29, Jul 2024
NIIT IFBI Announces ACE Banker Program in Collaboration with HDFC Bank
July 29, 2024, New Delhi, Delhi, India : NIIT Institute of Finance, Banking and Insurance (NIIT IFBI), a subsidiary of NIIT, today announced the launch of the “ACE Banker Program” in collaboration with HDFC Bank, India’s largest private sector bank. A key component of NIIT’s Talent Pipeline as a Service (TPaaS) initiative, this programme aims to recruit and train customer service professionals for HDFC Bank.
The ACE Banker Program is designed to address the evolving needs of the banking sector by equipping participants with the essential skills and knowledge required to excel in customer service roles at HDFC Bank. This comprehensive full-time program includes 45 days of residential training at NIIT University’s Campus. Upon completion of the course, candidates will receive a joint certificate from HDFC Bank and NIIT Limited and would be offered jobs, subject to the terms and conditions of the Program.
Pankaj Jathar, Chief Executive Officer, NIIT Ltd., said, “At NIIT, we are dedicated to fostering skilled human capital and enriching the talent ecosystem to meet the evolving demands of the business landscape. Our strategic collaboration with HDFC Bank for the ACE Banker Program will not only address the talent needs of HDFC Bank but also unlock new employment opportunities for aspiring individuals and will contribute to the banking industry’s talent pool.”
Vinay Razdan, CHRO, HDFC Bank said, “The ACE Banker Program is a positive step that will further help add to and nurture high-caliber talent in customer service. This initiative seeks to establish a robust talent pool in the customer experience domain, offering substantial career opportunities to young professionals eager to join the banking sector.”
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- By Rabindra
29, Jul 2024
Hero FinCorp Exclusive Offer Alert
July 29, 2024, New Delhi, Delhi, India : Hero FinCorp Personal Loans are extremely popular among Indian consumers. Thanks to their instant loan amount of up to Rs 5 Lakh, competitive interest rates and flexible repayment terms of up to 36 months. To make borrowing instant loans more rewarding, Hero FinCorp is now offering a Rs 500 Amazon voucher on approval of Personal Loan finance online. So whenever you apply for a Personal Loan and it gets approved, you get a Rs 500 voucher as a bonus to shop at Amazon.
What You Can Use the Voucher for
The Rs 500 Amazon voucher is a nice perk to look forward to. Amazon is an all-inclusive online store where you can find almost everything you need. You can use the voucher for various things at Amazon, including the following:
Buy yourself a travel bag or an outfit if planning for a trip this summer.
Spend the voucher on a decor item to enhance the beauty of your home.
Purchase the necessary study material or stationery items for yourself or your kids.
Order a fancy wallet, cosmetics, or artificial jewellery for your next vacation.
Buy health equipment or medical supplies for the needs of your family.
Like a Personal Loan, the Amazon voucher imposes no end-use restrictions. So, you can purchase anything within Rs 500 on Amazon.
How to Avail of the Amazon Voucher
To obtain the Rs 500 Amazon voucher, you must get approval for a Personal Loan at the Hero FinCorp instant loan app. Here are the conditions you must fulfil:
Age: 21 to 58 years
Profession: Salaried or self-employed
Work Experience: Six months for salaried and two years for self-employed
Monthly Income: At least Rs 15,000 per month
Apart from these, you should have a credit score of 750 or above and a low DTI ratio to show a solid repayment capacity. Once you qualify, you must submit the following documents to prove your eligibility For Personal Loan finance online:
Mandatory Documents: Dully filled application form and passport-sized coloured photograph
Identity Proof: Passport, PAN Card, Aadhaar Card, Driving License
Address Proof: Passport, Aadhaar Card, Driving License, Utility Bill, Ration Card
For Salaried Employees:
Home Ownership Proof: Property documents, electricity bills, maintenance bills
Income Proof: Form 16, last six months’ bank account statements of the salary account, previous three months’ salary slips
Job Continuity Proof: Current employer’s appointment letter, previous employer’s experience certificate
For Self-Employed Professionals:
Office Address Proof: Rent agreement, property documents, utility bills, maintenance bill
Income Proof: Last two years’ income tax returns, last six months’ bank statement
Business Existence Proof: Company’s registration certificate, shop establishment proof, copy of tax registration
To apply for an instant Personal Loan, you must download the Hero FinCorp instant loan app, enter a few necessary details, upload scanned copies of the required documents, and wait for the verification process to complete. Once you accept the loan offer, you get disbursal directly into your bank account and an Amazon voucher worth Rs 500, both with no usage restrictions.
