million, according to the average of estimates by ETIG and nine brokerages.
Banks may not do well in Q1 and even Q2; be selective in consumer bucket: Dipan Mehta
The banking sector may see disappointing earnings due to challenges in net interest margins and rising provisions, says Dipan Mehta, Director, Elixir Equities. FMCG and traditional consumption stocks are under pressure, while airline companies like IndiGo show positive long-term prospects. Electric two-wheelers, particularly from Ola Electric, are expected to disrupt the industry.
Q1 result season begins: 30 companies may report over 100% growth in profit
Nifty may report 4% Q1 earnings growth driven by BFSI, auto, metals, healthcare, and real estate, with Trent and Zomato showing significant consumption sector growth. Pharmaceuticals Glenmark Pharma and Laurus Labs have high growth, private and PSU banks lower. Motilal Oswal and Kotak predict 30 companies may report over 100% profit growth.
Results play! Earnings growth to moderate for banks in Q1. Which stocks to buy?
Indian banks are forecasted to experience softer growth in the June quarter, with 14-16% earnings growth YoY. Motilal Oswal predicts NII growth for HDFC Bank by 28%, ICICI Bank by 7%, and Kotak by 15%. Axis Securities sees public sector lenders growing 11% YoY. Asset quality remains steady.
Pankaj Pandey on 2 sectors that are likely to see strong Q1 earnings
Raymond specifically, we do not have a coverage. But I think you have very few stocks which can be bought at current levels in real estate given the price appreciation a lot of these stocks have seen. So, some bit of a time correction or price correction is what we are waiting for.
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HDFC Bank shares fall 4% as Q1 update disappoints investors
HDFC Bank shares, previously rising due to potential MSCI weightage increase, fell over 4% on Friday to Rs 1,665.55 on BSE. This decline followed a sharp drop in CASA ratio in its June quarter update. Deposit growth was soft at 15.3% YoY (pro-forma), flat sequentially, with CASA declining 5% QoQ, lowering CASA ratio by 190 bps to 36%
Stocks in news: HDFC Bank, IDFC First Bank, IDBI Bank, Dr Reddy's, Lloyds Metals
HDFC Bank advances rose 53% to Rs 24.87 lakh crore. LIC boosted IDFC First Bank's stake to 2.68%. Dr Reddy's, Sun Pharma recalled items in the US. PNB's global business grew 10%. Raymond Realty, Poonawalla Fincorp, IDBI, Ujjivan SFB, Lloyds Metals, RBL Bank's deposits rose 18%, and Mahindra Lifespace will redevelop Mumbai societies.
HDFC Bank gross advances jump 52.6% on-year in Q1 to Rs 24.8 lakh crore
HDFC Bank's gross advances increased by 52.6% year-on-year to ₹24.87 lakh crore in the quarter ending June 30, driven by its merger with HDFC Limited last July. Excluding the merger impact, advances grew by 14.9% from June 30, 2023, reaching ₹25.08 lakh crore by March 31, 2024.
LIC raises stake in IDFC First Bank by 0.2% to 2.68% via private placement
IDFC First Bank has underperformed in the market over the past year, gaining only 3% and declining 8% year-to-date. The stock is currently trading 24% below its 52-week high of Rs 100.74.
HDFC Bank Q1 Update: Advances soar 53% YoY to Rs 24.87 lakh cr; deposits jump 24%
Excluding the impact of the HDFC merger with the bank on July 1, 2023, the bank's gross advances grew by 15% compared to the same period last year. During the first quarter, retail loans increased by approximately Rs 18,600 crore, and commercial and rural banking loans grew by around Rs 7,200 crore. However, corporate and other wholesale loans decreased by Rs 26,600 crore compared to the preceding March quarter.
YES Bank Q1 Update: Advances rise 15% YoY to Rs 2.29 lakh cr, deposits grow 21%
The bank's credit-to-deposit ratio for the first quarter was 86.4%, down from 91.3% in the same quarter last year. During the April-June 2024 period, the liquidity coverage ratio improved to 137.8%.
Paytm Bank slows down in Fastag lane; q-comm in soup over food safety
Happy Friday! Banks are gaining ground in the toll payments space as Paytm Payments Bank’s market share continues to plummet. This and more in today’s Morning Dispatch.
India's GDP grows 7.8 per cent in Q4, FY24 growth pegged at 8.2 per cent
India Q4 GDP: The analysts were anticipating a better-than-expected growth for the January to March quarter this time around. The Reserve Bank of India (RBI) estimated Q4FY24 real GDP growth to be 7 per cent while ET Poll suggested the growth rate of 6.8 per cent. As per a Reuters poll, the Indian economy was expected to grow at 6.7 per cent in the January-March quarter on a year-on-year basis, owing to weak demand.
Sharp drop in provisions helped RBI transfer bumper dividend to RBI
The Reserve Bank of India's income rose 15% last fiscal due to higher interest income from bond holdings and a sharp drop in provisions transferred to the Contingency Fund, enabling a record dividend payment to the central government.
