Canara Bank Reports Net Profit Up By 91.88% YoY In Its Financial Results For The Period/uarter Ended Dec 31, 2022

Key Highlights (December 2021 V/s  December 2022)

Global business grew by 13.63%, it crossed Rs. 20,00,000 cr milestone.

Net Profit stood at Rs.2882 cr against Net profit of Rs.1502 cr for December 2021.

Operating Profit stood at Rs. 6952 cr grew by 19.80%.

Gross Advances grew by 16.65%.

Gold Loan grew by 34.21% with Portfolio amount of Rs.1,15,286 cr.

Net-Interest Income grew by 23.81%

Non-Interest Income grew by 10.35%.

Fee based income grew by 13.02%.

Cost to Income Ratio down by 184 bps.

RAM Credit grew by 13.81%, it constitutes 54% of Total Advances.

Retail Credit grew by 11.30% with Housing loan at 15.81%.

Gross NPA Ratio stood at 5.89% down by 191 bps.

Net NPA Ratio stood at 1.96% down by 90 bps.

Provision Coverage Ratio (PCR) at 86.32% improved by 306 bps.

CRAR stood at 16.72% as at Dec 2022. Out of which CET1 is 11.45%.

Return on Equity stood at 18.38% improved by 630 bps.

Key Summary of Business Performance (as on 31.12.2022)

Business

Global Business increased by 13.63% (y.o.y) to Rs 20,14,443 cr as at Dec 2022 with Global Deposits at Rs 1163470 cr 11.51% (y.o.y) and Global Advance (gross) at Rs 850973 cr 16.65% (y.o.y).

Domestic Deposit of the Bank stood at Rs 1079700 Cr as at Dec 2022 with growth of 9.21% (y.o.y).

Domestic Advances (gross) of the Bank stood at Rs 800907 Cr as at Dec 2022 grew by 14.11% (y.o.y).

Retail lending Portfolio increased 11.30% (y.o.y) to Rs 137007 Cr as at Dec 2022

Housing Loan Portfolio increased 15.81% y.o.y to Rs 81916 Cr

Advances to Agriculture grew by 20.61% (y.o.y) to Rs. 203312 Cr as at Dec 2022.

Asset Quality

Gross Non-Performing Assets (GNPA) ratio reduced to 5.89% as at Dec 2022 down from 6.37% as at Sep 2022, 7.80% as at Dec 2021.

Net Non-Performing Assets (NNPA) ratio reduced to 1.96% as at Dec 2022 down from 2.19% as at Sep 2022, 2.86% as at Dec 2021.

Provision Coverage Ratio (PCR) stood at 86.32% as at Dec 2022 against 85.36% as at Sep 2022, 83.26% as at Dec 21.

Capital Adequacy

CRAR stood at 16.72% as at Dec 2022 (16.51% as at Sep 2022). Out of which Tier-I is 13.68%

(13.40% as at Sep 2022), CET1 is 11.45% (11.14% as at Sep 2022) and Tier-II is 3.04% (3.11% as at Sep 2022)

Bank successfully raised capital during FY23 through:

AT-1 Bonds     : Rs.4000 Cr

Tier II Bonds   : Rs.2000 Cr

The Capital Raising Plan for FY-23:

AT-1 Bonds     : Rs.5500 Cr

Tier II Bonds   : Rs.3500 Cr

Priority Sector & Financial Inclusion

The Bank has achieved Targets in Priority Sector at 47.47% and Agricultural Credit at 21.33% of ANBC as at Dec 2022, as against the norm of 40% and 18% respectively.

Credit to small and marginal farmers stood at 15.34% of ANBC, against the norm of 9.50%.

Credit to Weaker Sections stood at 22.31% of ANBC, against the norm of 11.50%.

Credit to Micro Enterprises stood at 10.29% of ANBC, against the norm of 7.50%.

Credit to Non Corporate Farmers stood at 17.05% of ANBC, against the norm of 13.78%. 

Network

As on 31.12.2022, the Bank has 9720 Number of Branches, out of which 3049 are Rural, 2744 Semi- Urban, 1998 Urban & 1929 Metro along with 10745 ATMs. Bank is also having 3 Overseas Branches in London, New York and Dubai. 

Tata Motors Partners With ICICI Bank To Offer Financing For Electric Vehicle Dealers

Key Highlights:  

One-of-its kind inventory financing programme for dealers of Tata Motors

ICICI Bank extends the facility for EVs, in addition to funding for diesel and petrol models

As an effort towards encouraging Electric Vehicle (EV) adoption in the country, Tata Motors, India’s leading automotive manufacturer, has announced its partnership with ICICI Bank to offer an EV Dealer Financing solution to its authorised passenger EV dealers. Under this scheme, ICICI Bank will provide inventory funding to the authorised passenger EV dealers of Tata Motors. This inventory funding is in addition to the Bank’s funding to dealers for diesel and petrol models. Under this facility, the EV dealers can avail flexible repayment tenures.

