EatFit Becomes The Official Online Food Partner For ICC Men’s T20 World Cup 2022

* Through this partnership EatFit aims to convey its ethos of healthy food eating to a larger global audience

* The brand will conduct large TV and social media campaigns with EatFit brand ambassadors Varun Dhawan and Mithila Palkar and share the love and joy for cricket and healthy food across millions

* 100 EatFit users will win a free ticket to the ICC Men’s T20 World Cup through its Cricket Mania offers

EatFit, India’s largest healthy food platform housed under Curefoods, has announced its partnership with ICC for the upcoming Men’s T20 World Cup this year. EatFit will be ICC’s official online food partner. Through this collaboration, EatFit aims to convey its ethos and the message of healthy food eating to a larger global audience and continues its efforts to help the world lead a clean, better, and health-conscious lifestyle.

For the next few months, EatFit will celebrate the joy of cricket through its cricket mania and will be designing a menu, especially for the World Cup. This menu will include healthy and tasty food options across cuisines while keeping in mind the nutrition and calorie intake and will be available for users online on Eatfit.in, for everyone to come together and celebrate the joy of cricket and food synonymously. As part of the partnership and the Cricket Mania, 100 EatFit customers will have the opportunity to win tickets to the Men’s T20 World Cup.

In an age where the need for an active healthy lifestyle is more pronounced than ever, EatFit will be launching a large TV, an on-ground and social media campaign to reach millions of people through the platforms of Hotstar & Star Network. The campaign will include EatFit brand ambassadors Varun Dhawan and Mithila Palkar to further convey their belief in sustainable eating and inculcate the habit of nutritious food ordering in users.

This campaign will promote the love for cricket and food, and the need for people to follow a tasty but conscious diet while raising attention towards the health of people.

Ankit Nagori, Founder of EatFit expressed his pleasure in the partnership. “The love for cricket, its celebrations and food come collectively to millions of people. This partnership between EatFit and ICC marks the happiness of enjoying the highs and lows of cricket with nourishing food, among all its audience. Starting with the Men’s T20 World Cup, I hope to build a robust collaboration with ICC in the future and would love to continue this partnership year on year. EatFit is the best repeatable food brand in India that users can rely on daily. With ICC showing a strong belief in EatFit, we want to convey the EatFit ethos to a large audience and give a chance to users to honour the same”, said Nagori.

Anurag Dahiya, Chief Commercial Officer, ICC said, “We are pleased to have EatFit as our official online food partner for the ICC Men’s T20 World Cup, which is scheduled to take place in Australia, later this year. We look forward to working this partnership with EatFit on this cricketing extravaganza.”

EatFit promises clean and healthy food to its customers by not letting users have the doubt of what they will receive at the time of delivery. With EatFit, users will get the food that they see on the portal and have an idea of the calorie and food that they will be consuming before placing the order, unlike any other food and cloud kitchen platform. This credibility by EatFit assures the fact in users that everyday repeatable food can be outsourced in our homes entirely.

About EatFit

EatFit is one of India’s largest healthy food platforms housed under Curefoods - a leading Indian cloud kitchen player. The company serves a wide range of bold & fun food options while retaining the honest, clean, and healthy aspect that EatFit has been known for since 2017. EatFit currently operates 100 cloud kitchens. Headed by Ankit Nagori, co-founder of Curefit, EatFit aims to expand the reach and acceptance of healthy food across the nation. At its core, the company is all about making healthy food fun, delicious and honestly Indian.

In 2020, EatFit was hived off as a separate entity from Curefit. Since then, it has been operating under the umbrella of Curefoods, to capitalise on India’s growing cloud kitchen segment.

About ICC

The ICC is the global governing body for cricket. Representing 106 members, the ICC governs and administrates the game and is responsible for the staging of major international tournaments including the ICC World Test Championship Final, ICC Men’s and Women’s Cricket World Cups, T20 World Cups as well as all associated qualifying events.The ICC presides over the ICC Code of Conduct which sets the professional standards of discipline for international cricket, playing conditions, bowling reviews and other ICC regulations. The Laws of the game remain under the auspices of the MCC.

The ICC also appoints the umpires and referees that officiate at all sanctioned Test matches, One Day International and T20 Internationals. Through the Integrity Unit it coordinates action against corruption and match fixing.

The ICC Development department works with Associate Members to improve the quality of international cricket, build better cricket systems, get more people playing cricket and grow the game.

