Sachin Kumar

Doha, Mumbai

Deputy Editor, Banking at Financial Express

Journalist- heading banking coverage in Financial Express. Telling stories on banking and finance.

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Articles

Financial sector rushes to fortify cyber defence

6 days ago | financialexpress.com | Urvi Malvania |Sachin Kumar

Banks and insurance firms have started beefing up their cyber security defence systems by setting up quick response teams and conducting mock drills for disaster recovery scenarios amid heightened tensions between India and Pakistan.
Japanese lender SMBC to buy 20% stake in Yes Bank for Rs 13,483 crore

6 days ago | financialexpress.com | Sachin Kumar

Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) will buy a 20% stake in Yes Bank from State Bank of India (SBI) and other lenders, for about Rs 13,483 crore, making it the biggest foreign investment in country’s banking sector. Under the deal, SMBC will acquire a 13.19% stake from SBI and total 6.81% from seven other lenders including Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank.
'We will surpass credit growth target for current financial year,' says Ashok Chandra - Banking & Finance News

6 days ago | financialexpress.com | Sachin Kumar

Punjab National Bank is aiming to bring down its Gross Non-Performing Assets (GNPA) to below 3%, a milestone it has not reached in years, says MD & CEO Ashok Chandra.
Crisil assigns ‘watch negative’ on IndusInd debt instruments

6 days ago | financialexpress.com | Sachin Kumar

Rating agency Crisil on Thursday placed long-term debt instruments of IndusInd Bank on ‘rating watch with negative implications’, due to recent resignations of two top executives and concerns over its microfinance (MFI) portfolio. The instruments under watch include Rs 4,000 crore worth of Tier 2 bonds and Rs 1,500-crore infrastructure bonds, both currently rated AA+. Crisil, however, reaffirmed the bank’s short-term rating at A1+.
PNB profit surges 52% as provisions fall, income rises

1 week ago | financialexpress.com | Sachin Kumar

Punjab National Bank on Wednesday reported a 51.7 % year-on-year jump in its net profit to Rs 4,567 crore for the fourth quarter of the previous financial year, helped by a sharp fall in provisions for bad loans and an increase in other income. The bottom line beat expectations as analysts polled by Bloomberg had estimated the bank to post a Rs 4,164-crore net profit in the quarter.
RBI’s Rs 50,000 cr OMO gets bids worth Rs 1.32 lakh cr

1 week ago | financialexpress.com | Sachin Kumar

The Reserve Bank of India (RBI) on Tuesday received bids exceeding twice the notified amount in its open market operation (OMO) purchase from banks. The apex bank got bids worth more than Rs 1.32 lakh crore, against the notified amount of Rs 50,000 crore. The RBI will hold three more OMO auctions, each worth Rs 25,000 crore, on May 9, May 15, and May 19.
BoB profit rises 3%, margins decline, stocks slump 10%

1 week ago | financialexpress.com | Sachin Kumar

Bank of Baroda on Tuesday reported a 3.3% year-on-year rise in its net profit to Rs 5,048 crore for the fourth quarter of the previous financial year, hit by a decline in net interest income. Analysts polled by Bloomberg had estimated the bank to post a Rs 4,723-crore net profit in Q4FY25. Shares tumbled nearly 11% as March quarter numbers failed to cheer investors. The stock slumped 10.27% to settle at Rs 223.65 on the BSE. On the NSE, it tanked 10.90% to Rs 221.95.
Shares of SBI, Kotak Bank fall after results

1 week ago | financialexpress.com | Sachin Kumar

Shares of State Bank of India (SBI) and Kotak Mahindra Bank fell nearly 2% and 5%, respectively, in early trade on Monday after the lenders reported weaker-than-expected earnings for the March quarter. SBI shares ended 1% lower at Rs 790 while the Kotak Bank scrip closed at Rs 2,085, down 4.5%, on the BSE. Despite the earnings miss, most brokerages remain optimistic about SBI’s long-term outlook.
Rupee jumps 31 paise on falling crude oil prices

1 week ago | financialexpress.com | Sachin Kumar

The rupee rose 31 paise, or 0.37%, to 84.2475 against the US dollar on Monday, driven by a decline in crude oil prices. Brent crude prices plunged by up to 4.55% to $58.5 on Monday after the OPEC+ agreed to a further increase in output over the weekend, spurring concerns about a glut of supply into an uncertain demand environment.
SBI net profit dips 10% to Rs 18,643 crore

1 week ago | financialexpress.com | Sachin Kumar

The country’s largest public lender, State Bank of India (SBI), on Saturday announced a 10% year-on-year decline in net profit to Rs 18,643 crore in the fourth quarter of the previous financial year, impacted by increase in provisioning for bad loans. The lender’s bottomline beat expectations, as Bloomberg analysts had estimated the bank to post Rs 17,800 crore net profit in the quarter.

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