The MoU for this partnership was signed by Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. and Mr. Rakesh Jha, Executive Director, ICICI Bank Ltd.

Commenting on the partnership, Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. said, “As the pioneers of EVs in the country, we take responsibility for their successful adoption. In our aim towards achieving complete electrification and promoting green mobility, we are happy to partner with ICICI Bank to assist our authorized passenger electric vehicle dealer partners with an exclusive financing program. Our dealer network forms a part of our core support pillars, and through their constant effort, we ride the electrification wave in India. We are confident that through this tie-up, we will make EVs more accessible and the EV purchase process a seamless and memorable experience for our customers.” 

Speaking on this partnership, Mr. Rakesh Jha, Executive Director, ICICI Bank, said, “Electric vehicle industry is growing at a rapid pace with the rising consumer demand for environment-friendly electric vehicles. The launch of EVs is one of the significant innovations in the automobile space. ICICI Bank has a legacy of supporting innovative technological initiatives. In line with this philosophy, we are delighted to partner with Tata Motors to offer electric vehicle financing programme for the authorised dealers of the country’s leading automotive company. This reflects our continued participation in India’s journey towards a sustainable future.”

Tata Motors has been pioneering the Indian automotive market with its groundbreaking efforts, and is currently leading the e-mobility wave in India with a commanding market share of 85.8%, with over 57,000 EVs produced till date in personal and fleet segments. 

About Tata Motors 

Part of the USD 128 billion Tata group, Tata Motors Limited (NYSE: TTM; BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 37 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and amongst the top three in the passenger vehicles market.  

Tata Motors strives to bring new products that fire the imagination of GenNext customers, fueled by state of the art design and R&D centers located in India, UK, US, Italy and South Korea. With a focus on engineering and tech enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused to develop pioneering technologies that are sustainable as well as suited to evolving aspirations of the market and the customers. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by preparing a tailor-made product strategy, leveraging the synergy between the Group companies and playing an active role liasoning with the Government in developing the policy framework. 

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors’ vehicles are marketed in Africa, Middle East, South & South East Asia, Australia, South America, Russia and other CIS countries. As of March 31, 2022, Tata Motors’ operations include 86 consolidated subsidiaries, two joint operations, four joint ventures and 10 equity-accounted associates, including their subsidiaries, in respect of which the company exercises significant influence. 

About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s total assets stood at Rs 14,88,674 crore at September 30, 2022.

Godrej Security Solutions Witnesses A Growth Of 20% In The Premises Security Solutions (PSS) Category

Godrej Security Solutions, a business of Godrej & Boyce, the flagship company of the Godrej Group, has recorded a growth of 20% through a sub-segment of their institutional business – Premises Security Solutions (PSS), which contributes to 15% of the brand’s overall revenue. With safety being a core infrastructure element of Smart Cities initiative by the Government of India, the business has been witnessing a consistent growth in this sector. The Western region followed by the Southern and Northern regions of the country have been contributing to this growth.

Mr. Pushkar Gokhale, Business Head at Godrej Security Solutions said, “At GSS, we are committed to providing the best security solutions to our customers and we are proud to be one of the market leaders in this segment. The company has also invested Rs 2 Cr. in research and development to develop solutions that are tailored to customer requirements. We will continue to invest in building new and improved solutions to meet the changing security needs of our customers.”

With an extensive portfolio of cutting-edge products and solutions, Godrej Security Solutions has been able to provide superior protection to customers across industries like Banking & Financial Services, Retail, Manufacturing, Hospitality, IT, among others. The business has adopted a customer centric approach, with a strong focus on global technology adoption and Research & Development. The business committed an increase of 30% on its spends towards tech and innovation to meet the requirements of the Indian market, In the next two years.  Some of the recent technology acquisitions have been on - Additionally, the business unit of Godrej & Boyce has also brought on partners for the booming Datacentre industry.

There is a focus on particular customer demographics and geographic regions when it comes to onboarding new partners and hence enabling the current PSS channel expansion category.

