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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

State Bank of India Names Group Chief Risk Officer

State Bank of India (NSE:SBIN, BOM:500112) assigned a new responsibility to Deputy Managing Director Ratna Teja Dinakara Akella, appointing him as deputy managing director and group chief risk officer, according to an Indian bourse filing on Friday.

BOM:500112NSE:SBIN
International

Market Chatter: India's Bank Lending Hits Two-Year High as Firms Choose Loans Over Bonds as Financing Sources

Bank lending in India grew 16.2% year-on-year through May 15, marking the fastest pace of growth since June 2024 as companies chose bank loans over bonds, owing to their lower borrowing costs, Bloomberg News reported Thursday.Local bond sales over the same period declined 11% to 10.9 trillion rupees. This could be a result of higher sovereign bond yields because of the U.S.-Iran war, which led the yields to rise 38 basis points to 7.04% since the conflict began, the report said.The higher benchmark bond yields have raised corporate borrowing costs, lowering firms' demand for bonds, despite speculations that the Reserve Bank of India will keep its interest rates steady on Friday, it said.Muthoot Microfin (BOM:544055, NSE:MUTHOOTMF) has moved nearly 50% of its funding to bank loans, lowering borrowing costs by roughly 75 basis points, the company's Chief Executive Officer Sadaf Sayeed said in an interview.State-run power transmission firm Power Grid Corporation of India (BOM:532898, NSE:POWERGRID) also secured a credit facility of up to 40 billion rupees from State Bank of India (NSE:SBIN, BOM:500112), the report said.Shares of Power Grid Corporation of India rose nearly 1% in recent trade, while those of State Bank of India added about 2%.(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:500112BOM:532898BOM:544055NSE:MUTHOOTMFNSE:POWERGRIDNSE:SBIN
Asia

SBI Life Insurance Appoints Deputy CEO

SBI Life Insurance Company (NSE:SBILIFE, BOM:540719) appointed Ramesh Venkateshamurthy as deputy chief executive officer, effective May 29, according to a same-day filing on Indian bourses.Venkateshamurthy joins from State Bank of India (NSE:SBIN, BOM:500112), where he most recently served as general manager for YONO Retail and UPI in the bank's digital banking department, the filing said.

BOM:500112BOM:540719NSE:SBILIFENSE:SBIN
Research

Nomura Downgrades State Bank of India to Neutral From Buy, Adjusts Price Target to INR1,140 From INR1,205

State Bank of India (NSE:SBIN) has an average rating of buy and mean price target of 1,208.49 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

BOM:500112NSE:SBIN
Asia

Indian Equities Fall on Friday as Middle East Tensions Weigh on Sentiment

Indian benchmark indices ended lower on Friday as renewed geopolitical tensions in the Middle East and selling in banking stocks weighed on the market.The BSE Sensex fell 516.33 points, or 0.7%, to close at 77,328.19, while the NSE Nifty 50 declined 150.50 points, or 0.6%, to settle at 24,176.15.Sentiment remained cautious after reports of fresh clashes between U.S. and Iranian forces near the Strait of Hormuz. Investors also tracked developments around the proposed US-Iran peace deal. Iran reportedly said it is still reviewing America's latest proposal.Among stocks, State Bank of India (NSE:SBIN, BOM:500112) dropped 7% after reporting a marginal rise in consolidated Q4 profit to 196.4 billion rupees from 195.0 billion rupees a year earlier. Earnings per share slipped to 21.28 rupees from 21.96 rupees despite higher interest income.RailTel Corp. of India (NSE:RAILTEL, BOM:543265) fell 2% despite securing an order of 249.1 million rupees from The New India Assurance Company for an AI and machine learning-based fraud monitoring solution.

^BSENifty 50BOM:500112BOM:543265NSE:RAILTELNSE:SBIN
Asia

State Bank of India's Consolidated Net Profit Rises in Fiscal Q4; Shares Slip 6%

State Bank of India's (NSE:SBIN, BOM:500112) consolidated net profit rose to 196.4 billion rupees in the fiscal fourth quarter ended March 31, from 195.0 billion rupees a year ago.Earnings per share came in at 21.28 rupees from 21.96 rupees a year ago, according to a Friday filing to the Indian stock exchanges.Interest earned by the lender in fiscal Q4 also increased to 1.310 trillion rupees from 1.268 trillion rupees a year ago.The bank's board declared a dividend of 17.35 rupees per equity share for the financial year ended March 31, to be paid on June 4.The lender's shares were down over 6% in recent trade.

BOM:500112NSE:SBIN
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