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One of the Kolkata-based private sector lender, Bandhan bank, has posted a net profit of Rs.1112 crore in FY17 as against Rs. 500 crore in FY16 due to a strong growth in its CASA (current and savings account) deposits and loan portfolio. The bank has managed to reach a CASA ratio of 29 per cent (up from 21 per cent last year) during its 18 months of operations. The bank further highlights that it will continue its focus on growing their core segment of micro loans as compare to the corporate loans.
Kotak Mahindra Bank Ltd has agreed to acquire UK partner Old Mutual plc’s 26 per cent stake in their life insurance joint venture for Rs. 1292.7 crore ($201 million) in cash. This deal will increase Kotak Mahindra Bank’s stake in Kotak Mahindra Old Mutual Life Insurance Ltd to 100 per cent.
Lakshmi Vilas Bank has posted a 6 per cent increase in net profit for the March quarter .Net profit for the fourth quarter of this fiscal year stood at Rs. 52 crore as against from Rs. 49 crore a year ago. The profit increase is backed by strong growth in advances, other income and reduced cost of funds. The bank has also reported reduction in its gross and net NPAs due to economic slowdown.
IDFC Bank is planning to expand their share in the mass retail finance business in the next 24-36 months. The bank may acquire a bank or a microfinance company to boost its share in retail finance market which at a portfolio of Rs. 17000 crore is estimated to constitute 25 per cent of its total loan portfolio in FY17. Rajiv lall, MD and CEO, IDFC bank, said that the bank aims to focus more on emerging corporates, mid-sized companies and retail portfolios as opposed to the large corporate segment.
Private sector lender, ICICI Bank has inaugurated its 24th branch in Indore at Sanwer road in the city. The bank branch will offer a comprehensive range of services including accounts, deposits and loans (auto, home, gold, personal and business loans) along with the credit card facility to the customers.
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