So, don’t wait any longer. Grab this limited-period Amazon voucher offer and buy your favourite things.
29, Jul 2024
Tips to maintain your washing machine’s longevity and performance
The washing machine is an essential appliance in Indian households, making it crucial to ensure its proper maintenance and longevity. Regular maintenance is integral to ensure that the appliance performs optimally throughout the year, regardless of weather conditions or location. In addition, there are several factors to consider, such as checking for leaks, avoiding overloading the machine, and regularly cleaning the drum. In this guide, we will take a closer look at all the factors to keep in mind to ensure your washing machine’s optimal performance and longevity.
1. Checking for Leaks
Regularly inspect your washing machine for leaks, which can indicate problems with hoses, connections, or internal components. Start by looking for visible water or moisture around the machine. Then, check the hoses and connections at the rear of the machine for any drips or leaks. Addressing leaks promptly prevents water damage and maintains the machine’s efficiency.
2. Maintaining the Exterior
Keeping the exterior of your washing machine clean and well-maintained not only improves its appearance but also extends its lifespan. Wipe down the sides with a damp cloth regularly to remove dust and soap scum. Ensure that the control panel and buttons are functioning properly. Avoid using harsh cleaners that can damage the machine’s finish. A well-maintained exterior reflects your commitment to protecting your equipment and ensures it continues to operate smoothly.
3. Avoiding Overloading
Avoid overloading your washing machine to ensure effective cleaning and prevent damage. Overloading can strain the motor and suspension system, resulting in premature wear and tear. Additionally, an imbalanced load during the spin cycle can cause excessive noise and vibration, further potentially damaging the machine over time. Brands like Haier offer recommended loading capacities for each of their washing machine models, and it is integral to follow those recommendations. Adhering to these guidelines ensures the machine operates efficiently and helps prevent issues such as motor strain and imbalanced loads, contributing to the appliance’s longevity and optimal performance.
4. Spin Speed Selection
Selecting the appropriate spin speed is crucial for laundry care. Haier India offers washing machine models with various spin speeds tailored for different fabric types and laundry needs. High spin speeds are suitable for cotton and durable fabrics, while delicate textiles benefit from lower spin speeds to prevent stretching or damage. Using the correct spin speed is integral as it ensures your clothes come out clean and dry, while also prolonging the washer’s lifespan and efficiency.
5. Cleaning the Drum
Detergent residues, fabric softeners, and dirt can accumulate in the drum over time, leading to unpleasant odors and affecting laundry cleanliness. To clean the drum effectively, run a hot water cycle on an empty machine with one cup of white vinegar or a washing machine cleaner. This helps break down residues and eliminates odors. Afterward, wipe down the drum’s interior with a damp cloth to remove any remaining dirt, ensuring your washing machine is clean and ready for the next wash cycle. Regular maintenance like this helps maintain optimal performance and hygiene of your washing machine.
6. Using the Right Detergent
Choosing the right detergent is crucial for the efficiency and longevity of your washing machine. Use detergents specifically designed for high-efficiency (HE) machines, as recommended by the manufacturer. Incorrect detergent choices can result in excess foam that the machine cannot rinse off properly, leading to dirt buildup and potential blockages. Measure the detergent according to the load size and follow the manufacturer’s instructions to prevent soap buildup and maintain optimal efficiency.
