Month: August 2022

Bajaj Finance’s first-quarter net profit surges 159% yoy to Rs 2,596 cr

Consumer financier Bajaj Finance’s consolidated net profit jumped 159 per cent year-on-year (YoY) to Rs 2,596 crore in the April–June quarter (first quarter, or Q1) of 2022-23 (FY23), beating Street estimates. It was aided by strong net interest income (NII) growth and lower loan losses and provisions. This is the highest-ever quarterly profit for the lenders.

In the corresponding quarter a year ago, it had earned net profit to the tune of Rs 1,002 crore. On a standalone level, the lender’s net profit grew 179 per cent YoY to Rs 2,356 crore, compared with Rs 843 crore in the year-ago period.

Shares of the company closed at Rs 6,393.75 — up 2.14 per cent from the previous days’ close.

NII of the lender was 48 per cent at Rs 6,638 crore in Q1FY23, compared with Rs 4,489 crore in the year-ago period, as loans booked in the quarter

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Sinclair Broadcast Group Names Stephen Clare Vice President, Finance

BALTIMORE–(BUSINESS WIRE)–Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) today announced Stephen Clare has been named Vice President, Finance. Clare will have oversight of the company’s Financial Planning and Analysis as well as Business Development departments and will report directly to the Chief Financial Officer. He joins Sinclair from Audacy, where he was VP of Finance.

In making the announcement, Lucy Rutishauser, Sinclair’s EVP & Chief Financial Officer said, “Steve has a long history of excellence and financial expertise, particularly in the media space. We are thrilled Steve is returning to Sinclair where he worked earlier in his career.”

Previously, Clare held several executive financial leadership roles at Media General and LIN Media where he was VP of Finance and previously, Director of Financial Planning and Analysis. He has served as an M&A Consultant and spent eight years at Sinclair where he was the company’s Assistant Controller of Operations and

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Provident Financial returns to interim profit as wind-down costs fall

Provident Financial Group logo is seen on a smartphone in front of displayed stock graph in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration

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July 27 (Reuters) – British subprime lender Provident Financial (PFG.L) returned to interim profit on Wednesday, as costs related to the wind-down of its doorstep lending unit fell and demand remained robust in its credit card business.

Lenders, which benefited from increased borrowing as the market recovered from the pandemic, are now battling a possible spike in bad loans as the cost-of-living crisis deepens.

The London-listed company, which has placed its doorstep lending unit into a managed run-off since May 2021 after a surge in complaints, said it is in talks with regulators regarding future capital requirements after the unit winds down.

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Provident is also looking to focus

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Sustainable Business and Finance: Green initiatives make sense

NZGIF’s recent deal with bus fleet and battery storage specialist Zenobē is especially promising. Photo / Supplied

It’s almost three years since New Zealand Green Investment Finance (NZGIF) was formed and given the task of accelerating investments that can help reduce greenhouse gases.

NZGIF chief executive Craig Weise says he is pleased with the portfolio the bank has built in that time and its ability to highlight the economics and viability of low-carbon finance.

It has also established its flexibility to move in ways many traditional finance organizations cannot.

In the short time since the NZGIF was formed, much has happened to move sustainability to the forefront.

“The policy environment has matured,” says Weise. “Consumer demand has played a role.

Corporate leadership has played a role. All these factors are precursors to raising the bar and accelerating investment.

“We still haven’t seen what we really need, which is a huge

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