Some of the bestselling product categories in the Premises Security Solutions segment have been observed to be the Integrated Security solutions of crash Rates Bollards, crash Rated road blockers, UVSS, XBIS (X-ray Baggage Inspection System,) Flap Barriers with FACIAL RECOGNITION SYSTEM. Additionally, GSS and its partners collaborated to develop a new FRS walkthrough mode with Anti-spoofing technology. This provides seamless access to authorised individuals and is highly secure with a very low false acceptance ratio owing to its integration with a flap barrier. The anti-drone system known as Chimera, which has the ability to detecting and neutralising hostile drones, is another intriguing addition to the category.

Being India’s one of the top manufacturer of pedestrians’ access control solutions and striving to be the first choice in the PSS segment, GSS has partnered with various critical government projects like – Central Vista, T Hub Telangana, Parliament, etc.

About Godrej Security Solutions:

Godrej Security Solutions is a division of Godrej & Boyce Mfg. Co. Ltd and part of the USD 4.1 billion Godrej Group. A pioneer and leader in the business, Godrej Security Solutions Division is the largest manufacturer and marketer of Security Solutions in India. It is the largest supplier of security solutions to several prestigious banking, corporate and public institutions. For the first time in the category and the industry, Godrej Security Solutions Division has been awarded the Superbrand status. It has also won the “Most Preferred brand” award in the Home Segment. The Division currently exports its products to over 45 countries including Middle East Asia, South East Asia, Far East Asia, East Africa, the US, Europe and the SAARC Countries.

Celebrate 126th Parakram Divas With MMTC-PAMP’s Special Edition Netaji Subhas Chandra Bose 999.9 Purest Silver Bar

* These limited-edition bars carry a finely etched image of Netaji Subhas Chandra Bose on 999.9 purest silver bars

* The 999.9 purest silver bars will be available online, at all MMTC PAMP exclusive stores and at prominent jewellers across India

Commemorating the 126th birth anniversary of Netaji Subhas Chandra Bose, MMTC-PAMP, India’s only London Bullion Market Association (LBMA) Good Delivery gold & silver refinery, has introduced a new product in its range of silver portfolio, with the launch of exquisitely crafted 999.9 purest ‘Netaji’ silver bar in 50g denomination. His birth anniversary is known as ‘Parakram Divas’ and is celebrated to inspire people of this country, especially the youth, to act with fortitude in the face of adversity.

An Indian freedom fighter and revolutionary, Subhas Chandra Bose was also popularly known as Netaji. This title was conferred to him by Indian and German officials at the Special Bureau of India in Berlin.

“It is only on the basis of undiluted nationalism and of perfect justice and impartiality that the Indian Army of Liberation can be built up.”

Born on 23 January 1897 in Cuttack, Odisha, he was an ardent follower of Swami Vivekananda. He constituted the Azad Hind Fauj or the Indian National Army in 1943 to free India from imperialist rule and inspired many to fight for India’s freedom. He was an active member of the youth wing of the Indian National Congress and was also the President of the Indian National Congress from 1938 to 1939.

This exquisitely crafted silver bar is a special edition tribute to the selfless service of the firebrand freedom fighter and a memento of his courage and resilience. Crafted from pure silver, this 50g bar features an intricate depiction of Netaji on one side and the mention of the 126th Parakram Divas along with the coin’s 999.9 purity credentials on the other.

Speaking on the launch, Vikas Singh, Managing Director and CEO, MMTC-PAMP said, “Our legacy, culture and heritage are of extreme importance to us and we at MMTC-PAMP always strive to offer the most culturally relevant products to our consumers. This bar is a symbol of courage and national spirit, honouring the sacrifice and dedication of the great leader.  Serving as a timeless reminder of Netaji's contributions and his ideals, this bar is a must-have for collectors and history enthusiasts. This is MMTC-PAMP’s humble attempt to celebrate the life and legacy of Netaji on Parakram Divas.”

These bars are crafted to the highest standards using unmatched Swiss Craftsmanship and are ideal for collectors and gifting purposes. Indians have always had a glittering love affair with gold and silver. MMTC-PAMP’s latest addition to its minted portfolio, the 999.9 purest silver limited edition Netaji bars has been crafted in limited quantity for the discerning customer.

To ensure the product’s authenticity, each MMTC-PAMP product carries a unique number and comes packaged in an assayer-certified CertiCard. Each gold and silver product bought from MMTC-PAMP offers positive weight tolerance, which guarantees that every coin or bar you buy weighs more than the listed weight, ensuring customers get the highest value for their investment.