IDBI Bank Reports Net Profit At Rs 756 crore, YoY Growth of 25% For Q1 FY 2023

* Net Advances at Rs 1,38,046 crore, YoY growth of 12%,

* CRAR stood at 19.57%, YoY growth of 334 bps

Highlights of Q1 FY 2023:

*      Net profit of Rs 756 crore, QoQ growth of 10%.

*      Operating Profit of Rs 2,052 crore, QoQ growth of 36%.

*      NII stood at Rs 2488 crore, QoQ growth of 3%.

*      NIM at 4.02% (3.73% excluding interest on IT refund), QoQ growth of 5bps.

*      Cost of Deposit stood at 3.36% for Q1 of FY 2023 as against 3.43% for Q4 of FY 2022.

*      Cost of Funds stood at 3.63% for Q1 of FY 2023 as against 3.69% for Q4 of FY 2022.

*      CRAR at 19.57%, QoQ growth of 51 bps.

*      Return on Assets (ROA) at 1.03%, QoQ growth by 8 bps.

*      Return on Equity (ROE) at 14.80%, QoQ growth by 32 bps.

*      CASA ratio stood at 55.65% for Q1 of FY 2023 as against 56.77% for Q4 of FY 2022.

*      Net NPA at 1.25% for Q1 of FY 2023 as against 1.36% for Q4 of FY 2022.

*      PCR stood at 97.79% as against 97.63% as on March 31, 2022.

Operating Performance:

* Net Profit improved by 25% for Q1-2023 to Rs 756 crore as against net profit of Rs 603 crore for Q1-2022. Net Profit for Q4-2022 was Rs 691 crore.

* PBT improved by 7% for Q1-2023 to ?1,093 crore as against Rs 1,024 crore for Q1-2022. PBT for Q4-2022 was Rs 844 crore.

* Operating profit stood at Rs 2,052 crore for Q1-2023 as against Rs 2,868 crore  for Q1-2022. Operating profit was at Rs 1,513 crore for Q4-2022.

* Net Interest Income stood at Rs 2,488 crore for Q1-2023 as against Rs 2,506 crore for Q1-2022. NII stood Rs 2,420 crore for Q4-2022.

* Net Interest Margin (NIM) stood at 4.02% (3.73% excluding interest on IT refund) for Q1-2023 as compared to 4.06% for Q1-2022. NIM stood 3.97% for Q4-2022.

* Cost of Deposit reduced by 36 bps to 3.36% for Q1-2023 as compared to 3.72% for Q1-2022. Cost of deposit stood at 3.43% for Q4-2022.

* Cost of Funds reduced by 35 bps to 3.63% for Q1-2023 as compared to 3.98% for Q1-2022. Cost of funds stood at 3.69% for Q4-2022.

Business Growth

* CASA improved to Rs 1,25,356 crore as on June 30, 2022 as against Rs 1,16,595 as on June 30, 2021 (YoY growth of 8%). CASA stood at Rs 1,32,359 crore as on March 31, 2022.

* Share of CASA in Total Deposits improved to 55.65% as on June 30, 2022 as against 52.43% as on June 30, 2021 and 56.77 % as on March 31, 2022.

* Net advances grew by 12% YoY to Rs 1,38,046 crore as on June 30, 2022.  Gross advances stood at Rs 1,70,390 crore as on June 30, 2022, YoY growth of 9%.

* The composition of Advances portfolio Corporate v/s Retail was at 37:63 as on June 30, 2022. 

Asset Quality

* Gross NPA ratio improved to 19.90% as on June 30, 2022 as against 22.71% as on June 30, 2021. Gross NPA stood at 20.16% as on March 31, 2022.

* Net NPA ratio improved to 1.25% as on June 30, 2022 as against 1.67% as on June 30, 2021. Net NPA ratio stood at 1.36% as on March 31, 2022.

* Provision Coverage Ratio (including Technical Write-Offs) improved to 97.79% as on June 30, 2022 from 97.42 % as on June 30, 2021. PCR stood at 97.63% as on March 31, 2022.

Capital Position

* Tier 1 improved to 17.13% as on June 30, 2022 as against 16.68% as on March 31, 2022 and 13.64% as on June 30, 2021.

* CRAR improved to 19.57% as on June 30, 2022 as against 19.06 % as on March 31, 2022 and 16.23% as on June 30, 2021.

