HDFC Life Simplifies Claim Submission Process to Support Wayanad Landslide Victims

Bengaluru, 3rd August 2024: HDFC Life, one of India’s leading life insurers, extends its deepest condolences to the families affected by the tragic landslides in Wayanad, Kerala. The company expresses its heartfelt sympathies to those who have lost loved ones and wishes for a swift recovery for those injured.

The recent landslides in Wayanad have caused significant loss of life and property, leaving many families in distress. In response, HDFC Life has simplified the claims submission process to ensure quick and hassle-free support for the affected families.

Simplified Requirements for Claim Submission:

1. Proof of death issued by local government authorities, police, or hospitals

2. Nominee identity proof and bank details

Sameer Yogishwar, Chief Operating Officer – HDFC Life, shared his heartfelt message, “Our hearts go out to the families affected by the devastating landslides in Wayanad. During these challenging times, we stand committed to providing swift and compassionate support to our policyholders. We understand the pain and hardship faced by the families that have been impacted, and we are here to ensure that the claims process is as seamless and stress-free as possible. Our team is dedicated to assisting them in every way we can during this difficult period.”

Unaudited Financial Results of the Bank for the Quarter Ended June 30, 2024

Tamilnad Mercantile Bank Ltd (TMB) one of the renowned Old Private Sector Banks, having its Head Quarter in Thoothukudi has a long-cherished history of 102 years of eventful existence with strong fundamentals and an enviable track record of continuous profit making in the industry.

TMB having pan India presence with 565 branches and 12 Regional Offices across 17 states and 4 Union Territories serves more than 5 million delighted customers.

The Board of Directors of Tamilnad Mercantile Bank Ltd approved the Unaudited Financial Results of the Quarter Ended June 30,2024 in their meeting held at Thoothukudi on 02.08.2024. Shri. C. Chiranjeeviraj, Independent Director, who is authorized by the Board, declared the results and the Bank issued this press release.

The Bank continues to exhibit strong performance on all fundamental parameters.

Bank’s Performance Highlights

Ø  Operating Profit has increased to ₹469 crore from ₹380 crore Y-o-Y

Ø  Net profit has surged to ₹287 crore from ₹261 crore Y-o-Y

Ø  The NIM has increased to 4.12% from 4.00% Y-o-Y

Ø  Interest income has improved to ₹1,281 crore from ₹1,156 crore Y-o-Y

Ø  Non Interest Income has improved to ₹234 crore from ₹167 crore Y-o-Y

Ø  Total income has moved to ₹1,515 crore from ₹1,323 crore Y-o-Y

Ø  The CRAR% has increased to 29.21% from 26.57% Y-o-Y

Ø  Book Value of Share has increased to ₹520 from ₹454 Y-o-Y

Ø  Total Business has increased to ₹90,041 crore from ₹84,300 crore Y-o-Y

Ø  CASA has increased to ₹13,789 crore from ₹13,101 crore Y-o-Y

Ø  The RAM segment has increased to 92% from 90% Y-o-Y

Ø  Total SMA to Gross Advances has reduced to 4.98% from 7.16% Y-o-Y

Ø  Stressed Assets ratio has decreased to 2.55% from 3.21% Y-o-Y

Q-O-Q Performance:

Ø  The Bank’s deposits has increased to ₹49,188 crores (PY ₹47,008 crores)

Ø  The advance level of the Bank has increased to ₹40,853 crores with a growth rate of 10% as YOY basis.

Ø  The Net Profit is at ₹287 crores for the quarter Q1FY25 as against ₹261 crores for Q1FY24 registering the growth rate of 10% as YOY basis.

Ø  The Net Interest Income is at ₹567 Crores for the quarter Q1FY25 as against ₹514 for Q1FY24 registering a growth rate of 10%.

Ø  Return on Asset at 1.88% & Return on Equity at 14.22% for the reporting quarter. (Q1 FY 24 1.85% and 14.80% respectively)

Ø  The Bank’s Net worth increased to ₹8,244 crores (PY ₹7,190 crores) with an absolute rise of ₹1054 crores registering a growth rate of 15%.

New initiatives

• The Bank has opened 10 New Branches (6 Branches in Tamilnadu and 4 Branches in Other States) during the Q1FY25.
• The Bank has Launched an Online Customer Portal for Foreign Exchange Operations facilities to customers.
• The Bank has Launched “TMB Apartment Savings Bank Account” for High-Net-Worth individuals residing in apartment / housing society / gated community.
• The Bank has launched Online Demat Account opening platform for customers.

 Awards:

• The Bank has bagged Eight Atal Pension Yojana (APY) awards during the Current Quarter for its performance during Previous Financial Year.

Hero MotoCorp and FIH Launch Global Partnership to Boost Hockey

Bengaluru, August 03, 2024: The International Hockey Federation (FIH) is delighted to announce a new partnership with Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, for a period of five years.

With this massively important agreement for hockey’s development, Hero MotoCorp becomes FIH’s Global Leadership Partner, and confirms their strong, long-term engagement with global hockey that has spanned over the past 15 years.

This strategic alliance aims to elevate the sport to new heights, drive hockey’s global growth and inspire future generations of hockey enthusiasts worldwide.

Dr. Pawan Munjal and Tayyab Ikram met on the side-lines of the ongoing Paris Olympics to discuss the collaboration.

Commenting on the agreement, Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp said: “As the world gathers for the Olympic Games, I am proud to announce the renewal of our partnership with the International Hockey Federation (FIH) for the next five years. This collaboration highlights one of the most significant international sports alliances. In India, hockey symbolizes national pride and heritage.

“As champions of sports, we recognize its profound impact on transforming lives and communities. Hockey, our national sport, deeply resonates with our cultural values. I congratulate Tayyab Ikram, President of FIH, for the sport’s remarkable evolution through innovative tournaments and formats. These efforts have broadened hockey’s appeal and engagement with future generations.

“Hero MotoCorp is committed to elevating hockey’s prominence, with upcoming global events in India playing a pivotal role. We aim to inspire youth worldwide with values of respect, equality, diversity, sustainability, and fair play, ensuring hockey’s spirit shines brightly across the globe.”

FIH President Tayyab Ikram said: “This renewed partnership with Hero MotoCorp represents a tremendous support for the development of hockey – FIH’s number one mission – all around the world.

“As we have embarked on a new path to grow and professionalise our sport like never before through our Empowerment and Engagement strategy launched last year, this agreement comes at a very significant time.

“Thanks to Hero MotoCorp’s support, we will be able to expand our ambitions and objectives, for the good of hockey.

“In my personal name and on behalf of FIH, I would like to express the sincerest gratitude of the global hockey community to Hero MotoCorp, and in particular its Executive Chairman Dr. Pawan Munjal, whom we had the pleasure to welcome at the Paris 2024 Olympics hockey events.

“This partnership confirms Hero MotoCorp’s trust in FIH, and in our sport’s potential. We share the same vision of sports, fostering physical exercise, uniting people and developing communities. Together, we will grow!”

The partnership starts immediately and includes all FIH events for the next 5 years, including the FIH Hockey World Cup, the FIH Hockey Pro League, the FIH Indoor Hockey World Cup, the FIH Hockey Junior World Cup, the FIH Hockey5s World Cup or the FIH Hockey Nations Cup.