7. Balancing the Load
Properly balancing the load before starting a wash cycle is crucial for preserving your washing machine’s integrity. An unbalanced load can cause excessive wear on internal components, create noise, and potentially damage the machine. To maintain balance and ensure smooth operation, evenly distribute clothes around the drum. Avoid placing too much weight on one side of the drum to prevent imbalance during the wash cycle.
8. Cleaning the Detergent Dispenser
Detergent and fabric softener residues can accumulate in the dispenser, affecting performance and causing odors over time. To maintain proper functioning and cleanliness, regularly remove the dispenser from your washing machine and clean it thoroughly with hot water. Use a soft brush or cloth to scrub away any buildup in all compartments of the dispenser. Ensure the dispenser is completely dry before reinserting it into the machine.
This comprehensive guide covers essential maintenance tips for your washing machine to ensure it operates efficiently and lasts longer. Alongside following these guidelines, it is crucial to read your washing machine brand’s instructions and recommendations for use. Brands like Haier offer various types – top-load and front-load – and sizes of washing machines, each with its own set of recommendations for optimal performance and longevity. Additionally, Haier India offers market’s biggest drum of 525mm in a washing machine with noise-less operation.
29, Jul 2024
DBS Bank’s Pivotal Study Reveals Indian Businesses More Focused Than Global Peers on ESG Reporting and Compliance
July 29, 2024, Mumbai, Maharashtra, India : A comprehensive, global study entitled ‘Pivotal: How treasury and finance enable a new era of globalisation’ conducted by DBS Bank in partnership with the Financial Times Longitude reveals the strategic priorities as well as the potential challenges for businesses in a new era of globalisation. Surveying over 570 senior executives from 15 countries1, including India, it offers valuable insights into how financial strategies and diversification efforts are driving growth and innovation.
The research study identifies the top three priorities for Indian businesses over the next two years:
78% will give precedence to securing new skills and talent,
76% will focus on improving productivity and operational performance,
72% are committed to business diversification through innovation, financing, and exploring new market channels.
When examining insights from the subcontinent, it was seen that Indian businesses are more likely than their regional peers to be engaged in ESG reporting and compliance (65% in India, compared with 62% in Singapore, 53% in Hong Kong and 41% in China). This aligns with the increase in stringency and rigour required from mandatory reporting and disclosure norms in the country. Another interesting aspect that emerged was that one of the biggest considerations for Indian companies deciding where to locate their treasury and finance functions was the presence of a diverse talent pool, with 84% of organisations citing it as a critical factor, compared to a global average of 70%. A stable political environment and robust financial ecosystem, aspects that are very reliable in India, also rank high on this list of location influencers, each factor cited by 72% of businesses in India.
Speaking on the launch of this survey, Rajat Verma, Managing Director and Head of Institutional Banking, DBS Bank India said, “Amidst global headwinds, there are emerging opportunities for companies to benefit from the shift towards Asia by harnessing the power of innovation and data-driven decision making. The new DBS study reveals how the role of Treasury has been evolving strategically within this paradigm to drive business results, unlock value and manage risk. As a trusted partner, DBS Bank is committed to leveraging our established regional network and expertise in digitalisation to help companies navigate this path forward.”
A significant finding is that 42% of Indian executives (compared to the global average of 27%) perceive the emergence of new market entrants as a key barrier, hampering business growth. Access to capital (40%), and growing regionalisation and nationalism, (36%), are also fundamental concerns. Despite these challenges, Indian enterprises are actively pursuing global expansion, with treasury and finance departments playing an increasingly central role. These functions are driving decisions, with 92% of treasury and finance teams engaged in corporate strategy and 88% of these teams in Indian businesses closely involved in procurement and supply chain management, vital functions in the current trade landscape.
