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Tag: provisions

  • Bank of India, Central Bank and Uco Bank post Q2 profit gains despite margin pressure

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    Mumbai: Public sector lenders Uco Bank, Central Bank of India and Bank of India recorded gains on account of higher interest income and lower provisions in the September quarter. Over the year, net profit after tax increased by 2.8% to ₹620 crore for Uco bank, 7.6% to ₹2,555 crore for Bank of India and 32.8% to ₹1,213 crore for Central Bank of India.

    All the three banks saw a drop in net interest margins (NIMs)-the difference between interest income a bank generates from its assets and the interest it pays out on its liabilities.

    NIMs for Bank of India were at 2.41% in Q2FY26 from 2.81% in Q1FY25, for Central Bank of India, NIMs fell 52 basis points to 2.89% during the quarter, from 3.41%, while for Uco Bank NIMs stood at 2.90% from 3.10%. Pressure on NIMs is expected to reduce in the third quarter, bank officials said in the earnings call.

    loans grow faster than deposits in q2 at Uco, CBI & BoI

    The bank’s net interest income (NII) for Central Bank of India grew 3.7% to ₹3,283 crore, while it grew 10% to ₹ 2,533 crore for Uco bank over the year.

    For Bank of India, NII reduced by 1% to ₹5,912 crore and 2533 10%

    Provisions too, saw a drop by 58% to ₹441 crore for Bank of India and by 54.2% to ₹573 crores. Uco Bank however saw an increase in provisions over the year by 19% to ₹993 crores. “The provisions made are forward looking and prudent,” said Ashwani Kumar, MD & CEO, Uco Bank in the earnings call.

    Loan and deposit growth

    Loan growth outpaced deposit growth in all the three banks. For Uco Bank, deposits grew at 16.5% to ₹2.3 lakh crore while loans grew 10.8% to ₹ 3.05 lakh crore. For Bank of India, loans grew 14% to ₹7.1 lakh crore while deposits grew 10% to ₹8.5 lakh crore.

    For the Central Bank of India, loans grew 16.03% to ₹2.9 lakh crore and deposits grew 13.4% to ₹4.5 lakh crore.

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  • Great Barrington business suffers cybercrime attack

    Great Barrington business suffers cybercrime attack

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    GREAT BARRINGTON, Mass. (NEWS10) — A small business in the Berkshires was the victim of the growing cyber-crime known as social engineering. The business lost a significant amount of money that cannot be recouped.

    “We can’t function without the fabric and without the money we can’t buy the fabric,” said Molly De St Andre.

    Aurelien and Molly De St Andre own a children’s clothing store and they told NEWS10 the pandemic put supply chain issues in the spotlight which made them search far and wide for fabric. Online communication struck most of the trouble during this time.

    “I was corresponding with my rep as I always do, and we have a good relationship. I did not realize that over time another person had hacked into their system and was posing as my rep,” said De St Andre.

    She tells NEWS10 after several conversations she was given an official invoice, totaling nearly $40,000, from the person she thought was her rep. “The invoice that we took to the bank had fraudulent details on it and it went straight to the scammer. And we didn’t even know that for a month and a half,” said De St Andre.

    They thought they were covered by insurance. “He told us we’re covered for cyber-crimes; we’re looking into this tiny clause in our insurance that basically made it impossible, it made them unwilling to cover this,” said De St Andre.

    But help came from another source. On Railroad Street in Great Barrington the small businesses are coming together to support one of their own. “We’re watching out for each other and truly the expression of the rising tide lifts all boats, if one of us goes down, it only hurts our town in general,” said Mary Daire, owner Daire Bottle Shop and Provisions.

    The business owner says she wants to let as many other business owners, as she can, know what to look out for . “Honestly you know, like if this could happen to us and we are so careful, this literally could happen to anyone,” said De St Andre.

    One of those businesses helping De St Andre learned a few things as well when it comes to safe business practices. “We talked with our insurance agent to get more robust cyber insurance. We didn’t even realize that was something that would affect a small business such as ours.  We’re not even doing sales over the internet but the sophistication level of these scams these days you can never be too safe,” said Alex Cosgrove, Co-founder Greenhouse Yoga.  

    The 2023 FBI internet crime report says cyber-crime victims’ losses exceed $12.5 billion, a 22% increase from 2022. 

    A GoFundMe has been set up to help offset the costs of the scam.

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    James De La Fuente

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