India's growth outlook: Economy to get a blockbuster release this Friday? But that's too late to stream in poll campaigns
GDP Q4: As the country buzzes with election excitement, India is set to release its GDP growth numbers for the fourth quarter of FY24 this Friday, alongside the full fiscal year figures. Analysts are eagerly awaiting to see if the January to March quarter numbers surpass expectations, fueling hopes of a surprising uptick in growth.
FD interest rate up to 9.1% in May 2024: These 7 banks have revised fixed deposit rates in May
Many banks have revised their fixed deposit interest rate in the month of May. These banks include SBI, DCB Bank, IDFC FIRST Bank, Utkarsh Small Finance Bank, City Union Bank, RBL, Capital Bank Small Finance Bank.
Karnataka Bank Q4 Results: Net profits dips 23% YoY to Rs 274 crore, dividend declared at Rs 5.5 per share
Its net interest margin, a key profitability metric, fell 57 basis points to 3.3% for the quarter as compared with 3.87% seen in the year-ago period. Net interest income was 3% lower at Rs 834 crore.
IDFC FIRST Bank revises FD interest rates: These fixed deposits to earn 8.4% rate
IDFC FIRST Bank has revised fixed deposit interest rates on amounts less than Rs 2 crore and savings account interest rates, according to its official website. The new FD interest rates are effective May 15, 2024.
Government gets Rs 2.11 lakh crore from RBI by way of dividend
The Reserve Bank of India (RBI) has transferred a record surplus of Rs 2.1 lakh crore to the central government for FY’2023-24, exceeding expectations. This windfall, largely from interest income on overseas securities and income from LAF operations, strengthens the government's fiscal position and may lead to a reduction in borrowing. The surplus, determined by the Economic Capital Framework (ECF), represents 25.5% of RBI's total assets.
Rs 2.1 lakh crore: RBI’s record dividend swells govt coffers
The benchmark bond yield retreated below 7% on expectations that New Delhi would now need to borrow less this fiscal year. “The higher dividend is welcome, of course,” finance secretary TV Somanathan told ET. “It exceeds our estimate by 0.2-0.3% of GDP.” In the interim budget, North Block had factored in receipts of Rs 1.05 lakh crore under dividends and profits.
Bandhan Bank Q4 Results: Net profit slumps 93% YoY to Rs 55 crore
Sharply higher provisioning dragged Bandhan Bank's March quarter net profit down by 93% at Rs 55 crore against Rs 808 crore in the year-ago period.
Vodafone Idea Q4 Results: Net loss widens vs Q3; ARPU rise to Rs 146
Vodafone Idea’s net loss for the fiscal fourth quarter, FY24, widened sequentially to Rs 7,675 crore, dragged by high debt and even as it continued to lose subscribers.
Karur Vysya Bank Q4 Results: Net profit jumps 35% YoY to Rs 456 crore
The bank's net interest income for the quarter improved 11.5% to Rs 996 crore while other income was 57% higher at Rs 629 crore. The net interest margin for the quarter, however, was at 4.19%, down 18 basis points from 4.37% a year ago.
Capital Small Finance Bank Q4 Results: Lender reports net profit at Rs 28.2 crore
Capital Small Finance Bank on Thursday reported Rs 28.2 crore net profit for the March quarter against Rs 24.3 crore in the year-ago period, riding on lower provisions and contingencies.
IDFC First Bank shares fall nearly 6% after Q4 results. Should you invest?
In the January-March quarter, IDFC First Bank disclosed an interest income of Rs 8,219.21 crore, a notable increase from Rs 6,424.35 crore reported in the corresponding period of the previous year. This represents a substantial year-on-year growth of 28%.
IDFC First Bank Q4 profit dips 9.8%
IDFC First Bank 's net dipped 9.8% in Q4 but total deposits rose 39% to ₹2 lakh crore, while the share of CASA stood at 47.2% as of March 31, 2024 - probably highest among all private banks. Retail deposits stood at ₹1.51 lakh crore and legacy high-cost borrowing stood at ₹11,809 crore.
IDFC First Bank Q4 Results: Standalone PAT declines 10% to Rs 724 crore
IDFC First Bank Q4 Results: IDFC First Bank announced a net profit of Rs 724.35 crore for the quarter ending on March 31, marking a decrease from Rs 802.62 crore reported in the corresponding period last year. In the January-March quarter, IDFC First Bank recorded an interest income of Rs 8,219.21 crore, showing an increase from Rs 6,424.35 crore reported in the same period a year ago. This signifies a 28% rise on a year-on-year basis.
IndusInd Bank Q4 Results: Net profit jumps 15% YoY to Rs2,349 crore
IndusInd Bank reported 15% growth in net profit to Rs2,349 crore for the quarter ended March 31, 2024 compared to ₹2,043 crores during corresponding quarter of previous year on account of increase in loan book and higher yield on advances.
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