Divyesh Dalal, Managing Director & Head – Global Transaction Services, SME & Institutional Liability Business, DBS Bank India shared, “The Pivotal 2024 survey indicates that businesses in India are leading their regional peers in ESG reporting and compliance, which corresponds closely to trends we have seen with DBS clients in the country. Treasury and finance teams are going beyond their traditional remit in driving value for the organisations. They are increasingly looking to better leverage emerging technologies like AI & Gen AI to build their core businesses. As companies become more global, the competitive advantage derived from integrating sustainability and digitalisation into operations will be the deciding factor for long-term business success.”
The findings of the DBS Bank study, in partnership with the Financial Times Longitude, point to the fact that companies that embrace the more involved role of their treasury and finance leaders and enable them to adapt to new responsibilities, stand to benefit from a more informed approach to unlocking new opportunities in a dynamic global marketplace.
1Over 85% of respondents were from companies with an annual revenue of over USD 1 billion. The study was conducted by FT Longitude, the specialist thought leadership division of the Financial Times Group.
29, Jul 2024
Honeywell and Air India Sign Long-Term Deal for APU Aftermarket Support
Mumbai, India, July 29, 2024 – Honeywell has signed a long-term agreement with Air India Limited, India’s leading global airline and a Tata Group enterprise, for Auxiliary Power Unit (APU) aftermarket support covering both Air India’s existing and new fleets. The agreement provides comprehensive maintenance support for Honeywell APUs, ensuring high aircraft dispatch reliability and fleet availability, and lower unplanned maintenance costs across Air India’s fleet.
The APU is a critical piece of aircraft equipment that provides electrical power and air conditioning to a plane while it is on the ground. It helps ensure passenger comfort and supplies the air source before a pilot is ready to start the main engines. APUs are part of a broad range of Honeywell technologies shaping the future of aviation. This is one of three global megatrends that Honeywell’s portfolio is aligned to, which also includes Automation and Energy Transition.
“We are delighted to strengthen our collaboration with Air India and help in its fleet modernization efforts, as part of a long-standing commitment to supporting the carrier’s innovation and growth objectives,” said Ashish Modi, President of Honeywell India. “This latest milestone in our 30-year-plus partnership with Air India is a testament to our key role in accelerating the growth of India’s aviation sector through innovative technology.”
With air travel steadily growing, the need for easily accessible aftermarket services continues to rise. Under the agreement, Honeywell will deliver to Air India comprehensive APU aftermarket support to ensure the continued reliability and efficiency of Air India’s extensive fleet of more than 300 aircraft. This includes its legacy fleet, which consists of over 100 A320 aircraft, 15 B777 aircraft and its new fleet of 190 B737-8 aircraft, and will cover Honeywell’s 131-9A, 131-9B and 331-500 series APUs. Honeywell’s extensive global service and support network is designed to ensure that its APUs operate at optimal performance with minimal operational disruption.
Sisira Kanta Dash, chief technical officer, Air India, said: “This is an exciting milestone that adds to our long-standing partnership with Honeywell. This agreement forms part of our global growth and transformation plans, to help achieve more efficient, reliable operations, with maximized fleet availability, through Honeywell’s advanced technology services that enable us to continue meeting the needs of our valued customers.”
With over seven decades of experience and having produced over 100,000 gas turbine APUs, Honeywell is a trusted leader in auxiliary power solutions. Honeywell’s time-tested APUs are known for their reliability and play a crucial role in enhancing flight safety and ensuring operational dependability and fuel efficiency. Honeywell also offers a global, comprehensive support network with fully integrated service solutions that meet the industry’s evolving needs.
29, Jul 2024
The Inclusive Lens: Bringing Disability in Focus – A Film Festival Hosted by Embassy of Spain and Embassy of Finland
July 29, 2024,New Delhi, Delhi, India : The Embassy of Spain and the Embassy of Finland, in collaboration with the ETI Services, are proud to announce the successful culmination of “The Inclusive Lens: Bringing Disability in Focus”, a pioneering film festival dedicated to highlighting the experiences and stories of people with disabilities.
