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SBI economists project a slowdown in Q2 real GDP growth to 6.5%, following a 6.7% expansion in the previous quarter, the lowest in 15 quarters. They anticipate FY25 growth to be closer to 7%, citing pressures on the domestic economy and potential dips in agriculture, industry, and services.
State Bank of India is set to report its Q2FY25 earnings on November 8, 2024, with expectations of a robust performance driven by strong loan and deposit growth. Analysts predict a 10% year-on-year increase in net interest income to Rs 43,464 crore and an 18% rise in profit to Rs 16,953 crore compared to the previous quarter.
Partha Pratim Sengupta has been appointed as the new Managing Director and CEO of Bandhan Bank, following approval from the Reserve Bank of India. He is set to assume his role by November 10 for a three-year term, bringing extensive experience from his previous positions, including Deputy Managing Director at State Bank of India and MD & CEO of Indian Overseas Bank from 2020 to 2022.
The State Bank of India’s chairman aims to target the unbanked population as part of the bank's expansion strategy amid fierce competition for deposits. Significant investments in digitalization have enabled the bank to efficiently reach underserved areas, adding 50,000 to 60,000 savings accounts daily through its mobile app. Plans to open new branches in unserved regions are also underway.
The State Bank of India’s new chairman aims to target the unbanked population as part of the bank's expansion strategy amid fierce competition for deposits. Significant investments in digitalization have allowed the bank to acquire new customers at a lower cost, enhancing operational efficiency and productivity.
The State Bank of India and India Exim Bank are addressing the trade financing challenges faced by businesses in Africa, particularly smaller enterprises. At the India Entrepreneurs Forum, leaders from both banks highlighted their roles in facilitating trade between India and Africa, emphasizing the importance of their financial services in navigating complex trade environments. SBI has been actively investing in South Africa for 27 years, enhancing India's presence in the region.
IndusInd Bank has fallen out of the top 10 most valuable lenders in India after reporting a weak quarter characterized by increased provisions, declining other income, and slower growth in higher-yielding loans. The bank's stock plummeted 18% to a one-year low of Rs 1,065, resulting in a market capitalization drop to Rs 81,000 crore, placing it in 12th position. Meanwhile, HDFC Bank remains the most valuable lender with a market cap of Rs 13.25 lakh crore, followed by ICICI Bank and State Bank of India.
Nifty tested 24,400 amid market volatility but closed off the day's low, with broader markets facing selling pressure. The NSE advance-decline ratio stood at 2:3, with FMCG, realty, and autos lagging, while banks and pharma gained. Key gainers included Ultratech, Shriram Fin, and SBI, while HUL and Hindalco were among the notable losers.
State Bank of India (SBI) has successfully raised Rs 5,000 crore through the issuance of its first Basel III-compliant Additional Tier 1 bonds for the financial year, attracting bids over 3.5 times the amount. The bonds feature a coupon rate of 7.98 percent and are perpetual with a call option after 10 years. In January, SBI had issued similar bonds at a higher coupon rate of 8.34 percent.
Paytm has received approval from the National Payments Corporation of India (NPCI) to onboard new UPI users, following earlier restrictions imposed by the Reserve Bank of India on its associate, Paytm Payments Bank Limited. The approval requires adherence to NPCI guidelines on risk management and customer data. To adapt, Paytm has partnered with Axis Bank, Yes Bank, SBI, and HDFC Bank for its payment services.
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gdp growth forecasted to slow to 6.5 percent in q2 fiscal year
10:05 06.11.2024
SBI poised for strong Q2 growth in net interest income and profit
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