* Risk Weighted Assets (RWA) reduced by 0.29% to Rs 1,53,832 crore as on June 30, 2022 as against Rs 1,54,285 crore as on June 30, 2021. Total RWA was Rs 1,54,559 crore as on March 31, 2022. Credit Risk weighted assets reduced by 0.88% to Rs 1,21,798 crore as on June 30, 2022 as against Rs 1,22,876 crore as on June 30, 2021. Credit RWA was Rs 1,22,451 crore as on March 31, 2022.

The Board of Directors of IDBI Bank Ltd. (IDBI Bank) met in Mumbai today and approved the financial results for the Quarter ended June 30, 2022.

The Exclusive BMW 5 Series ‘50 Jahre M Edition’ Debuts In India

* Quickest car in its segment with exceptional sporting flair of M.

* Sportier design with all-black Kidney Grille, alloy wheels.

* Best-in-class driver assistance with Laser Headlights, Reversing Assistant.

* Performance driven design upgrade with ‘Motorsport’ Accessories Pack.

* #BMWM #50YearsOfBMWM #50JahreBMWM #WeAreM

Celebrating the 50th anniversary of the iconic BMW M GmbH, BMW India has launched an exclusive ‘50 Jahre M Edition’ of the BMW 5 Series in India today. Locally produced at BMW Group Plant Chennai, the exclusive edition comes in a petrol variant – the BMW 530i M Sport. Available in limited numbers only, this bespoke model can be booked exclusively online from today onwards.

BMW India had recently announced that it will launch 10 exclusive ‘50 Jahre M Editions’ to celebrate the M sub-brand that stands for high-performance adrenaline gushing cars.

The BMW 5 Series is an individualist within the premium executive segment. The BMW 5 Series strengthens its leading position with numerous style updates. Complementing its sporting appeal is the most powerful performance in the segment.  It’s best-in-class performance and cutting-edge technology will bolster its status as the only car to excite a winner – one who is always ready for ‘Power Play’!

The limited edition is available at an attractive ex-showroom price of -

BMW 530i M Sport 50 Jahre M Edition           :           INR 67,50,000

*Price prevailing at the time of invoicing will be applicable. Ex-showroom prices inclusive of GST (incl. compensation cess) as applicable but excludes Road Tax, Tax Collected at Source (TCS), GST on Tax collected at source, RTO statutory taxes/fees, other local tax cess levies and insurance. Price and options are subject to change without prior notice. For further information, please contact the local authorised BMW Dealer.

The BMW 5 Series ‘50 Jahre M Edition’.

The exterior of the BMW 5 Series is headlined by immense presence and exquisite sporting style with large, clean and tautly drawn surfaces. Sitting proudly above the BMW Kidney Grille is the iconic M Emblem along with ‘50 Years of M’ door projector inspired by the classic ‘BMW Motorsport’ logo. Visually distinct from the conventional BMW emblem, it signals passion for racing and for the roots of the BMW M brand. The M emblem adorns the front and rear logo as well as the wheel hub caps. BMW Laserlight, unique in this vehicle segment, distributes light perfectly up to 650 meters and is accentuated by the M Lights Shadowline which offers a dark tint around the headlamps. The bold impression is also underlined by the BMW Individual high gloss shadow line which includes the BMW Kidney grille in black high gloss along with window surrounds and tailpipe finishers in black high gloss. Dynamic character is emphasized by aerodynamically optimized bodywork elements of the M Sport package. Distinct wheel arches give a luxurious and dynamic appearance to the car’s side profile. At the rear, the real eye-catcher is the brand-new L shape light graphic that emerges from the taillight in a three-dimensional form.

Another exclusive feature that enhances the sporting appeal is the 18” 662M jet black alloys wheels with Red M Sport Brake Callipers. The car is available in striking paint finishes including M Carbon Black, Bernina Grey Amber Effect, Phytonic Blue and Alpine White, paired with Sensatec Perforated upholstery in Cognac finish with contrast stitching.

Customers can add sporting character to every detail with an optional M Accessories Package. Racer’s Package gives an exterior upgrade that includes side skirt transfers in black, rear spoiler in matt black & key fob. The Motorsport Package takes one step further and offers exterior mirror caps in carbon fibre to give a sportier look. Carbon Package is for the enthusiast who wants to turn heads when on the road. It can further enhance the sporty character of the car as all the accessories are in carbon fibre material such as kidney grille, rear spoiler pro, mirror caps etc.