Cinema is not just a visual medium of expression; it is an exploration of the many lives a character has lived, and wants to live. In this exploration, the lives of people with disabilities have seldom found a space. A space to showcase their mundanity, their complexities, and the colors of their everyday challenges – their reds, blues, yellows, and others — in between and beyond. The film festival was a platform to embrace the landscape of disability through the lens of cinema, alongside the voices, and visions of expert panelists who get together in the hope of an inclusive future.
The festival, held from 26th July – 27th July 2024, at the Instituto Cervantes, New Delhi showcased a diverse selection of films from Spain, Finland and India, celebrating the talents and creativity of filmmakers who portray the multifaceted lives of people with disabilities. The event aimed to foster greater awareness, understanding, and inclusion through the powerful medium of cinema.
The Honourable Ambassador of Spain, H.E. Juan Antonio March Pujol remarked, “In Spain, disability inclusion is a priority. That is why in 2022, the Government of Spain approved the Spanish Disability Strategy 2022-2030. Within that framework, in the Embassy of Spain, we are dedicated to supporting initiatives that promote the rights and well-being of people with disabilities. This festival is part of a larger, sustained effort to raise awareness and advocate for disability rights throughout the year. It is not a one-time event but a commitment to continuous engagement and support.”
The Honorable Ambassador of Finland, Kimmo Lähdevirta stated, “In Finland, we have long recognized the importance of disability inclusion, not only in our policies and workplaces, but also in our cultural expressions. Finnish cinema has been a pioneer in presenting authentic and diverse stories, ensuring that persons with disabilities are represented not just as characters, but as real, multi-faceted individuals.”
Dr Sukriti Chauhan, CEO, ETI Services remarked, “The Inclusive Lens’ transcends the boundaries of a traditional film festival; it stands as a powerful testament to the resilience and diversity of the human spirit. By centre-staging the narratives of individuals with disabilities, we are not only celebrating their stories but also challenging societal perceptions and promoting a more inclusive world. We are deeply honored to have partnered with the Embassies of Spain and Finland in this endeavor, and we believe that through such initiatives, we can foster greater empathy, understanding, and ultimately, a more equitable society.”
The festival featured a range of activities, including the screenings of Spanish film Campeonex (dir: Javier Fesser, 2023), Finnish film The Blind Man Who Did Not Want To See The Titanic (dir: Teemu Nikki, 2021), and the Indian film Margarita With A Straw (dir: Shonali Bose, 2014), a lively panel discussion with members from the disability community, academicians and youth leaders, where the panelists discussed the representation of disability in cinema, and highlighted how authentic and nuanced representation, informed by empathy and inclusion, should form the cornerstone of production of films about disability. The festival also had an interactive Q&A session with filmmaker Shonali Bose, a theatrical puppetry performance by Kayakalp and stalls from organizations working in the disability sector. Audiences were moved by the compelling narratives and powerful performances that highlighted the richness and diversity of the disability experience.
29, Jul 2024
HiLife Jewels: The Ultimate Exhibition of Premium Masterpiece Jewelry
Hilife Jewels showcases over 100 top jewellery brands, and famous jewellery designers all under one roof
Many jewellery lovers, celebrities, and jewellery lovers grace the grand launch of “hilife jewels exhibition” in Bengaluru one of the most premium jewellery exhibitions in the nation.
Over 100 renowned jewellery brands & jewellery designers are part of the 3-day (26th,27th,28th July) hilife jewels exhibition.
