Category: Business Finance

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

Continue reading

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

Continue reading

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

Register now for FREE unlimited access to Reuters.com

Register

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.

Register now for FREE unlimited access to Reuters.com

Register

Provident is also looking to focus

Continue reading

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

Continue reading

Early Retiree Couple Made $100,000 After Firing Financial Advisor

  • Kiersten and Julien Saunders joined the FIRE movement and retired in their 40s.
  • In their book “Cashing Out,” they share the decisions that helped them make their first $100,000.
  • They fired their financial advisor and decided to manage their investments independently.

At the top of their corporate careers, Kiersten and Julien Saunders delayed their honeymoon for months to accommodate their demanding work schedules. When they finally took their long-awaited vacation, the couple still found themselves checking their work emails compulsively.

That’s when they realized their lives needed to change. Julien had already heard about the Financial Independence/Retire Early (FIRE) movement through his friends and online research. After their honeymoon, the couple decided to buckle down and start living minimally — at one point even saving 70% of their combined income — to be able to retire early.

Now in their 40s, the Saunderses have left their

Continue reading

Australia’s Macquarie sees soft Q1 trading conditions as inflation hurts

The logo of Australia’s biggest investment bank Macquarie Group Ltd adorns a desk in the reception area of ​​its Sydney office headquarters in Australia, Oct. 28, 2016. REUTERS/David Gray

Register now for FREE unlimited access to Reuters.com

Register

July 28 (Reuters) – Australia’s Macquarie Group (MQG.AX) said on Thursday trading conditions softened amid rising inflation and fears of a recession, although volatility in gas and energy markets helped drive small gains in its markets-facing businesses.

The financial conglomerate, which does not disclose profit figures in quarterly updates, said considering the current economic backdrop, it was maintaining a cautious stance and adopting a conservative approach to capital, funding and liquidity.

The Sydney-based firm benefited from a rally in oil and natural gas prices as Russia’s invasion of Ukraine tightened an already under-supplied market in the recent past. However, the energy market is starting to shed some of those gains as fears

Continue reading

Sustainable business and finance: How to rewire the finance industry towards a zero carbon future

The thorny issue of fossil fuel financing is grabbing headlines as stakeholders look for evidence of the reliability of banks’ net zero commitments. Photo / Supplied

The thorny issue of fossil fuel financing is grabbing headlines as stakeholders look for evidence of the reliability of banks’ net zero commitments.

The war in Ukraine — an immense human tragedy — has thrown into sharp relief the need for a secure and reliable energy supply.

Meanwhile, the latest reports from the Intergovernmental Panel on Climate Change (IPCC) are a grim reminder we will likely reach 1.5C of global warming in the 2030s.

With today’s double global crisis of energy security and climate change, it’s human nature to face off the one that is right in front of us. How is it possible to roll off Russian oil and gas without investing in new fossil fuel capacity elsewhere; and how do we marry

Continue reading

Yale Summer School in Behavioral Finance Draws Students from Across the US and Europe

About 50 students from universities across the United States and Europe gathered at the Yale School of Management for the 2022 Yale Summer School in Behavioral Finance from June 13 to 17.

The one-week program is an intensive PhD course in behavioral finance led by the Yale SOM faculty members who are leading practitioners in this growing field. Held every two years, the program draws PhD students in finance and economics.

“This is the seventh Summer School we’ve held, and we’re delighted that it’s become a marquee event in the academic finance world,” said organizer Nicholas Barberis, the Stephen and Camille Schramm Professor of Finance. “More than 300 students have taken part in this program over the years, and many of them have gone on to do excellent research of their own in the field.”

In addition to Barberis, this year’s faculty from Yale SOM included Kelly Shue (above)

Continue reading

Business worries mount that Macron’s reform push will stall

In the sumptuous palace of Versailles, President Emmanuel Macron this week hosted 180 bosses of multinationals such as Disney, Siemens and JPMorgan at his annual Choose France summit at wooing foreign investment.

The confab has come to symbolize how Macron, a former investment banker, has sought to make France more business friendly since his 2017 election by cutting corporate taxes, making it easier to hire and fire workers, and simplifying regulations.

But as his second term starts, the president who declared he wanted France to shed its tax-heavy, statist reputation to become a “start-up nation” has a weakened political hand after losing his parliamentary majority. Faced with emboldened far-left and far-right parties, no longer will he be able to push through economic reforms largely unobstructed.

The economic outlook is also trickier because inflation, which is running at about 6 per cent, is hitting consumers and businesses, just as the

Continue reading

Evan Berman Joins Ropes & Gray in New York, Growing the Firm’s Securitization Practice

Time to Read: 2 minutes

Practices: Finance

Evan Berman

Global law firm Ropes & Gray today announced that Evan Berman has joined the firm as counsel, based in the firm’s 500-lawyer New York office. Evan brings extensive securitization finance experience and will help build out the firm’s market-leading whole-business securitization platform.

Evan has counseled prominent franchisors including Dunkin’, Carl’s Jr., Hardee’s, Arby’s, Wingstop and Jimmy John’s, their private equity sponsors, and investment banks in over $10 billion of whole-business securitizations. Evan has extensive experience in many other types of securitizations as well. For instance, he represented (i) the initial purchasers in connection with the issuance of $500 million of securitized notes backed by revenues from the Miramax film library, in the first film securitization closed since the financial crisis, (ii) the US Treasury as note purchaser in a $1.5 billion retail installment contract securitization for Chrysler as part of

Continue reading