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BOM:500180

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Asia

HDFC Bank Submits MD, CEO Candidates to RBI

HDFC Bank (NSE:HDFCBANK, BOM:500180) has submitted two candidate names to the Reserve Bank of India for approval to replace Sashidhar Jagdishan as its next managing director and CEO, according to a Saturday filing to the Indian stock exchanges.Jagdishan opted not to seek reappointment last month and is slated to retire from the bank at the close of business on Oct. 26.The lender expanded its board and increased the number of whole-time directors to four from the present three, appointing Chief Credit Officer Jimmy Tata as a whole-time director, the filing said.The bank's board also approved the reappointment of V. Srinivasa Rangan as a whole-time director, designated as executive director, for a one-year term starting Nov. 23.

BOM:500180NSE:HDFCBANK
Treasury

Market Chatter: Reliance Industries Plans INR125 Billion Bond Sale

Indian conglomerate Reliance Industries (NSE:RELIANCE) is looking to raise around 125 billion Indian rupees through local-currency bonds in its first such offering since 2023, Bloomberg News reported Tuesday, citing people familiar with the matter.The offering will reportedly feature a base issue size of 100 billion rupees, supplemented by a greenshoe option of 25 billion rupees. The AAA-rated notes will carry a five-year maturity and an annual coupon of 7.47%, with the offering expected to launch as early as next week, the report said.Reliance has tapped Axis Bank (NSE:AXISBANK, BOM:532215), ICICI Bank (NSE:ICICIBANK, BOM:532174), HDFC Bank (NSE:HDFCBANK, BOM:500180) and YES Bank (NSE:YESBANK, BOM:532648) to serve as arrangers for the issuance.None of the involved parties immediately responded to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:500180BOM:500325BOM:532174BOM:532215BOM:532648NSE:AXISBANKNSE:HDFCBANKNSE:ICICIBANKNSE:RELIANCENSE:YESBANK
Treasury

Update: India's REC Issues INR5 Billion in Tokenized Corporate Bonds

(Updates to add Taurus Group's statement in 6th paragraph)Indian state-owned power sector financier REC (BOM:532955, NSE:RECLTD) issued 5 billion rupees in tokenized corporate bonds under the Securities and Exchange Board of India's regulatory sandbox framework, according to a Monday exchange filing.The offering received bids worth about 7.96 billion rupees, making it roughly eight times oversubscribed.REC accepted 5 billion rupees at a coupon rate of 7.30% per annum for a tenor of one year and nine months. The bonds were allotted, settled and listed on NSE and BSE on the same day.Top lenders HDFC Bank (NSE:HDFCBANK, BOM:532174) and ICICI Bank (BOM:532174, NSE:ICICIBANK) are among the buyers of REC's tokenized bonds, Bloomberg News reported separately, citing people familiar with the matter.The buyers also included private lenders Axis Bank (NSE:AXISBANK, BOM:532215) and Yes Bank (BOM:532648, NSE:YESBANK), as well as AK Capital Services, ICICI Securities Primary Dealership, Taurus Group and Trust Investment Advisors, according to the report.In a statement to, Taurus Corporate Advisory Services Investment Banking Head Gaurav Kute confirmed the firm's participation, calling the transaction an "important turning point" for India's corporate bond market that will enable faster settlement.The other lenders did not immediately respond to' request for comment.

BOM:500180BOM:532174BOM:532215BOM:532648BOM:532955NSE:AXISBANKNSE:HDFCBANKNSE:ICICIBANKNSE:RECLTDNSE:YESBANK
Treasury

India's REC Issues INR5 Billion in Tokenized Corporate Bonds

Indian state-owned power sector financier REC (BOM:532955, NSE:RECLTD) issued 5 billion rupees in tokenized corporate bonds under the Securities and Exchange Board of India's regulatory sandbox framework, according to a Monday exchange filing.The offering received bids worth about 7.96 billion rupees, making it roughly eight times oversubscribed.REC accepted 5 billion rupees at a coupon rate of 7.30% per annum for a tenor of one year and nine months. The bonds were allotted, settled and listed on NSE and BSE on the same day.Top lenders HDFC Bank (NSE:HDFCBANK, BOM:532174) and ICICI Bank (BOM:532174, NSE:ICICIBANK) are among the buyers of REC's tokenized bonds, Bloomberg News reported separately, citing people familiar with the matter.The buyers also included private lenders Axis Bank (NSE:AXISBANK, BOM:532215) and Yes Bank (BOM:532648, NSE:YESBANK), as well as AK Capital Services, ICICI Securities Primary Dealership, Taurus Group and Trust Investment Advisors, according to the report.The lenders did not immediately respond to' request for comment.

