Tag Archive for financial

L&T Financial Services (LTFS) has released a white paper basis the learnings of the Digital Sakhi (DS) programme and the results from the assessment survey, conducted post one year of implementation.

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By K Ashwin Mobile: 09920183006 Email: indianshowbusiness@gmail.com

L&T Financial Services (LTFS) today released a white paper basis the learnings of the Digital Sakhi (DS) programme and the results from the assessment survey, conducted post one year of implementation. The paper titled “Finclusion – Empowering Women through Digital Financial Inclusion” identifies the issues and barriers, especially for rural women, in adopting digital finance and offers tangible solutions to facilitate more women into the world of digital finance. Digital financial literacy of women, according to the paper, not only benefits the women but also, their families, their communities, and the ecosystem at large.

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ICAI Awards for Excellence in Financial Reporting held today at New Delhi

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By K Ashwin Mobile: 09920183006 Email: indianshowbusiness@gmail.com

Effective financial reporting plays a significant role in accelerating the economic growth of a country as the information provided through annual reports enables the management and other relevant stakeholders in taking various effective business, investment, regulatory decisions. The Institute of Chartered Accountants of India (ICAI) being premier accounting body and partner in Nation Building, had long back recognised that apart from establishing sound financial reporting system in the country, efforts need to be made to encourage the entities to achieve excellence in preparation and presentation of financial information. To achieve this objective, ICAI through its Research Committee has been organising the annual competition ‘ICAI Awards for Excellence in Financial Reporting’ since 1958.

Selection of winners in this competition goes through a robust Three-Tier evaluation process over a period of 4 months. Final process of selection involves review of recommendation of the Sheild Panel (comprising of Technical Experts) by a Jury Panel comprising eminent individuals with vast experience in Regulatory Authorities, Governance, Investor Analysis and Financial Reporting. This year’s  Jury Panel was Chaired by Shri U K Sinha, Former Chairman, SEBI and other members included Shri Nilesh Shah, Capital and Investment Market Experts,  CA.T V Mohandas Pai, Chairman  Manipal Global Education and former Trustee IFRS Foundation.

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Aavas Financiers Ltd Financial Results, PAT Growth of 66% YoY, AUM Growth of 49% YoY

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By Vivek K. Mobile: 09920183006 Email: indianshowbusiness@gmail.com

Aavas Financiers Limited has declared Un-audited Financial Results for the quarter and nine-months ended 31st December 2018.

Key Performance Metrics for 9MFY19:

Particulars (Rs. Mn)

9M FY19

9M FY18

Y-o-Y

AUM

52,834

35,477

49%

Disbursements

17,994

13,090

37%

PAT

1,218

732

66%

GNPA (%)

0.58%

0.82%

Improved by 24 bps

ROA (%)

3.58%

3.22%

Maintained above 3%

Incremental Loan Accounts (No.)

21,923

15,697

40%

NIMs (Incl. Fee & Other Income)

9.39%

8.86%

Improved by 53 bps

 

Performance Highlights:

  • ·         AUM as on 31st December 2018 is Rs. 52,834 Mn of which
    • o   Home Loans contributed 75% with ATS of Rs. 0.88 Mn
    • o   Other Mortgage Loans contributed 25% with ATS of Rs. 0.77 Mn
  • ·         71 new branches opened in last 12 months. The total number of branches stands at 210 as on 31st December 2018
  • ·         Gross NPAs is 0.58% improved by 24 bps and Net NPAs is 0.49% improved by 21 bps of the Outstanding Loan Book
  • ·         The Company has diversified borrowings. 87% of our borrowings are from Term Loans, Assignment, NHB Refinancing and Cash Credit. Only 13% of our borrowings are from debt capital market with no borrowings by way of Commercial Papers
  • ·         The Company continues to maintain positive ALM across tenors & has strong liquidity of ~ Rs. 17,400 Mn as on 31st December 2018

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Bank of India Announces December 2018 (Q3 – Fy 2018-19) Financial Results

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By Vivek K. Mobile: 09920183006 Email: indianshowbusiness@gmail.com

Shri Dinabandhu Mohapatra, (Managing Director and Chief Executive Officer, Bank of India) at the announcement of the Banks Q3 FY19 Financial Results

 

BUSINESS:

  • ·         Global Business of the Bank stood at Rs. 8,87,931crore as on December 31, 2018 against Rs.9,05,541 crore as on December 31, 2017. Global Business contracted mainly because of decline in buyers credit in overseas business.
  • ·         Domestic Business stood at Rs. 725,264 crore as on December 31, 2018 against Rs. 6,94,636 crore in December, 2017, signifying Y-o-Y increase of 4.41%. The overseas business stood at Rs. 1,62,667 crore on December, 2018 vis a vis Rs. 2,10,905 crore as on 31st December, 2017.
    • ·         CASA Deposits (Domestic) grew by 5.66% YoY and its share in Domestic deposits improved from 40.36% in December 2017 to 42.65% in December 2018.
    • ·         The domestic Advances increased by 11.10 % i.e. from Rs. 2,80,670 crore in December, 2017 to Rs. 3,11,815 crore in December, 2018. The Gross Advances (Global) stood at Rs. 3,72,803 crore as on December 31, 2018 against Rs. 3,79,538 crore as on December 31, 2017.
    • ·         The RAM Advances (Retail, Agriculture and MSME) increased from Rs. 1,45,977 crore as on December 31, 2017 to Rs.1,56,442 crore as on December 31, 2018, with 7.71% YoY growth  and its share in Advances stood at 50.17% in December 2018.
    • ·         The Retail Credit grew from Rs. 45,317 crore in December,2017 to Rs.53,524 crore in December,2018, i.e. with an increase of 18.11%.
      • ·         Priority Sector advances stood at Rs.1,23,940 crore which constitutes 41.28 % of ANBC. Agriculture advances were Rs. 52,546 crore forming 17.50 % of ANBC.
      • ·         The total Risk Weighted Assets (RWAs) reduced from Rs.3,40,467 crore in December,2017 to Rs.2,97,023 crore in December,2018, i.e. reduction of  Rs.43,444 crore or 12.8%

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Divya Heroes 2019: Differently abled models walked down the ramp in Financial Capital of India

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By Ashok Punatar Mobile: 09820746494 Email: ashokpunatar@gmail.com

Divya Heroes 2019, one-day mega celebration in the heart of India’s Financial Capital Mumbai, received an overwhelming response from visitors. A number of differently-abled people on Sunday walked on the ramp at JVPD ground in Mumbai.

Organized by Udaipur-based NGO for disabled, Narayan Seva Sansthan, Divya Heroes 2019, an inclusive platform for disabled people, kicked off here today with 10 differently abledparticipants.

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UN-AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2018.

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

The Board of HVL at its meeting held today approved un-audited standalone financial results for the quarter and half year ended September 30, 2018.

HVL Standalone Results:-

HVL on standalone basis reported a total income of Rs. 26.72 Crores for the half year ended September 30, 2018.

Pursuant to adoption of IND AS, the mark to market gains in respect of equity shares held by the Company in IndusInd Bank Limited were reflected in the Balance Sheet as on March 31, 2018. The price at which the mark to market adjustment was carried out in the Balance Sheet on March 31, 2018 was Rs. 1796.75 per share. The corresponding market price as on September 30, 2018 was Rs. 1690.05 per share. This reduction in value in respect of shares held as “Stock in trade” is reflected in the Profit & Loss Account for the current period and in respect of shares held as “Investments” is reflected in “Other Comprehensive Income” in the reserves of the Balance Sheet for the current period.

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Fintech start-up Open Financial Technologies partners with ICICI Bank to offer a business banking platform that automates accounting for SMEs

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

TeamOpen

Imagine a world where your business current account was your accounting software. Imagine not having to chase payments with UTR numbers, where payments auto-reconcile, and accounting is something that happens automatically as you do your business.

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HDFC Life FY19 Q2 Financial Results

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

The Board of Directors of HDFC Life approved and adopted today its consolidated and standalone audited financial results for the period ended Sep 30, 2018. Below is the summary of our standalone results:

Commenting on the quarter’s solid performance, Ms. Vibha Padalkar, MD & CEO said “We continue to grow faster than the industry whilst sustaining our leadership position on profitability. We have a proven  track record of delivering consistent results across business cycles and the ability to comfortably weather changes at the macro, regulatory and market levels. We shall continue to pursue our strategy of harnessing newer pools of profitability as well as deliver the best value proposition to our partners, customers and shareholders.”

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Team ‘Baazaar’ in conversation with Mr. Raamdeo Agarwal, Co-Founder of the Motilal Oswal Financial Services, Today!

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

R-L Rohan Mehra, Chitrangda Singh, Saif Ali Khan & Raamdeo Agarwal

Two weeks ahead of its release, the team of the film ‘Baazaar’ attended an event to exchange conversation with Mr. Raamdeo Agarwal, Co-Founder of the online stock trading giant Motilal Oswal Financial Services, today. Read more

Focusing on semi-urban and rural areas, fintech start-up True balance launches Gift Cards for unbanked users True balance targets Next Billion Users to provide financial services

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

True Balance, Financial Services Platform has unveiled a new feature gift card in the mobile app. The gift card is a fast and secure recharge option for the users.

Continuing the promise to bring “Finance for billions “, the inception of Gift cards opens a new option for the unbanked users and is an impactful step wherein the bank related frauds are on a high. This unique feature would help the unbanked users/ users who don’t want to use bank details every time to recharge and pay bills on the True balance app; thus, introducing them to digital financial transactions.

This also is a positive step where; in case the user is a non-KYC user he would not have to worry about the monthly wallet limit and can use the Gift card to transact within the app ecosystem. App users can directly add the gift card of any amount from the true balance app. Being transferable; users may gift the gift card to their loved ones on any special occasion. Read more