Stay updated with breaking news from Devangshu Datta. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Bandhan Bank has declared disappointing results for the first quarter of the 2023-24 financial year (Q1FY24). While the market has been braced for known issues around microfinance exposures in West Bengal and Assam, there is higher stress in the portfolio. This means higher credit costs and poorer asset quality, leading to target downgrades by analysts.
A strong business update for the April-June quarter of the 2023-24 financial year Q1FY24 has led to a big jump of over 7 per cent in the share price of Bajaj Finance on Tuesday (July 4). The non-banking financial company's (NBFC's) new loan book grew 34 per cent with 9.9 million new loans booked in Q1FY24 from 7.2 million loans booked in Q1FY23. The company's total customer franchise rose to 72.98 million (as on June 30, 2023), compared to 60.30 million year-on-year (YoY) with the highest-ever quarterly increase of 3.84 million in Q1FY24. Assets under management (AUM) grew by 32 per cent to ab...
The stock has gained over 10 per cent in the last month but it could still have an upside, with valuations between Rs 5,200 and Rs 5,700 from several analysts and strong 'buy' consensus.
Here is the best of Business Standard's opinion pieces for today
Axis Bank's results for the fourth quarter of the 2022-23 financial year (Q4FY23) were skewed due to large one-off charges related to its acquisition of Citi's retail business. Axis reported a loss of Rs 5,730 crore on account of exceptional items of Rs 12,350 crore (net of tax) towards Citi's acquisition, policy harmonisation etc. Excluding this one-off, the adjusted net profit or profit after tax (PAT) would be Rs 6,630 crore, up 61 per cent year-on-year (YoY).