BOM:500180BOM:532174BOM:532215BOM:532648BOM:532955NSE:AXISBANKNSE:HDFCBANKNSE:ICICIBANKNSE:RECLTDNSE:YESBANK
Asia

HDFC Bank to Fully Redeem INR7.4 Billion in Additional Tier 1 Bonds

HDFC Bank (BOM:500180, NSE:HDFCBANK) will exercise its call option to redeem in full its 7.39 billion rupees of Additional Tier 1 notes on Sept. 30, according to an exchange filing on Wednesday.The notes were issued on Sept. 30, 2021, as rupee-denominated bonds overseas.HDFC Bank will redeem them at 100% of the outstanding principal amount, together with applicable accrued and unpaid interest or distributions.

BOM:500180NSE:HDFCBANK
Asia

HDFC Bank to Challenge Insolvency Court Order Cutting Subhash Chandra's Liability

HDFC Bank (BOM:500180, NSE:HDFCBANK) plans to challenge an insolvency court ruling that approved a repayment plan substantially reducing the personal liability of media tycoon Subhash Chandra, according to a bank statement.The lender opposed and voted against the resolution plan, which was backed by creditors.The Delhi insolvency court cut Chandra's liability to 62.5 million rupees from claims of 220 billion rupees.HDFC Bank said the loan accounts for 3.2% of total admitted claims, according to the statement.Chandra disputed the claims, saying the personal insolvency proceedings involved 39.92 billion rupees, not 220 billion rupees, and that he had not borrowed money from any lender.

BOM:500180NSE:HDFCBANK
Treasury

HDFC Bank Completes $1.75 Billion Senior Unsecured Bond Issue

HDFC Bank (BOM:500180, NSE:HDFCBANK), acting through its GIFT City branch, has completed the issuance of $1.75 billion in senior unsecured bonds, according to a Thursday filing to the Indian exchanges.The issue comprises $500 million of three-year notes carrying a 5.159% coupon and $1.25 billion of five-year notes with a 5.401% coupon.Both tranches are scheduled to settle on Aug. 26, with maturities on Aug. 26, 2029, and Aug. 26, 2031, respectively.

BOM:500180NSE:HDFCBANK
Asia

CARE Affirms A1+ Rating on HDFC Bank's Certificate of Deposit

CARE Ratings affirmed the A1+ rating on HDFC Bank's (NSE:HDFCBANK, BOM:500180) certificate of deposit, according to a Wednesday Indian bourse filing.Shares of the bank were up nearly 1% in recent trade.

BOM:500180NSE:HDFCBANK
Asia

Market Chatter: HDFC Bank, Four Other Indian Lenders Weigh Up to $3 Billion Fundraising

HDFC Bank (NSE:HDFCBANK) and four other Indian private lenders are considering raising up to $3 billion through dollar bonds or loans, Bloomberg reported Tuesday, citing people familiar with the matter.HDFC Bank is weighing a dollar bond of up to $1 billion, potentially in the coming weeks, the report said. Federal Bank (NSE:FEDERALBNK, BOM:500469), Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247), RBL Bank (NSE:RBLBANK, BOM:540065) and Yes Bank (NSE:YESBANK, BOM:532648) are separately planning to raise $250 million to $500 million each, according to the report.The lenders are seeking to tap a Reserve Bank of India facility that offers a fixed annual foreign-exchange swap rate of 1.5% for overseas borrowings with an average maturity of at least three years, Bloomberg noted. The facility is aimed at supporting capital inflows and reducing hedging costs.HDFC Bank last raised $750 million through a five-year dollar bond in June, according to Bloomberg.HDFC Bank, Federal Bank, Kotak Mahindra Bank, RBL Bank and Yes Bank did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:500180BOM:500247BOM:500469BOM:532648BOM:540065NSE:FEDERALBNKNSE:HDFCBANKNSE:KOTAKBANKNSE:RBLBANKNSE:YESBANK
Asia

