Govt to initiate PSBs’ consolidation process after Q1 results

The finance ministry is expected to initiate the process of consolidation of public sector banks (PSBs) once the first quarter results of the current fiscal have been announced, a senior official has said. There are various things including financial performance which have to be looked at before a merger decision is taken, said the official… Continue reading Govt to initiate PSBs’ consolidation process after Q1 results

Bank of India swings from loss to profit in Q1, bad loans fall

Bank of India (BOI), the country’s sixth biggest lender by assets, reported a first-quarter profit as its bad loan ratio narrowed and loan-loss provisions fell. Net profit was Rs 87.71 crore in the quarter ended June 30, compared with a loss of Rs 741 crore a year earlier, the Mumbai-based bank said on Wednesday. Analysts… Continue reading Bank of India swings from loss to profit in Q1, bad loans fall

City Union Bank Q1 net up 14% at Rs 140 cr

City Union Bank (CUB) has reported a net profit of Rs 140.32 crore during the quarter ended June 30, 2017, as compared to Rs 123.52 crore, a year ago, an increase of 14%. The bank is planning to seek shareholders approval for a Rs 500-crore Qualified Institutional Placement (QIP). N Kamakodi, managing director and chief… Continue reading City Union Bank Q1 net up 14% at Rs 140 cr

Dual-camera Lenovo K8 Note launched in India, priced at Rs 12,999

Chinese smartphone maker Lenovo on Wednesday launched the much-awaited ‘K8 Note’ in India at Rs 12,999 (3GB RAM and 32GB storage version) that comes with a dual-camera setup (13MP+5MP sensor with flash). The 4GB RAM and 64GB ROM variant will cost Rs 13,999. The device with first stock Android (7.1.1) has 13MP selfie camera that… Continue reading Dual-camera Lenovo K8 Note launched in India, priced at Rs 12,999

HSBC profit rise by 5%, announces $2 billion share buybackhs

HSBC Holdings PLC on Monday said profit grew 5 percent in the six months through June and announced its third share buyback in a year, indicating continued progress in the six-year turnaround plan of Europe’s biggest bank. HSBC, like many global banks, spent the years up to the 2008 financial crisis expanding its empire with… Continue reading HSBC profit rise by 5%, announces $2 billion share buybackhs

Facebook shares dip from high as investors fret over costs, future profit

By Rishika Sadam and David Ingram REUTERS – Facebook Inc reported surging quarterly profit and revenue on Wednesday, helped by its fast-growing mobile ad business, but its shares dipped from a record high in after-hours trading as investors showed some nervousness about future earnings. The world’s biggest online social network, which is nearing the five-year… Continue reading Facebook shares dip from high as investors fret over costs, future profit