Bank holiday today: Are banks open or closed on Saturday, July 7? Check here
Banks across Jammu and Kashmir will remain closed today due to Guru Hargobind Ji's Birthday, the sixth of the ten Sikh Gurus.
(This is a developing story. Check back for updates)
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The Print
25 minutes ago
- The Print
HDFC Bank Q1 net profit dips 1.31 pc, makes Rs 9k cr contingent provisioning
On a standalone basis, the country's largest private sector lender reported a net profit of Rs 18,155 crore for the quarter, up from Rs 16,174 crore a year ago. The lender had reported a net profit of Rs 16,475 crore in the year-ago period. Mumbai, Jul 19 (PTI) HDFC Bank on Saturday posted a 1.31 per cent decline in its consolidated net profit to Rs 16,258 crore for the June 2025 quarter. The core net interest income growth moderated to 5 per cent to Rs 31,400 crore during the quarter, as the net interest margin narrowed to 3.35 per cent from 3.46 per cent in the quarter-ago period amid a 6.7 per cent growth in gross advances. The bank's chief financial officer Srinivasan Vaidyanathan said about 70 per cent of its assets are linked to external benchmarks, which are directly exposed to rate revisions by the RBI, and declined to give an outlook on how it sees the key number going ahead. He said the bank, which has previously disclosed its target to grow advances in sync with the industry, is set to grow its deposit market share this fiscal year. The overall provisions jumped to Rs 14,442 crore from Rs 2,602 crore a year ago, the bank said, adding that this includes a floating provision of Rs 9,000 crore. Vaidyanathan clarified that the excess provisions, which are at par with the gains made by share sale in the HDB Financial Services' initial public offering, are not done keeping any specific event in mind or any build of stress. The gross non-performing assets ratio inched up to 1.4 per cent as of June 30 from 1.33 per cent three months ago, largely because of cyclical reverses in the agricultural portfolio. The fresh slippages increased to RS 9,000 crore from Rs 7,500 crore in the quarter-ago period, including agri advances, while excluding the agri portfolio, the same increased to Rs 6,800 crore from Rs 6,200 crore. The bank seemed to be continuing with its 'circumspect' view on the home mortgage front, where it grew by 9 per cent. The CFO stressed that top cities are seeing home loan finance coming at 7.2 per cent, which HDFC Bank finds very low. At present, 80 per cent of the bank branches sell home loans, and the aim is to take it up to 100 per cent. The overall capital adequacy of the bank was at 19.9 per cent, including the core buffers at 17.4 per cent, as of June 30. PTI AA BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
25 minutes ago
- The Print
ICICI Bank Q1 net profit jumps 15.9 pc; sees margin contraction ahead
Its core net interest income increased 10.6 per cent to Rs 21,635 crore on the back of a 12 per cent domestic loan growth, but was restricted by a narrowing of the net interest margin to 4.34 per cent from 4.41 per cent in the quarter-ago period. On a standalone basis, the country's second-largest private sector lender reported a net profit of Rs 12,768 crore for the quarter, up 15.5 per cent from Rs 11,059 crore a year ago. Mumbai, Jul 19 (PTI) ICICI Bank on Saturday posted a 15.9 per cent jump in its consolidated net profit for the June quarter to Rs 13,558 crore compared to Rs 11,696 crore in the year-ago period. The bank's executive director Sandeep Batra pointed to some more pain in the offing on the NIMs front, especially with the RBI's rate cut cycle still on. 'We do expect the NIMs to sort of compress a little more in the next quarter,' he told reporters, adding that the future trajectory will be decided by the RBI's actions and the overall liquidity in the system. The other income, excluding treasury operations, recorded a 13.7 per cent jump to Rs 7,264 crore. From an asset growth perspective, the bank slowed down growth in the riskier credit card and personal loans segment to over 1 per cent each after multiple quarters of maintaining it at over 20 per cent. Batra said there is no specific reason for the slowdown, but pointed out that the number is influenced by the demand factor as well. When asked about the slower growth in retail assets, he said the bank does recalibrations to its credit norms and added that there is an overall slowdown in the market as well. The corporate loans grew more slowly than expected because of competitive pricing options available to borrowers. From an asset quality perspective, the fresh slippages came at a slightly higher level of Rs 6,245 crore, but the