29th July 2024, Bengaluru: Hilife Jewels, the nation’s most premium jewellery exhibition, is currently captivating jewellery enthusiasts in Bengaluru with an unparalleled showcase of exquisite craftsmanship and dazzling gemstones. The event, which commenced on July 26th, is set to continue its splendour until July 28th at the prestigious Hotel Taj West End. Graced by the luminous presence of celebrity Nandita Shweta at its launch, Hilife Jewels has been a beacon of luxury, bringing together a curated collection of India’s top jewellery brands under one roof. From resplendent gold and diamond ensembles to rare gemstones and silver masterpieces, the exhibition offers an immersive experience for discerning connoisseurs and jewellery lovers alike.
“Hilife Exhibitions has established itself as a leading platform for fashion, lifestyle, and luxury experiences across India and internationally,” said Mr Aby P Dominic, MD & CEO of Hilife Exhibitions. “HILIFE JEWELS is a testament to our commitment to bringing the finest in jewellery to our patrons. We are thrilled to present this extraordinary collection to the discerning audience in Bengaluru.”
With over 100 renowned jewellery brands and designers participating, the exhibition presents a unique opportunity to explore a diverse range of styles, trends, and traditional artistry. Hilife Jewels is not just an exhibition; it’s a celebration of opulence and elegance.
29, Jul 2024
IDFC FIRST Bank Q1 FY25 PAT at Rs. 681 Crores, Core Operating Profit up 30.2 percent YOY
July 29, 2024, Mumbai, Maharashtra, India : Financial results at a glance The Board of Directors of IDFC FIRST Bank, in its meeting held today, approved the unaudited financial results for the quarter ended June 30, 2024.
Deposits & Borrowings
Total Deposits of the Bank increased by 35.8% YOY from Rs. 1,54,427 crore as of June 30, 2023 to Rs. 2,09,666 crore as of June 30, 2024.
Customer Deposits increased by 37.8% YOY from Rs. 1,48,474 crore as of June 30, 2023 to Rs. 2,04,572 crore as of June 30, 2024.
CASA Deposits grew by 36.1% YOY from Rs. 71,765 crore as of June 30, 2023 to Rs. 97,692 crore as of June 30, 2024.
CASA Ratio stood at 46.6% as of June 30, 2024.
Retail Deposits grew by 43.5% YOY from Rs. 1,14,272 crore as of June 30, 2023 to Rs. 1,64,001 crore as of June 30, 2024.
Retail Deposits constitutes 80.2% of total customer deposits as of June 30, 2024.
Legacy High Cost Borrowings reduced from Rs. 16,055 crore as of June 30, 2023 to Rs. 10,084 crore as of June 30, 2024.
The Bank opened 11 new branches during Q1 FY25 to reach branch count of 955 by June 30, 2024.
Loans and Advances
Loans and Advances (including credit substitutes) increased by 22.0% YOY from Rs. 1,71,578 crore as of June 30, 2023 to Rs. 2,09,361 crore as of June 30, 2024.
The Bank continues to wind down infrastructure financing as per the stated strategy and now constitutes only 1.3% of total funded assets as of June 30, 2024.
Exposure to top 20 single borrowers improved from 7.0% as of June 30, 2023 to 5.4% as of June 30, 2024.
Credit to Deposit Ratio improved from 107.3% as of June 30, 2023 to 98.1% as of June 30, 2024.
Incremental Credit to Deposit ratio between June 30, 2023 to June 30, 2024 was 72.1%.
Assets Quality
Gross NPA of the bank has improved from 2.17% as of June 30, 2023 to 1.90% of June 30, 2024, improved by 27 bps on YOY basis.
Net NPA of the bank has improved from 0.70% as of June 30, 2023 to 0.59% of June 30, 2024, improved by 11 bps on YOY basis.
Gross NPA of the Retail, Rural and MSME Finance has improved from 1.53% as of June 30, 2023 to 1.46% as of June 30, 2024, improved by 7 bps on YOY basis.
Net NPA of the Retail, Rural and MSME Finance has improved from 0.52% as of June 30, 2023 to 0.46% as of June 30, 2024, improved by 6 bps on YOY basis.
