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SBI profit drops 18.5 percent in January-March quarter
Kolkata, May 23 (IANS) India's largest lender State Bank of India (SBI) Thursday said its net profit dropped by 18.54 percent to Rs.3,299.22 crore in the quarter ended March 31, owing to lower interest income and higher provisioning.
SBI Q4 debt restructuring at $1.46 billion
REUTERS - State Bank Of India, the country's largest lender, restructured 80.9 billion rupees in loans in the January-March quarter, far higher than its earlier guidance of 37 billion rupees, a senior executive told Reuters on Thursday. The bank's total restructured book now stands at 431 billion rupees, Soundara Kumar, deputy managing director, told Reuters by telephone from Kolkata. Earlier, SBI posted its first quarterly net profit drop in two years, missing market estimates after being dragged down by lower interest income and higher provisions for loan losses. ...
SBI chairman says challenge in mid and small companies continue
KOLKATA (Reuters) - State Bank Of India Chairman said on Thursday it continued to face challenges in the mid and small-sized companies segment. The lender is reeling under bad debt of 4.75 percent, the highest among Indian banks, and restructured nearly $1.5 billion loans in January-March quarter. Earlier, SBI posted its first quarterly net profit drop in two years, missing market estimates after being dragged down by lower interest income and higher provisions for loan losses. (Reporting by Sujoy Dhar; Editing by Anand Basu)
State Bank of India Q4 profit falls, shares drop
REUTERS - State Bank of India, the country's largest lender, posted its first quarterly net profit drop in two years, missing market estimates after being dragged down by lower interest income and higher provisions for loan losses. The state-run bank posted net profit of 32.99 billion rupees in the January-March quarter, compared with 40.50 billion rupees in the same period a year ago. Net interest income, the difference between interest earned and interest expended, fell 4.4 percent to 110.8 billion rupees. Analysts, on average, had expected net profit of 37. ...
China factory activity shrinks for first time in seven months - flash PMI
By Aileen Wang and Koh Gui Qing BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary manufacturing survey showed, entrenching fears that its economic recovery has stalled and that a sharper cooldown may be imminent. The flash HSBC Purchasing Managers' Index (PMI) for May fell to 49.6, slipping under the 50-point level demarcating expansion from contraction for the first since October. The final HSBC PMI stood at 50.4 in April. ...
Half of investments in emerging markets go via tax havens - study
LONDON (Reuters) - Nearly half of the money that multinationals and wealthy investors poured into emerging markets in 2011 came via tax havens, resulting in revenue losses for poor countries, anti-poverty campaigners ActionAid said in a report. British Prime Minister David Cameron has said corporate tax avoidance will be discussed next month at the annual summit of the Group of Eight leading industrial economies, which Britain is hosting in Northern Ireland. A number of U.S. multinationals, including Apple , web search leader Google , online retailer Amazon. ...
No more easy pickings in Russia's banking market
By Megan Davies MOSCOW (Reuters) - Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for. While players such as Citi and Austria's Raiffeisen thrive, many have found post-Soviet Russia too hard to crack: rife with credit, legal and corruption risks, and dominated by state giants Sberbank and VTB . The latest to hit trouble has been France's Societe Generale . ...
Goldman exits China's ICBC, seven years and billions later
By Fiona Lau and Elzio Barreto HONG KONG (Reuters) - Goldman Sachs Group Inc raised $1.1 billion by selling its remaining shares in Industrial and Commercial Bank of China, ending a seven-year old investment and handing the Wall Street firm a return of nearly four times its original stake. Goldman's relationship with ICBC was similar to that of other big global financial institutions that purchased stakes in Chinese banks and insurers. ...
Essar Oil to sign $1 bln debt-for-fuel deal with China
MUMBAI/NEW DELHI (Reuters) - Essar Oil Ltd will sign a $1 billion loan deal with China on Tuesday that sources with knowledge of the matter said would be backed by supply of refined products to top state oil producer PetroChina. Essar Oil could sign a preliminary agreement with China Development Bank (CDB) on Tuesday to borrow that amount during Chinese Prime Minister Li Keqiang's visit to Mumbai, his first foreign trip, the sources said. ...
Goldman exits China's ICBC, seven years and billions later
By Fiona Lau and Elzio Barreto HONG KONG (Reuters) - Goldman Sachs launched on Monday the sale of about $1.1 billion worth of Hong Kong-traded shares in Industrial and Commercial Bank of China, offering to sell its entire remaining stake in the world's biggest bank by market value. The sale by Goldman would be the final chapter in the Wall Street bank's investment into China's ICBC. Prior to its 2006 IPO, ICBC was a technically insolvent state institution, reeling from the bad loans that saddled China's financial industry. ...
Chinese Premier seeks trust in India, border issue irks
By Frank Jack Daniel NEW DELHI (Reuters) - Chinese Premier Li Keqiang is seeking to build trust with India on his first foreign trip since taking office, which comes just a few weeks after a military standoff between the Asian giants on their ill-defined border in the Himalayan mountains. The number two in the Chinese leadership offered India a "handshake across the Himalayas" in an editorial published on Monday in The Hindu newspaper and said that together the emerging economic giants could become a new engine of the world economy. ...
Despite curbs, China's vast hot money triangle flourishes
By James Pomfret and Matthew Miller ZHUHAI, China/HONG KONG (Reuters) - In an underground mall just a stone's throw from China's teeming border with Macau, a row of 30 small shops with identical golden plaques does a brisk, though shadowy trade with mainland Chinese visitors, many of them bound for the gambling hub. "Good rates. Better than the banks," shout salespeople jostling to usher clients into shops where thick wads of Chinese 100 yuan and HK$1,000 bank notes change hands and shuffle noisily through electronic cash-counting machines. ...
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