bank management made it clear that it is comfortable with the quality of the portfolio. The overall provisions, excluding the ones for taxes, stood at Rs 1,815 crore compared to Rs 1,332 crore in the year-ago period, the bank said. The gross non-performing assets ratio improved to 1.67 per cent as of June 30 from 2.15 per cent in the year-ago period. Batra said the bank expects the economy to fare better in the second half of the fiscal year, and the banking system will be a beneficiary of this as credit demand increases. The overall deposit growth came at 12.8 per cent for the reporting quarter, the bank said, adding that it added 83 branches to take its overall network to 7,066 branches as of June 30. ICICI Bank's overall capital adequacy stood at 16.97 per cent, with the core buffer level at over 16 per cent. Batra said the bank does not foresee any immediate need for a capital raising exercise. Among its subsidiaries, the life insurance arm delivered a PAT increase to Rs 302 crore in Q1 against Rs 225 crore in the year-ago period, the general insurance arm's PAT jumped by nearly 29 per cent to Rs 747 crore, while ICICI Securities' net profit declined to Rs 391 crore from Rs 527 crore. PTI AA BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
2 hours ago
- Mint
What should investors do as subdued Q1 results, tariff tensions extend stock market losses? Explains Geojit's Vinod Nair
The Indian equity market initiated the month of July on a selling note, driven by persistent global trade tensions and a subdued start to the Q1FY26 earnings season. Investor sentiment was further weighed down by delays in the India–US trade pact and the US extension of tariff deadlines. News like the imposition of a 35% levy on Canadian, 50% on copper, 25% on Japan, and sending a tariff threat letter to 20 countries intensified the concerns. Despite the broader indices slipping into negative territory, selective buying emerged in consumption-oriented sectors such as FMCG and discretionary stocks. This was supported by signs of urban & rural demand revival, easing inflation, declining interest rates, and a favourable monsoon—all of which contributed to margin improvement and a positive undertone on volume growth. Key underperformers were in the IT sector, weighed down by weak results from key bellwethers and expectations of deferred orders and investments. This raised concerns over FY26 earnings estimates and added to valuation pressures. Investors are now closely watching corporate guidance on margins and sector dynamics as the earnings season unfolds. However, after the initial setback, the prices of IT stocks are stabilising with a reduction in volatility due to deep value trading near 5years -1SD (standard deviation) forward P/E valuation and hope of a rebound in business in CY26 as the Nasdaq100 index has breached to an all-time high. Banking stocks have a muted trend, which is expected to continue in the short term, facing headwinds from NIM contraction and sluggish growth in advances, which could impact its profit performance in the short-term. Also, the valuation appears somewhat stretched at current levels, suggesting that the upside may be limited in the near future. However, with regulatory support such as liquidity infusions and other revival measures, the banking sector is expected to recover over the medium to long term. We continue to maintain a positive outlook on the industry, and back stocks with a moderate credit-to-deposit ratio and improvement in asset quality, which provide a cushion against short-term volatility. Markets attempted a partial rebound this week, driven by optimism over a potential interim trade deal with the U.S. and multi-year low domestic inflation, which boosted hopes of RBI rate cuts and economic acceleration. However, the continuation of subdued quarterly results, the clamp in the global market, and the premium valuations of India led to further losses in the market. Investors are adopting a selective approach, focusing on earnings visibility and sector resilience. Mid & Small cap were able to perform marginally better. The key intake of the month is that India's macroeconomic outlook remains strong, supported by easing inflation, lower interest rates, a healthy monsoon, and softer oil prices. A drop in inflation in eight straight months has provided an optimism to the market. However, investors are showing a mix of optimism and caution to assess the Q1FY26 corporate earnings, as an upgrade in earnings is the most essential fact in the premium-valued stock market. The author, Vinod Nair, is Head of Research at Geojit Financial Services. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making investment decisions.