Excluding the infrastructure financing book, which the Bank is running down, the GNPA and NNPA of the Bank would have been 1.60% and 0.43% respectively as of June 30, 2024.
SMA-1 and SMA-2 in Retail, Rural and MSME Finance portfolio continues to be low at 1.01%, but increased from 0.85% as of March 31, 2024 due to rise in SMAs of JLG book (due to floods) which increased from 1.26% as of March 31, 2024 to 1.70% as of June 30, 2024.
Provision coverage ratio (excluding technical write-off) of the bank has increased from 68.11% as of June 30, 2023 to 69.38% as of June 30, 2024. Excluding the run-down infrastructure book, PCR was at 73.48% at June 30, 24.
Profitability
Net Interest Income (NII) grew 25% YOY from Rs. 3,745 crore in Q1 FY24 to Rs. 4,695 crore in Q1 FY25.
Net Interest Margin (Gross of IBPC and sell-down) reduced from 6.33% in Q1 FY24 to 6.22% in Q1 FY25.
Fee and Other Income grew by 19% YOY from Rs. 1,341 crore in Q1 FY24 to Rs. 1,595 crore in Q1 FY25.
Core Operating income grew 24% from Rs. 5,086 crore in Q1 FY24 to Rs. 6,290 crore in Q1 FY25.
Operating Expense grew by 21% YOY from Rs. 3,659 crore in Q1 FY24 to Rs. 4,432 crore in Q1 FY25.
Core Operating Profit grew by 30% YOY from Rs. 1,427 crore in Q1 FY24 to Rs. 1,858 crore for Q1 FY25.
Provisions increased 109% YOY from Rs. 476 crore in Q1 FY24 to Rs. 994 crore in Q1 FY25. This was primarily due to rise in provisions of JLG portfolio, impacted by the flood in Tamil Nadu and seasonal impact.
The annualized credit cost as % of average funded assets (gross of IBPC) for Q1 FY25 was 1.90%. Without the impact of JLG book, the annualized credit cost as % of average funded assets for Q1-FY25 was 1.70%. Bank expects the credit cost to get normalized from Q3-FY25 onwards.
Net Profit de-grew 11% YOY from Rs. 765 crore in Q1 FY24 to Rs. 681 crore in Q1 FY25. Excluding trading gains from respective period, the degrowth in profit was at 7% YOY.
Provisions for JLG business was higher by Rs. 132 crores in Q1 FY25 over the Q1 FY 24. Excepting this impact, the PAT for the quarter would have been higher by Rs. 100 crores.
RoA stood at 0.91% and RoE stood at 8.32% in Q1 FY25.
Capital Position
Capital Adequacy including profit for Q1-25 was strong at 15.88% with CET-1 Ratio at 13.34% as on June 30, 2024. Including Capital raised in July 2024, the Capital Adequacy Ratio as on June 30, 2024 would be 17.21%, with CET-1 ratio at 14.67%.
Comments from Managing Director & CEO
Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said,
“The biggest requirement in Banking today is the ability to raise deposits. On this front, we continue to get strong growth in deposits based on top quality service levels, top in class mobile App, and excellent corporate governance. Our CASA ratio is sustained at 46.6%. Our customer deposits have grown 38% YOY. We thank our customers for their goodwill towards us.
Overall Gross NPA was stable at 1.90% and Net NPA was 0.59%. Provisions normalized this quarter in line with the industry. We took extra provisions for MFI business because of massive floods in Tamil Nadu and because of seasonality. We expect credit cost to normalise in H2 FY25 as guided earlier.
On the profitability front, the Core Operating Profit (Income less Opex) rose 31% YOY excluding trading gains. This continues on the back of strong core Operating Profit in FY24, which was up 31% from Rs. 4,607 crore in FY23 to Rs. 6,030 crore in FY24.”
