NEW DELHI/BENGALURU State Bank of India is confident of returning to profitability from the December quarter onwards as the impact of bad loans eases, its chairman said after the nation's top lender by assets plunged to its third straight quarter of losses.
BENGALURU/NEW DELHI India's Punjab National Bank reported a second straight quarterly loss on Tuesday as it earmarked more funds to cover a massive fraud, but expects faster bad loan recovery to help it return to a profit for the full year.
BENGALURU/NEW DELHI HDFC Asset Management Co Ltd's shares soared 67 percent on the first day of trading on Monday after a $408 million initial public offering last month, reflecting bullish investor sentiment on Indian mutual fund managers who have seen record inflows in recent months.
NEW DELHI/BENGALURU India's Axis Bank Ltd expects a further revival in the second half of the year after reporting a smaller-than-expected drop in first-quarter net profit and an improvement in asset quality on Monday.
NEW DELHI/BENGALURU HDFC Bank Ltd launched separate share sales on Monday in the United States and its home Indian market in a bid to raise as much as 155 billion rupees ($2.26 billion).
BENGALURU/NEW DELHI ICICI Bank Ltd, the third-biggest Indian lender by assets, reported its first quarterly net loss in at least 16 years, hurt by higher provisions for bad loans and bond losses.
MUMBAI Businessman Vijay Mallya, who is being pursued by Indian authorities over unpaid loans tied to his defunct Kingfisher Airlines, said on Tuesday he was trying to sell assets worth about 139 billion rupees ($2.04 billion) to repay creditors.
MUMBAI ICICI Bank named group veteran Sandeep Bakhshi as its interim head, and said Chief Executive Chanda Kochhar would go on leave pending the completion of a probe over an alleged conflict of interest that has led to months of controversy for the lender.
MUMBAI The Singapore Exchange (SGX) said on Saturday a court-appointed arbitrator had told it to continue listing and trading SGX Nifty contracts beyond August 2018, during a dispute resolution with India's National Stock Exchange (NSE).
MUMBAI India's state-run banks posted a combined loss of 853.7 billion rupees (9.5 billion pounds) in the fiscal year ended this March, according to data compiled by Reuters, as their provisions for bad loans surged following stricter central bank rules.