Interior of the BMW 5 Series blends contemporary elegance with driver-focused cockpit design. It provides the ideal environment for driving pleasure and comfortable ride over long distances. Sports Seats with leather covers, seat belts with stitching in M colours, sports leather steering wheel and specific trim strips augment the sporty feel. Ergonomically optimised Lumbar Support enables vertical and lateral seat adjustment for a relaxed journey. The centre console’s unique design is underscored by BMW Individual interior trim finishers in Piano Black finish and black ceramic surround for controls. Perforated Sensatec upholstery in Cognac creates a luxurious impression with contrast stitching and fine quilting. Ambient Lighting with six dimmable designs creates an atmosphere for every mood. The car has four-zone automatic climate control with extended features. Luggage compartment has a capacity of up to 600 litres, extending to 1,800 litres thanks to the 40/20/40 split. 

Thanks to unrivalled BMW TwinPower Turbo technology, the petrol engine melds maximum power with exemplary efficiency and offers spontaneous responsiveness even at low engine speeds, with best-in-class acceleration figures. The 2-litre 4-cylinder petrol engine of the BMW 530i generates maximum output of 252 hp and peak torque of 350 Nm with 0-100 kmph acceleration in just 6.1 seconds.

The eight speed steptronic sport automatic transmission performs smooth, almost imperceptible gearshifts. For even greater driving pleasure, it comes with steering wheel paddle shifters and cruise control with braking function. Adaptive Suspension with its individual electronically controlled dampers offers exceptional precision and improves the drive and handling dynamics. The damper response settings vary according to the mode selected with the Driving Experience Control switch, that allows driver to choose between different modes to suit the driving conditions - Comfort, Sport, ECO PRO and Adaptive, with an extra Sport+ mode for a sportier driving experience.

Modern cockpit concept BMW Live Cockpit Professional with BMW Operating System 7.0 includes 3D Navigation, a 12.3-inch fully digital instrument display behind the steering wheel and a bigger 12.3-inch Control Display. The occupants can operate several functions simply by speaking to their BMW Virtual Assistant. Hands do the talking with BMW Gesture Control that recognizes six pre-defined hand movements for control of a number of functions. The smartphone holder integrated into the centre console allows inductive, Wireless Charging for mobile phones. Wireless Apple CarPlay® / Android Auto ensures seamless smartphone connection with the car to access several functions. Harman Kardon Surround Sound System conjures an engrossing treat for the ears. High-end 16 speaker system with woofers generates an impressive audio experience in all seats and is unique worldwide in the automotive sector. BMW Display Key allows drivers to keep in contact with their car round the clock.

Best-in-class cutting-edge driver assistance systems with Parking Assistant makes parking in tight spots easier. Reversing Assistant provides unmatched support in reversing out of a parking spot or through narrow driveways. It keeps a record of the last 50 meters driven and assists by taking over the steering. The Comfort Access System makes it possible to open all four vehicle doors without using the key.

BMW EfficientDynamics includes features such as 8-speed Steptronic Sport Automatic Transmission, Auto Start-Stop, Brake-Energy Regeneration, Electronic Power Steering, 50:50 Weight Distribution and ECO PRO mode in Driving Experience Control. BMW Safety technologies include six airbags, Attentiveness Assistance, Anti-lock Braking System (ABS) with Brake Assist, Dynamic Stability Control (DSC) including Dynamic Traction Control (DTC) and Electronic Differential Lock Control (EDLC), Cornering Brake Control (CBC), electric parking brake with auto hold, side-impact protection, electronic vehicle immobilizer and crash sensors, ISOFIX child seat mounting and emergency spare wheel.

Larsen & Toubro Infotech Wins Honda Supplier of The Year Award 2022

* Also achieves the coveted recognition for the ‘Challenging Spirit’ for the third year in a row

Larsen & Toubro Infotech (BSE: 540005, NSE: LTI), a global technology consulting and digital solutions company, has won the ‘Supplier of the Year’ award at the Honda Indirect Procurement Supplier Conference in Dublin, OH. LTI has also won the ‘Challenging Spirit’ award for the third year in a row, a title that recognizes commitment to Honda’s core value of embracing a challenging spirit ‘above and beyond’ expectations to ensure the success and/or delivery of a service, product, or a project.

LTI belongs to a stellar list of 22 suppliers that were selected from more than 5,000 North American indirect procurement suppliers that provide a wide variety of equipment, products, and services supporting Honda’s U.S. business operations and the manufacturing of automobiles, engines, transmissions, power sports, and power equipment products in America.