About MMTC PAMP: A joint venture between Switzerland-based bullion brand, PAMP SA, and MMTC Ltd, a Government of India Undertaking, MMTC-PAMP seamlessly marries Swiss excellence with Indian insights. MMTC-PAMP India Pvt. Ltd. is internationally recognized as an industry leader in bringing global standards of excellence to the Indian precious metals industry. We have received several awards since our inception from local and global industry bodies for the transparency and sustainability that we rigorously uphold in our sourcing, refining and supply of precious metals in the Indian market. MMTC-PAMP is the only LBMA-accredited Gold & Silver refinery in India and is accepted across global commodity exchanges and central banks.

India To Have 10,000 Agri startups By 2030, Says Investor Hemendra Mathur: Livelihoods India Summit 2023

* Co-hosted by NITI Aayog, the summit is currently in its 13th edition, and has become a national level event aiming to build an ecosystem around the poor 

ACCESS Development Services, a national level livelihood promoting organisation, along with NITI Aayog hosted the Livelihoods India Summit at Le Meridien, New Delhi. 

Currently, in its thirteenth year, the second day of the event saw attendance from prominent speakers such as Mr Charanjit Singh, Additional Secretary, Ministry of Rural Development, Government of India, Dr Subhransu S Acharya, Chief General Manager, Small Industries Development Bank of India (SIDBI), Ms S Divyadharshini, Managing Director, Tamil Corporation for Development of Women and Chief Executive Officer of Vaazhndhu Kattuvom Project, Tamil Nadu Government, Bijan B Paul, Former Director, Weavers’ Service Centre, Office of the Development Commissioner for Handlooms, Ministry of Textiles, Government of India and Hemendra Mathur, Venture Partner, Bharat Innovation Fund & Co-founder, ThinkAg along with other dignitaries.

During a session on ‘Digitalisation of Agriculture - Empowering Smallholders through Digital Transformations’ - industry expert Hemendra Mathur, Venture Partner, Bharat Innovation Fund & Co-founder, ThinkAg highlighted that the improvement in remote monitoring of agriculture through geo-tagging and geo-mapping will help farmers to devise and implement highly effective farming techniques.

Talking in reference to the farmer communication methods, he further added that , “I see thousands of WhatsApp communities among farmers. In my opinion, more than FPO, the aggregation of farmers is driven by WhatsApp, the number of data shared is amazing, and the number of tractors sold through WhatsApp is more than any other medium. Farmers are very friendly and ready for digitization. Farmers are three things: voice, vernacular and video, you have to play on these pillars for farmers to adopt something. ”

The session which also saw participation from other panelists such as Emmanuel Murray, Investment Director, Caspian, Siddharth Chaturvedi, Senior Program Officer, Agriculture Development, Asia, Bill & Melinda Gates Foundation, and Jinesh Shah, Managing Partner, Omnivore also discussed in length the complexity of Indian agriculture, and the need for a single policy change or technology shift required for moving the country toward its dual goal of raising income for smallholder farmers and continuing to strengthen the competitiveness of Indian agriculture. 

The key themes that were explored through the session are: 

Digitization of payments in the agricultural ecosystem 

Enabling improved credit underwriting through the digitalization of farm and farmer-level data

Improved risk mitigation of the negative impacts of climate change and fluctuations in market pricing for smallholder farmers through innovations in the digital ecosystem

Reduction in overheads through improved price realization offered by digital platforms and strategies for driving the adoption of digital technologies at the last mile

Livelihoods India was initiated in 2010 as a national-level initiative to unite diverse stakeholders on a single platform to discuss critical issues that impede and afflict the livelihoods of the poor. ACCESS Development Services set up this platform to understand and assess the key issues and challenges the poor face in sustaining their livelihoods and microenterprises and to craft a vision and strategy for moving them from subsistence to sustainable levels. Since then, the platform has evolved significantly and has emerged as an essential forum for stakeholders to meet, share experiences, discuss issues, assess and analyze the policy environment and build consensus on strategies that will deliver sustainable outcomes.

About ACCESS Development Services: 

ACCESS Development Services is a global catalyst to achieve the Sustainable Development Goals. By accelerating collaborative action with global, regional, and local stakeholders, ACCESS is driving financial resilience and security as key outcomes. Set-up in March 2006, with support from the Department of International Development (Govt of UK), ACCESS is structured uniquely to build evidence, create models and align thought leadership in collaboration with Civil Society Organizations, Governments, Private Sector, Donors and Multilateral / Bilateral Agencies.

Tata Power To Install Public EV Charging Points At GAIL Gas' CNG Stations In Bengaluru

Tata Power, one of India’s largest and fastest growing EV charging solutions providers, has signed an agreement with GAIL Gas Limited, (a wholly owned subsidiary of  GAIL (India) Limited, to install DC fast charging points at two of GAIL Gas CNG retail outlets (CNG stations) in Bengaluru.

