Latest news with #316
The Star
a day ago
- Business
- The Star
Penang man loses more than RM1.3mil to online scam
GEORGE TOWN: A 46-year-old man here lost RM1,316,111 to an online scam recently. The Penang police Commercial Crime Division said it had received a report from the man who is a manager in a medical company. The victim said after he had seen an advertisement on Instagram, he got in touch with a woman, who is believed to part of an online scam syndicate. State police chief Comm Datuk Hamzah Ahmad said the victim was promised high returns in a short period if he participated in the share scheme. "The victim later downloaded the application 'TPG PRO', and from April 27 to 29 made 20 transactions amounting to RM1,316,111 to four different accounts for the investment. "The victim realised he was cheated when he could not withdraw his profits from his investment," he said. Comm Hamzah said the victim was later told to increase his investment if he wanted to withdraw the profits. He said the case is being investigated under Section 420 of the Penal Code for cheating.
New Straits Times
a day ago
- Business
- New Straits Times
Manager loses RM1.3 million in online investment scam
GEORGE TOWN: A manager of a health-based company has fallen victim to an online investment scam, resulting in losses amounting to RM1,316,111. The Seberang Prai Selatan Commercial Crime Investigation Department is investigating the case under Section 420 of the Penal Code for fraud. State police chief Datuk Hamzah Ahmad said the 46-year-old victim saw an advertisement on stock trading on Instagram in April. He said the victim then contacted a woman, suspected to be part of a fraud syndicate, through WhatsApp. "Promised high returns within a short time, the victim downloaded the TPG Pro application and proceeded to invest. "Between April 27 and May 29, the victim transferred RM1.3 million in 21 transactions to four different company accounts associated with the investment scheme. "The victim became suspicious when he could not withdraw any of his profits and was asked to increase his capital contribution to access the promised returns," he said today. Hamzah urged the public to exercise caution and avoid investment offers not recognised by official agencies such as Bank Negara Malaysia, Securities Commission Malaysia and Companies Commission of Malaysia. "This crime poses a serious threat to our country's economic stability.
Business Standard
20-05-2025
- Business
- Business Standard
Satin Creditcare Posts a Healthy Profit After Tax (Pat) Of Rs217 Crore for Q4 Of FY25
VMPL Mumbai (Maharashtra) [India], May 20: Satin Creditcare Network Ltd. (SCNL), a leading NBFC-MFI committed to rural financial inclusion, has reported a strong financial performance for Q4 of FY 2025. Despite ongoing challenges in the microfinance sector, the company's resilience and strategic prudence have enabled it to maintain stability and growth. On a standalone basis, SCNL recorded an Assets Under Management (AUM) of Rs11,316 crore, reflecting a 6.8% year-on-year growth. The company continued its streak of profitability for the 15th consecutive quarter, posting a Profit After Tax (PAT) of Rs217 crore and a Pre-Provision Operating Profit (PPOP) of Rs736 crore. Return metrics remained robust, with Return on Assets (RoA) at 2.07% and Return on Equity (RoE) at 7.86%, backed by a healthy net worth of Rs2,843 crore. Despite prevailing headwinds, SCNL demonstrated significant improvement in asset quality. The company successfully lowered its PAR 1 by 192 basis points to 4.9% and maintained Gross Non-Performing Assets (GNPA) at 3.70%. Collection efficiency for the 0 days past due portfolio remained exceptional, standing at ~99.8% in March 2025, while credit costs were effectively managed at 4.6%, staying within the guided range. On a consolidated basis, SCNL reported an AUM of Rs12,784 crore and a PAT of Rs186 crore, with a Net Interest Margin (NIM) of 12.61%, underscoring its disciplined pricing and efficient capital deployment. Mr. H P Singh, CMDexpressed happiness at the company's performance, "Our FY25 results underscore the strength of our business model and our unwavering commitment to financial inclusion. Despite challenges in the sector, our prudent risk management, diversified funding base, and customer-centric approach have enabled us to navigate volatility while maintaining stability and growth. As we move forward, we remain focused on innovation, sustainability, and expanding financial access to underserved communities." SCNL made significant strides in strategic initiatives during the year, including the successful closure of a USD 100 million syndicated social loan via External Commercial Borrowing (ECB) and further diversification of its lender base. Additionally, the company received a prestigious "SQS2" Sustainability Quality Score from Moody's Ratings for its Social Financing Framework. The company's subsidiaries also posted strong growth. Satin Housing Finance Ltd. achieved a 22% YoY AUM increase to Rs920 crore, while Satin Finserv Ltd. scaled its MSME book to Rs516 crore, marking an impressive 58% jump. With a steadfast commitment to governance, technology-driven operations, and a diversified product portfolio, Satin Creditcare continues to solidify its position as one of India's most stable and future-ready financial inclusion leaders. About Satin Creditcare Network Limited: Satin Creditcare Network Limited (SCNL or Satin) is aleading microfinance institution (MFI) in the country with presence in 29 states & union territories and over 90,000 villages. The Company's mission is to be a leading micro financial institution by providing a comprehensive range of products and services for the financially under-served community. The Company aims to lead in gender empowerment by leveraging on technology and innovation that forge sustainable strategic partnerships. The Company also offers a bouquet of financial products in the Non-MFI segment, comprising of loans to MSMEs and affordable housing loans. In April 2017, SCNL incorporated a wholly-owned housing finance subsidiary Satin Housing Finance Limited (SHFL) for providing loans in the affordable and micro-housing segment. In January 2019, SCNL received separate NBFC license to commence MSME business through Satin Finserv Limited (SFL). In August 2024, SCNL incorporated a subsidiary for software services, Satin Technologies Limited (STL) dedicated to developing innovative, world-class technology solutions by leveraging cutting-edge technologies. As on 31st March 2025, Satin group had 1,568 branches and a headcount of 16,705 across 29 states and union territories, serving 33.6 lakh clients.
BusinessToday
13-05-2025
- Business
- BusinessToday
BNM's Move Could Inject Excitement In Lagging Banking Stocks
The Thursday's session saw the local bourse trade negatively, weighed down by Banking heavyweights — despite BNM keeping the overnight policy rate steady but flagging further downside risks amid uncertainties surrounding President Trump's trade policies. As for Wall Street, markets surged after President Trump announced a preliminary trade deal with the UK, reducing tariffs on cars and steel while expanding US exports on beef, ethanol, and machinery. The Dow rose over 250 points, with gains in Boeing and Deere. The Day AheadUS: With progress toward de-escalation of the trade war—President Trump announced a trade deal with the UK, signalling a potential rollback of tariffs on Chinese goods, risk-on sentiment emerged on Wall Street and was traded higher. Also, the market appears optimistic ahead of next week's US-China meeting in Switzerland. In the US, META presents trading opportunities, supported by its +16% YoY topline growth which exceeded analysts' forecasts, while the recovery in users and ads spending should support the share price going forward. In commodities, Brent crude oil edged higher toward USD63/bbl, while gold traded around USD3,316 zone. CPO prices hovered between RM3,800–3,900/MT. In view of the positive performance in the US, Malacca Securities expects the local bourse to rebound as the Bursa Finance index has risen 8% since the April 9 low, further supported by the 100bps cut in the Statutory Reserve Requirement,—which injected approximately RM19bn in liquidity into the banking system. Traders may look for trading opportunities in lagging banking stocks such as Alliance and AmBank. The house said it also noticed the AI theme has regained momentum following the potential revision of the Biden administration's chip restriction act. This could spur trading interest in the Construction, Utility, and Technology sectors. Related