Rohit Kedia, Chief Business Officer, Manufacturing and Consulting Services, LTI said, “We are truly proud of this recognition, and what makes it even more special is that we have won it in the 10th year of our relationship with Honda as a strategic IT partner. Further, this is the third year in a row that LTI has been awarded by Honda, an honor extremely rare for any company. We will stay committed as a prime partner to Honda, by providing innovative solutions to meet their growth requirements.”

LTI was honored as the “Supplier of the Year” for 2022 and Honda cited LTI as “Representing the Best of the Best”, outperforming all of the others in the key business characteristics of Quality, Cost, Delivery (QCD), as well as Safety and Service.

Monica Oliverio, assistant vice president and division lead of the North American Indirect Procurement Division, American Honda Motor Co., Inc said, “We are grateful for the opportunity to honour Honda’s top indirect suppliers in-person for the first time in two years. Our award-winning suppliers made a big contribution to our success during the past year and set the standard for the passion and Challenging Spirit we strive for at Honda.”

LTI and Honda have been strategic partners since 2012 across Applications Management Services (AMS) and major IT programs. LTI has also partnered with Honda for Data & Analytics, SAP S/4HANA implementation and Salesforce implementation. During this time, LTI has supported more than 450 applications, handled 70+ development & consulting projects while supporting 65,000+ users.

About LTI

LTI (NSE: LTI) is a global technology consulting and digital solutions Company helping more than 495 clients succeed in a converging world. With operations in 33 countries, we go the extra mile for our clients and accelerate their digital transformation. Founded in 1997 as a subsidiary of Larsen & Toubro Limited, our unique heritage gives us unrivalled real-world expertise to solve the most complex challenges of enterprises across all industries. Each day, our team of more than 46,000 LTItes enables our clients to improve the effectiveness of their business and technology operations and deliver value to their customers, employees, and shareholders. Find more at http://www.Lntinfotech.com or follow us at @LTI_Global.

Citroën India Launched The New C3 At Special Introductory Price of Rs 5,70,500 (Ex-Showroom Delhi)

* Available at all the La Maison Citroën phygital showrooms aand Online cross the country.

* New C3’s introductory price starts at ? 5,70,500 (ex-showroom Delhi) 

* Made by Indians, for Indians, the New C3 features over 90% localisation

* Two engine options: 1.2L PURETECH 110 & 1.2L PURETECH 82

* Available with 10 exterior colour combinations, 3 packs with 56 customisation options

* Standard vehicle warranty for 2 years or 40,000 km & 24/7 Roadside Assistance

* To be sold through 20 La Maison Citroën Phygital Showrooms across 19 cities

* Customers can buy The New C3 directly from factory with doorstep delivery in over 90 cities

Citroën India has launched the much-awaited New C3 at a special introductory price of  Rs 5,70,500 (ex-showroom Delhi). With over 90% localisation, this Made-In-India model is the first product from the C-Cubed family of vehicles and is built at its manufacturing facility in Thiruvallur, Tamil Nadu. New C3 deliveries to customers will start from today at all the La Maison Citroën phygital showrooms across the country.

The New Citroën C3: Introductory prices (ex-showroom Delhi)

The new Citroën C3 is now available for retail at La Maison Citroën phygital showrooms in 19 cities, namely, New Delhi, Gurgaon, Mumbai, Pune, Ahmedabad, Kolkata, Bangalore, Hyderabad, Kochi, Chennai, Chandigarh, Jaipur, Lucknow, Bhubaneswar*, Surat, Nagpur*, Vizag, Calicut, and Coimbatore.

Citroën will also extend its 100% direct online buying – BUY ONLINE - for the New C3. Customers in over 90 Indian cities, including those outside the dealer network, will be covered through this direct online initiative and can order directly from the factory.

Customers can seamlessly experience the high-definition 3D Configurator online and at the La Maison Citroën phygital showrooms to configure and customise their New C3.

For the aftersales network named the L’Atelier Citroën, the company will offer unique services like remote diagnostics and 100% parts availability to assure New C3 customers of a stress-fee ownership experience. Citroën Service on Wheels will enhance reach and availability for customers covering most common repairs at customer’s doorstep. This represents the Citroën Service Promise that extends “Comfort at Your Fingertips” for customers.

As a part of the New C3’s Warranty Programme, Citroën has services like a standard vehicle warranty for two years or 40,000 km (whichever is earlier), a warranty on spare parts & accessories for 12 Months or 10,000 km (whichever is earlier), and 24/7 Roadside Assistance for maximum comfort and mobility. Extended warranty and maintenance packages are also available across the network.