The partnership is in line with Tata Power's commitment to encourage and promote electric mobility across the country and GAIL Gas' commitment to deliver convenience to its customers who wish to switch to E-vehicles.

Tata Power is a pioneer in the EV charging space and runs an expansive network of over 3600 charging points across 450+ cities, covering petrol pumps, metro stations, shopping malls, theatres, and highways. The company is present across all segments of the EV eco-system: public charging, captive charging, home charging, workplace charging, and ultra-rapid chargers for buses. In the next 5 years, Tata Power plans to install 25000 public EV charging stations across the length and breadth of the country.  GAIL Gas Limited is a leading City Gas Distribution company in India implementing CGD projects in 25 Geographical Areas along with its JVs covering 50 Districts.

Speaking about the partnership, Dr. Praveer Sinha, CEO & MD, Tata Power said, "We are happy to collaborate with GAIL Gas Limited since they share our commitment to sustainable mobility. EV owners in Bengaluru will benefit from the growing availability for chargers as this partnership will make charging stations more accessible to them and lessen range anxiety."

Shri Raman Chadha, CEO GAIL Gas added, " We have always been on promoting the futuristic fuel mission and are committed to providing convenience to the people in our authorized geographical area at their doorstep. EV charging facility at our CNG station is yet another step in this direction."

The partnership aims to make sustainable travel choices available to all, through a seamless charging infrastructure which is at par with the conventional fuel infrastructure. It is also in line with the Government of India’s National Electric Mobility Mission Plan (NEMMP), which aims to develop electric vehicle charging infrastructure using the latest technological platform along with easy access to charging points.

About GAIL GAS Limited:

GAIL Gas Limited, a leading City Gas Distribution Company, is poised to accelerate City Gas Distribution business in focused manner in 25 Geographical Areas across 14 States across the nation. The company is a wholly owned subsidiary of Maharatna GAIL (India) Limited and manages smooth implementation of City Gas Distribution (CGD) projects.

About Tata Power:

Tata Power (NSE: TATAPOWER; BSE:500400) is one of India’s largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 14101 MW. The Company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution and trading.

The Company had developed the country’s first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 5241 MW of clean energy generation from solar, wind, hydro, and waste heat recovery accounting for 37% of the overall portfolio, the company is a leader in clean energy generation.

It has successful public-private partnerships in generation, transmission & distribution in India viz: Powerlinks Transmission Ltd. with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi, Maithon Power Ltd. with Damodar Valley Corporation for a 1,050 MW Mega Power Project at Jharkhand.

Tata Power is currently serving more than 12 million consumers via its Discoms, under public-private partnership model viz Tata Power Delhi Distribution Ltd. with Government of Delhi in North Delhi, TP Northern Odisha Distribution Limited, TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited, and TP Southern Odisha Distribution Limited with Government of Odisha.

With a focus on sustainable and clean energy development, Tata Power is steering the transformation as an integrated solutions providers by looking at new business growth in distributed generation through rooftop solar and microgrids, storage solutions, EV charging infrastructure, ESCO, home automation & smart meters et al.

With its 107 years track record of technology advancements, project execution excellence, world-class safety processes, customer care and green initiatives, Tata Power is well poised for multi-fold growth and is committed to lighting up lives for generations to come. For more information visit us at: www.tatapower.com

Photo Caption: Mr. Virendra Goyal , Head – BD ( EV Charging ) , Tata Power  and Mr. Yougesh Kumar, Chief General Manager ( CGD) , GAIL  during the signing ceremony.

Toyota Kirloskar Motor Inducts Two New Directors To Its Board

* Appoints two New Board of Directors effective 19th January 2023

Toyota Kirloskar Motor (TKM) today announced the elevation of its two senior officials in its Board. Mr. Tadashi Asazuma and Mr. Swapnesh R. Maru inducted as new Directors in the board of TKM with effect from 19th January 2023.

Mr. Tadashi Asazuma currently holds the position of Executive Vice President and heads Sales, Service & Used Car function of TKM. Mr. Asazuma brings with him a rich global automobile industry experience of working for Toyota in Japan and regions like Middle East.

Mr. Swapnesh R, Maru, currently serving as the Executive Vice President & Chief Compliance Officer and oversees Finance, Human Resources & Administration, Information Technology, Legal and Corporate Planning at TKM. His experience includes a stint at Toyota Daihatsu Engineering & Manufacturing Co., Thailand.

As a people centric organization, TKM ensures continuous efforts to strengthen its leadership and reinforce its commitment of producing ‘Mass Happiness to All’.