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Time of India
2 hours ago
- Time of India
HDFC & ICICI Bank report strong earnings with record profits in Q1
File photo MUMBAI: HDFC Bank and ICICI Bank reported strong earnings growth for the quarter ended June 2025, supported by a rise in both interest and non-interest income. However, both lenders flagged margin pressures and adopted a cautious stance in certain retail segments. HDFC Bank declared a 1:1 bonus issue and an interim dividend of Rs 5 per share. The bank's standalone net profit rose 12.2% year-on-year to a record Rs 18,155 crore, up from Rs 16,175 crore in the year-ago quarter. The increase was driven by a 103.7% jump in other income and a lower tax outgo, even as provisions rose fourfold. Total income grew 18.5% to Rs 99,200 crore, supported by a 6.1% rise in interest income. Earnings from investments rose 20.1%, while income from balances with RBI and interbank funds surged 41.7%. As of June-end, ad- vances stood at Rs 27.8 lakh crore, up 8%, while deposits rose 16% to Rs 27.6 lakh crore. ICICI Bank posted a 15.4% year-on-year growth in standalone net profit to Rs 12,768 crore, compared with Rs 11,059 crore a year earlier. Profit growth was backed by a 10.1% rise in interest income and a 21.5% increase in other income. Operating profit rose 17% to Rs 18,746 crore, while provisions grew 36.2% to Rs 1,815 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo Advances rose 11.5% to Rs 13.6 lakh crore, and deposits increased 12.8% to Rs 16 lakh crore. The board also approved acquisition of ICICI Prudential Pension Funds Management Company for Rs 203.5 crore, making it a wholly owned subsidiary, pending regulatory approvals. HDFC Bank CFO Srinivasan Vaidyanathan said loan growth is expected to match the industry in FY26 and improve by FY27, led by consumption-driven lending. Mortgages grew 7%, and overall retail lending rose 9.6%. ICICI's ED Sandeep Batra said personal loan and credit card growth slowed to 1% due to calibrated risk management but asset quality remained stable. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
3 hours ago
- Time of India
India-EFTA to take effect from October 1: Goyal
Commerce minister Piyush Goyal MUMBAI: The free trade agreement between India and the four-nation European bloc EFTA will be implemented from Oct 1, commerce and industry minister Piyush Goyal said Saturday. The two sides signed the Trade and Economic Partnership Agreement on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products, such as Swiss watches, chocolates, and cut and polished diamonds, at lower or zero duties. "India-EFTA TEPA to come into effect from 1st Oct," Goyal said on X. The European Free Trade Association members are Iceland, Liechtenstein, Norway, and Switzerland. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
5 hours ago
- Time of India
Historic Swadeshi Market in Kalbadevi sees two factions battle over redevelopment goldmine
Mumbai: A century old textile market in South Mumbai has become the site of a pitched battle over its redevelopment. The historic 130-year-old Swadeshi Market building in Kalbadevi is witnessing a tug of war between the incumbent committee and a rival faction over rebuilding the dilapidated five-storey structure. On Friday a group of residents and tenants led a protest, demanding that redevelopment be sped up. Their coordinator Anil Beniwal said, "The directors of the market want redevelopment and tenants want it too. This group held an agitation against a few residents who are stalling the process. The building is in sorry shape and a mishap can occur at any time." Another trader said, "The standoff is between two groups seeking control over the redevelopment process. A fracas erupted during the AGM (annual general meeting) which resulted in another stalemate. The matter has gone to the National Company Law Tribunal (NCLT) court. Moreover, the society needs to hold elections and that is another prolonged affair." You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Mukesh More, who owns three apartments in Swadeshi Market building said, "This two acre plot holds immense potential. We have been approached by reputed developers offering us a good deal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo Even the jewellers of Zaveri Bazar have shown interest, saying they want to expand and build a gold souk like the one in Dubai. But a handful of traders are opposed to this because their businesses are faring well. They are seeking control and want the present management to step down to make way for them. " More said the plot is a goldmine of opportunity worth Rs 4,500 crore in redevelopment potential. He claimed a leading politician from the BJP was supporting their "struggle". Meanwhile the BMC has issued notices threatening to disconnect electricity and water supply. Residents say that a fortnight ago, the civic body demolished parts of the dangerous upper storeys. "We will approach them to not cut off amenities. Else we will seek political intervention," More said. When contacted, BMC officials clarified that the eviction notice was issued by Mhada (which owns the property). "The building has been classified as C1 in the structural audit by M/s Capstone Consultants Pvt Ltd. and C Ward conveyed this to Mhada. However, after securing an NOC from Mhada, only partial repair work was undertaken, leaving the rest of the dilapidated structure as it is," said an official from BMC. Mhada officials did not respond to TOI's request for comment. Trader Nitin Shah who owns an 80-year-old family business in Swadeshi Market said, "We all want redevelopment since the market is 130 years old. In fact the authorities have begun demolishing portions of the upper storeys. So although the ground floor is stable, if the higher levels collapse we will surely suffer."