To make the Citroën ownership experience more comfortable, the company will also offer Citroën Future Sure for New C3 customers. This comprehensive package allows customers to own a Citroën with an easy monthly payment starting from INR 11,999* (T&C apply). The package also includes Routine Maintenance, Extended Warranty, Roadside Assistance and an on-road financing for up to five years.

Roland Bouchara, CEO & Managing Director, Stellantis India, said, “The India launch of the New Citroën C3 is a very proud moment for all of us at Stellantis. With this launch, Citroën enters the mainstream B-hatch segment in India and we are confident the New C3’s Customised Comfort USP will make it attractive and unique for consumers. This is our first model from the C-Cubed family of vehicles that is designed and engineered in India, for Indians. With over 90% localised parts in the New C3, we are leveraging our strong supplier base, our R&D Center in Chennai, the Vehicle Assembly Plant at Thiruvallur and the Powertrain Plant at Hosur in the state of Tamil Nadu.”  

Saurabh Vatsa, Brand Head, Citroën India, remarked, “We are excited to launch the New C3 for the young and progressive customers who will experience the Citroën Advanced Comfort® with its 4 themes: LIVE ELEVATED with SUV-styling, HAPPY SPACE with driving comfort for flying carpet effect, tropicalised air-conditioning and interior roominess with panoramic exterior view,INFO10MENT with 26 cm Infotainment touchscreen with wireless Android Auto & Apply Carplay® connectivity with mirror screen technology, CUSTOMISED COMFORT with 10 exterior colour combinations, 3 packs, 56 customisation options and over 70 accessories available at launch . FUN TO DRIVE with award winning and fuel efficient powertrains: 1.2 NA Puretech 82 with 5-speed MT & 1.2 Turbo Puretech 110 with 6-speed MT. The New C3 will truly be the new style icon for the young and progressive customers. #EXPRESSYOURSTYLE”

Customers can now test-drive and experience the Customised Comfort of the new Citroën C3 by visiting a La Maison

Citroën phygital showroom near them and/or book/buy the car online at www.citroen.in.

GE Unveils Brand Names For Three Planned Future Public Companies

* All Three Companies will Continue to Benefit from GE Heritage

* Healthcare business to be named GE HealthCare

* GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, to come together as GE Vernova

Aviation business to be named GE Aerospace

GE (NYSE:GE) today announced the brand names of the future companies it will create through its planned separation into three industry-leading, global, investment-grade public companies focused on the growth sectors of healthcare, energy, and aviation. 

GE HealthCare will be the name of GE’s healthcare business. GE’s existing energy portfolio of businesses, including Renewable Energy, Power, Digital, and Energy Financial Services, will sit together under the brand name GE Vernova. GE Aerospace will be the name of GE’s aviation business. All three planned companies will continue to benefit from GE’s heritage and global brand valued at nearly $20 billion*.

Additionally, GE announced today that following the completion of the planned spin-off, shares of GE HealthCare will be listed on The Nasdaq Global Select Market under the ticker symbol “GEHC.” By listing on Nasdaq, GE HealthCare will benefit from the exchange’s profile and track record as a market for innovative, technology-led public companies, particularly in the healthcare sector.

H. Lawrence Culp, Jr., Chairman and CEO, GE, and CEO, GE Aerospace said, “Today marks a key milestone in GE’s plan to become three independent, laser-focused companies. Leveraging GE’s multi-billion-dollar global brand gives us a competitive advantage in our end markets, allowing these businesses to win in the future. Built on a foundation of lean and innovation, these brands will continue our mission of building a world that works and provide our customers with an important reminder of the strengths they value in GE.”

GE intends to execute the tax-free spin-off of GE HealthCare in early 2023, creating an independent company driving innovation in precision health to improve patient outcomes and address critical patient and clinical challenges. Building on a more than 100-year history, the GE HealthCare name and Monogram will serve as an enduring badge of safety, quality, trust, and innovation. The new brand color for GE HealthCare is called  “compassion purple” to reflect more humanity and warmth and achieve greater distinction. The company will continue to be at the forefront of provider and patient care with more than four million product installations and over two billion patient exams a year.

In early 2024, GE plans to execute the tax-free spin-off of GE Vernova, GE’s portfolio of energy businesses, which together with its customers provides one-third of the world’s electricity and is focused on accelerating the path to reliable, affordable, and sustainable energy. The new name is a combination of “ver,” derived from “verde” and “verdant” to signal the greens and blues of the Earth, and “nova,” from the Latin “novus,” or “new,” reflecting a new and innovative era of lower carbon energy that GE Vernova will help deliver. These attributes also are reflected in GE Vernova’s new “evergreen” brand color. With an installed base of more than 7,000 gas turbines and 400 GW of renewable energy equipment, GE Vernova’s Monogram will serve as a reminder of the company’s lasting commitments to deliver quality, partnership, and ingenuity to its customers. 