HDFC Bank Board Penalizes CEO, CFO After Internal MSRDC Probe

HDFC Bank (BOM:500180, NSE:HDFCBANK) concluded an internal review of its deposit arrangement with the Maharashtra State Road Development Corporation, according to a Monday stock exchange filing.The board, based on the findings of a special disciplinary committee of independent directors, concluded that the employees involved had committed business overreach rather than acted with mala fide intent, personal enrichment or improper motive.The bank issued warning letters and imposed a 100,000-rupee monetary penalty on Managing Director and Chief Executive Officer, the Chief Financial Officer and the Group Head of Retail Assets.The remaining employees received warning letters.The review relates to the bank's deposit arrangement with MSRDC in 2017 and 2021, following a media report alleging HDFC Bank routed 450 million rupees in payments to the state agency as marketing expenses to effectively enhance returns on its deposits.

BOM:500180NSE:HDFCBANK
Research

Arihant Capital Markets Downgrades HDFC Bank to Accumulate From Buy; Price Target is INR949

HDFC Bank (NSE:HDFCBANK) has an average rating of buy and mean price target of 1,046.43 Indian rupees, according to analysts polled by FactSet.

BOM:500180NSE:HDFCBANK
Asia

HDFC Bank's Consolidated Net Profit Rises in Fiscal Q1

HDFC Bank's (NSE:HDFCBANK, BOM:500180) consolidated net profit rose to 190.60 billion Indian rupees in the fiscal first quarter ended June 30, from 181.55 billion rupees a year ago.Earnings per share came in at 12.35 rupees from 11.79 rupees a year earlier, according to a Saturday filing to the Indian stock exchanges.Net interest income edged up 6.7% to 335.3 billion rupees. Net interest margin shrank to 3.26% on total assets from 3.4% a year prior.

BOM:500180NSE:HDFCBANK
HDFC Bank's Fiscal First-Quarter Profit Rises 5% Despite Margin Pressures
US Markets

HDFC Bank's Fiscal First-Quarter Profit Rises 5% Despite Margin Pressures

HDFC Bank (NSE:HDFCBANK, BOM:500180) reported a 5% increase in net profit for the fiscal first quarter ended June 30 to 190.60 billion rupees from 181.55 billion rupees a year earlier.Earnings per share rose to 12.35 rupees from 11.79 rupees, according to filings with the Indian bourses on Saturday.Net revenue for the quarter, however, shrank to 463.6 billion rupees from 531.7 billion rupees. The year-ago figure included 91.3 billion rupees in transaction gains from the IPO of its subsidiary, HDB Financial Services (NSE:HDBFS, BOM:544429), HDFC said.Net interest income in the latest reporting period edged up 6.7% to 335.3 billion rupees. Net interest margin shrank to 3.26% on total assets from 3.4% a year prior.On the earnings call, CEO Sashidhar Jagdishan said the lender faced "certain challenges over the last four months."CFO Srinivasan Vaidyanathan told analysts that the bank does not expect net interest margins to improve quickly, citing the country's liquidity scenario and the elevated costs of non-retail deposits."Non-retail deposit costs have been elevated. And similarly, the borrowing mix has not come off yet. We still remain at about 11%. That continues to be a space that we keep watching. But again, it doesn't change in the short term and doesn't change in a hurry," Vaidyanathan said.During the call, Deputy Managing Director Kaizad Bharucha said the bank had disbursed close to 140 billion rupees under the government's Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 scheme as of June 30."I believe that's amongst the highest in terms of the participating banks because of the spread of customers and the quality of the portfolio that we have out over there," Bharucha said.

BOM:500180BOM:544429NSE:HDBFSNSE:HDFCBANK
Asia

Market Chatter: HDFC Bank Begins Search for New CFO

HDFC Bank (NSE:HDFCBANK, BOM:500180) has started searching for a new chief financial officer as the tenure of current CFO Srinivasan Vaidyanathan is set to end in October, Moneycontrol reported, citing sources.The bank has approached senior industry executives for the role and may not extend Vaidyanathan's term, according to the report.The search started after the recent departure of Bhavin Lakhpatwala, a long-serving HDFC Bank executive who joined RBL Bank as CFO, Moneycontrol said. He was considered a potential successor to Vaidyanathan, the report added.Vaidyanathan could receive a one-year extension if the selection process remains unresolved, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BOM:500180NSE:HDFCBANK
Asia