29, Jul 2024
Lineage Announces Closing of Initial Public Offering
July 29, 2024,NOVI, Mich., United States : Lineage, Inc. (the “Company”) (Nasdaq: LINE) today announced the closing of its underwritten initial public offering of 56,882,051 shares of its common stock at a public offering price of $78.00 per share. The net proceeds from the offering were approximately $4.2 billion, after deducting underwriting discounts and commissions and estimated expenses payable by the Company. The Company intends to use the net proceeds received from the offering to repay borrowings outstanding under its delayed draw term loan, repay borrowings outstanding under its revolving credit facility, fund one-time cash grants to certain of its employees in connection with this offering and estimated cash to pay tax withholding obligations associated with stock grants and redeem its Series A preferred stock. Following such uses, the Company expects to use the remaining net proceeds for general corporate purposes, which may include the repayment of additional borrowings outstanding under its revolving credit facility.
The Company’s common stock began trading on the Nasdaq Global Select Market on July 25, 2024, under the ticker symbol “LINE”.
Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities acted as joint lead book-running managers for the offering. RBC Capital Markets, LLC, Rabo Securities USA, Inc., Scotia Capital (USA) Inc., UBS Securities LLC, Capital One Securities, Inc., Truist Securities, Inc., Evercore ISI, Robert W. Baird & Co. Incorporated, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Deutsche Bank Securities Inc., CBRE Capital Advisors, Inc., HSBC Securities (USA) Inc., Piper Sandler & Co. and Regions Securities LLC acted as joint book-running managers for the offering. Blaylock Van, LLC, Cabrera Capital Markets LLC, C.L. King & Associates, Inc., Drexel Hamilton, LLC, Guzman & Company, Loop Capital Markets LLC, Roberts & Ryan Investments, Inc. and R. Seelaus & Co., LLC acted as co-managers.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on July 24, 2024. The offering was made only by means of a prospectus. Copies of the final prospectus related to this offering may be obtained from Morgan Stanley, Prospectus Department, 180 Varick Street, New York, New York 10014, or email: prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: prospectus-ny@ny.email.gs.com; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, email: dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; and Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751 (option #5) or email a request to WFScustomerservice@wellsfargo.com.
29, Jul 2024
HCLTech collaborates with SAP India to upskill technology professionals
NOIDA, India, July 29, 2024—HCLTech, a leading global technology company, has collaborated with SAP in India to provide SAP-certified training to professionals in Consulting, IT and Engineering sectors. HCLTech will leverage SAP Learning platform to offer trainings on new and existing SAP software solutions, delivered through HCLTech’s proprietary learning platform Career Shaper™.
SAP and HCLTech have the experience to cater to 25 diverse industry verticals as well as technology tracks. This initiative will accelerate the efforts of enterprises to build talent pools with SAP software and Digital competencies. Tech professionals across all career levels will have access to industry-leading experts to acquire essential SAP skills, such as Advanced Business Application Programming (ABAP), Finance and Controlling (FICO) and Production Planning (PP) as they learn how to apply them in today’s digital transformation process.
“India’s young and large technology talent is a valuable resource for enterprises. As India strives to harness its demographic dividend and solidify its position as the talent hub for the world, armed with technological advances such as AI, it is critical to bridge the existing talent demand and supply gap. This is possible only by empowering individuals with the rights skills and tools. Our collaboration with HCLTech is an extension of this objective and aims to nurture a new cohort of SAP experts and prepare them for jobs of tomorrow,” said Nitish Agrawal, Chief Partner Officer, SAP Indian Subcontinent.
“Together with SAP India, we are taking another step forward for talent development and addressing the growing demand for professionals with multi-disciplinary competencies. This collaboration underscores HCLTech’s commitment to provide a comprehensive suite of learning and assessment solutions to global clients through our proprietary Career Shaper™ platform. Under this collaboration, we will deliver industry-led content for improving the job relevance of individuals,” said Srimathi Shivashankar, Corporate Vice President and Global Head, EdTech Business, HCLTech.