Following these planned spin-offs, GE will be an aviation-focused company called GE Aerospace. With an installed base of 39,400 commercial and 26,200 military aircraft engines, the company will continue to play a vital role in supporting the industry through a historic recovery while shaping the future of flight. The GE Monogram, new name, and new “atmosphere blue” brand color—representing the upper limits of the atmosphere—maintain the brand’s strong standing in the aviation sector, while setting forth a confident vision to compete and advance in the field of aerospace and defense for future generations. Following the planned separations, GE Aerospace would own the GE trademark and would provide long-term licenses to the other companies.

GE Chief Marketing Officer Linda Boff said, “Over the course of the last six months, we engaged in a thorough, customer-led process to understand the intrinsic value of the GE brand for our planned future companies. Based on data and analysis drawn from thousands of conversations, it became clear that the GE name and our century-plus old Monogram represent a legacy of innovation, symbol of trust by global customers, pride for our team, and a talent magnet for future leaders. We’re proud these future businesses will be able to build on GE’s DNA of innovation.”

By creating three separate companies, each will benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value.**

*According to Interbrand Best Global Brands 2021.

**These plans may be subject to the outcome of legally mandated consultation in some parts of the world.

About GE

GE (NYSE:GE) rises to the challenge of building a world that works. For more than 130 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more safely, efficiently, and reliably. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE’s mission and deliver for its customers. www.ge.com

AU Bank Delivers Impressive Overall PAT Growth Of 32% YoY

The Board of Directors of AU Small Finance Bank Limited at its meeting held approved the financial results for the quarter ended June 30, 2022. 

Executive Summary 

Deposits grew 48% YoY to Rs 54,631 Crore from Rs 37,014 Crore, with further improvement in CASA ratio to 39% compared to 26% a year ago. In Q1’FY23, fund-based disbursements were up 345% YoY at Rs 8,445 Crore as compared to Rs 1,897 Crore in the same quarter of the previous year which had a low base due to Covid 2.0. Non-fund disbursements for Q1’FY23 were up 5x at Rs 481 Crore as compared to Rs 79 Crore in the same quarter of the previous year because of Covid 2.0. 

The Bank witnessed a growth of 37% YoY in its AUM to Rs 50,161 Crore from Rs 36,635 Crore. This was coupled with consistent collection efficiency of 105% for the quarter, resulting in sustained improvement in asset quality ratios. Bank maintains a strong position in Digital services with properties like AU 0101, Video Banking, Credit cards, UPI QR etc. all of which continue to see strong momentum. 

1.    Financial Highlights 

Q1’FY23 highlights  

Business 

Bank’s total balance sheet grow by 38% YoY to Rs 71,041 Crore  

Deposits grow by 48% YoY to Rs 54,631 Cr; CASA at 39% as against 26% as on 30-Jun’21 

Cost of Funds stable QoQ and declined by 57 bps YoY to 5.7%   

Loan AUM grew by 37% YoY to Rs 50,161 Cr; CD ratio at 89% 

90% of loan book is retail in nature and 94% is Secured 

Profitability 

Total income stood at Rs 1,979 Crore, up 26% YoY; NII at Rs 976 Crore, up 35% YoY 

Net profit stood at Rs 268 Cr for Q1’FY23, up 32% YoY   

ROA stood at 1.5% and ROE at 14.0% even as we invest significantly in people, digital, branding, products and distribution to build a future ready bank 

Net Interest Margin (NIM) at 5.9%  

Incremental spreads remained stable at 6.9% as the increase in disbursement yields offset the increase in incremental borrowing cost 

Asset quality  

Bank’s Asset quality improved significantly on YoY basis with GNPA at 1.96% vs 4.31% as on 30-Jun’21 

Net NPA stood at 0.56% of net advances as against 2.26% as on 30-Jun’21 

Provision coverage ratio at 72% against 49% as on 30-Jun’21; Including technical write-offs, the PCR was at 74% 

Collection efficiency averaged 105% for Q1’FY23 

Apart from provision of Rs 654 Crore against GNPA pool, Bank has, additionally, maintained following provision buffer 