Market Chatter: Indian Banks Raise NRI Deposit Rates to Attract Inflows

Indian banks have raised interest rates on foreign currency non-resident bank deposits following recent regulatory changes by the Reserve Bank of India to attract overseas capital, Bloomberg reported on Wednesday.According to the report, Yes Bank (NSE:YESBANK, BOM:532648) and AU Small Finance Bank (NSE:AUBANK, BOM:540611) are offering rates of up to 7.1% to non-residents on five-year deposits.State Bank of India (NSE:SBIN, BOM:500112) and HDFC Bank (NSE:HDFCBANK, BOM:500180) are offering as much as 6% for the same tenure.The move follows measures announced by the central bank last week that give banks greater flexibility to offer higher rates on foreign-currency deposits as policymakers seek to attract foreign inflows and support the rupee, Bloomberg said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSENifty 50BOM:500112BOM:500180BOM:532648BOM:540611NSE:AUBANKNSE:HDFCBANKNSE:SBINNSE:YESBANK
Asia

Nomura Adjusts HDFC Bank's Price Target to INR950 From INR940, Keeps at Buy

HDFC Bank (NSE:HDFCBANK, BOM:500180) has an average rating of buy and mean price target of 1,060.07 Indian rupees, according to analysts polled by FactSet.

BOM:500180NSE:HDFCBANK
US Markets

ICICI Bank Reports Higher Profits in Fiscal Q4

ICICI Bank's (NSE:ICICIBANK, BOM:532174) fiscal fourth quarter profits after tax grew by 8.5% on-year to $1.4 billion, while total advances, or loans, grew 15.8% on-year in the same period, the financial house reported on Saturday.Bank ICICI reported that it extended loans heavily to the business side of its loan portfolio in the fiscal fourth period and year, ended March 31.While the bank's retail loan portfolio grew by 9.5% on-year in the fourth period, the ICICI business-loan portfolio grew by 24.4%on-year, reported ICICI.Meanwhile, total ICICI Bank deposits increased by 11.4% on-year to $189.2 billion, at the end of the fiscal fourth quarter.The bank operation is well-capitalized, said ICICI.The bank's total capital adequacy ratio at the end of the fourth period was 17.18% and the common equity tier 1 (CET1) ratiowas 16.35%, which was above the regulatory requirements of 11.70% and 8.20% respectively, advised ICICI.Based on the financial results, the ICICI board recommended a dividend equivalent to $ 0.25 per ADS (American Depositary Share)..Established in 1955, ICICI Bank is part of the ICICI Group. It was established by the World Bank, the Government of India, and industry representatives to foster industrial development.ICICI is one of India's largest financial houses, and is regarded as one of three domestic "systemically important banks" by the central bank Reserve Bank of India (RBI). The other two such banks are HDFC Bank (NSE:HDFCBANK, BOM:500180, HDB) and the State Bank of India (NSE:SBIN, BOM:500112).ICICI shares on Monday closed up 0.9%.

^BSE^NSEBOM:500112BOM:500180BOM:532174$HDBNSE:HDFCBANKNSE:ICICIBANKNSE:SBIN
Asia

HDFC Bank's Consolidated Profit Grows in Fiscal Q4

HDFC Bank's (NSE:HDFCBANK, BOM:500180) consolidated net profit rose to 203.5 billion Indian rupees in the fiscal fourth quarter ended March 31 from 188.3 billion rupees a year ago.Earnings per share came in at 13.18 rupees, up from 12.26 rupees a year earlier, the bank said in a filing to the Indian stock exchange on Saturday.The figure was higher than the 11.86 rupees consensus estimate of analysts polled by Visible Alpha.Interest earned by the lender in fiscal Q4 increased to 871.8 billion rupees from 867.8 billion rupees a year ago.The board recommended a final dividend of 13 rupees per share, with the record date set as June 19.

BOM:500180NSE:HDFCBANK
Asia

HDFC Bank Approves Up to INR10 Billion Investment in HDFC Life

HDFC Bank (NSE:HDFCBANK, BOM:500180) approved an investment of up to 10 billion Indian rupees in HDFC Life Insurance (NSE:HDFCLIFE, BOM:540777) through a preferential issue of equity shares, according to a Thursday filing on Indian bourses.The investment will be made in one or more tranches, the filing said.

BOM:500180BOM:540777NSE:HDFCBANKNSE:HDFCLIFE

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