Provision against restructured book at Rs 170 Crore (16% of restructured book)  

Contingency provision of Rs 144 Crore (0.30% of advances) 

Floating provision of Rs 41 Crore (0.08% of advances) 

Standard provisions of Rs 147 Crore (0.30% of advances) 

Capital Adequacy 

Bank remains well capitalized with  

Total CRAR at 19.4% against minimum requirement 15%; adding the interim profits, CRAR would be 20.0% 

Tier-I capital ratio of 18.4% against minimum requirement 7.5%; adding the interim profits, Tier-I capital adequacy would be 19.1% 

2.    Digital and Payment business 

The Bank’s digital properties like AU 0101, Video Banking, Credit cards, UPI QR etc. continue to see strong momentum 

During the quarter the Bank has issued 80k+ credit cards and installed 1.7 Lac+ QR codes  

In all, we have 2.4 Lac+ credit cards outstanding of which over 42% of the customers are first time credit card users in more than 150+ districts of the country   

1.5 Lac+ Savings Account opened digitally via Video Banking since launch earlier this year and total relationship value of these accounts now at Rs 700+ Cr 

3.    Other key updates 

The Bank has expanded its presence to 34 new touchpoints and its physical network is now spread across 953 touchpoints as on June 30, 2022 across 20 states and 2 UTs 

CRISIL Ratings has upgraded the long-term rating of the Bank to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Positive’. The rating on Short-term Instruments (Certificate of Deposits) of the Bank has been reaffirmed at CRISIL A1+  

AU Bank received “Golden Peacock Award” for CSR 

AU Bank won as ‘Best Small Finance Bank’ at the MSME Banking Excellence Awards 2021 by CIMSME 

AU Bank was recognized at the Retail Banker International Asia Trailblazer Awards 2022 by: 

Excellence in Employee Engagement 

Best Fintech Partnership 

AU Bank is rated as “Technology Innovator of the Year” at 3rd BFSI Technology Excellence Awards 2022. 

PFRDA awarded AU bank with: 

APY Annual Award 

Recognized Game Changers 

Leadership Capital Award 3.0 

Badlaav Humse Hai – an integrated marketing communications campaign - to highlight the innovation-centricity of the Bank has gained viewership and is helping to establish the Brand identity of the Bank 

Commenting on the performance, Mr. Sanjay Agarwal, MD & CEO, AU Small Finance Bank said,  "I am very happy with the progress we have made as a Bank in the last 21 quarters despite working in an unusually challenging environment. Our business model is becoming increasingly sustainable with each passing quarter driven by our retail-focused branch banking franchise, well positioned asset verticals with consistently resilient asset quality, traction in our digital initiatives, and continued focus on high governance standards. I really want to thank our customers for servicing their obligations as their businesses normalized after the pandemic and wish them success in their endeavors. 

Q1FY23 was one of the best Q1 for us in the last several years as we saw healthy performance across key parameters - improvement in CASA ratio and retail deposits mix, reduction in our GNPA ratio supported by collections remaining north of 100%, growth in each of the asset business, stable spreads and asset quality, and overall healthy profitability. We are expanding our distribution and continue to invest in digital initiatives, branding and distribution to capture the significant opportunities available to us and be future ready. We made our debut in north-east this quarter and have been getting good acceptance in the newer markets of South India and East India.    

The macro-economic environment and geo-political challenges have kept inflation levels elevated and interest rates are hardening.  While these impact costs, our endeavor remains on maintaining our return ratios. With good monsoon and expected support from festive season in second half of the year, we remain cautiously optimistic for the year as a whole”.  

About AU Small Finance Bank:  

AU Small Finance Bank Limited (AU Bank) is a scheduled commercial bank, a Fortune India 500 Company and the largest Small Finance Bank in the country. Starting its journey from the hinterlands of Rajasthan, today AU Bank is the largest Small Finance Bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth. With 27+ years legacy of being a retail focused and customer-centric institution, AU started its banking operations in April 2017 and as on 30th June 2022, it has established operations across 953 banking touchpoints while serving 30.7 Lakh customers in 20 States & 2 Union Territories with an employee base of 29,883 employees. The Bank has a net worth of Rs 7,789 Cr, deposit base of Rs 54,631 Cr and Assets Under Management (AUM) of Rs 50,161 Cr. AU Bank enjoys the trust of marquee investors and is listed at both the leading stock exchanges viz. NSE and BSE. It has consistently maintained a high external credit rating from all major rating agencies like CRISIL, CARE Ratings and India Ratings.