MUMBAI: HDFC Bank on Saturday posted a 21 per cent year-on-year (YoY) rise in standalone net profit at Rs 5,568.16 crore for the quarter ended June 2019. The bank's profit figure stood at Rs 4,601.44 crore in the same quarter last year. Here are the top takeaways from the private sector lender's June quarter results: Strong NII: The net interest income (interest earned less interest expended) for the June quarter grew by 22.9 per cent to Rs 13,294.30 crore on YoY basis, driven by asset growth and a rise of 4.3 per cent in core net interest margin for the quarter. Other income rises too: Other income (non-interest revenue) at Rs 4,970.3 crore was 27.2 per cent of the net revenues for the quarter ended June 30. It grew by 30.2 per cent over Rs 3,818.1 crore reported in the corresponding quarter a year ago. The four components of other income were -- fees & commissions of Rs 3,551.6 crore, foreign exchange and derivatives revenue of Rs 576.7 crore, gain on-revaluation/sale ..
The world's second-largest payment processor is approaching a decade-long run for the company's stock. Shares of MasterCard are getting a boost, as U.S. consumers embrace the secular shift from cash to card, and more recently card to digital. MasterCard's stock is up 46% this year, compared to the S&P 500 which is up about 20%. Even more remarkable, the financial company's stock is up more than 1120% since the start of 2011, while the broader market has only rallied about 140% since then. MasterCard, which has a market value of about $279 billion, has ended the last nine years in positive territory, with most years accounting for double digit gains in the stock. Some of MasterCard's success can be attributed to the health of the U.S. economy, currently in its longest expansion in history. A robust economy encourages customers to spend more, boosting fee income for MasterCard and other payment processors. "In the near-term, consumer spend trends appear healthy,..
CNBC's Jim Cramer raised concerns Friday about a major part of the U.S. economy. The "Mad Money" host said he's feeling a new level of "anxiety about industrial" companies. "Small- and medium-sized businesses [are] doing well; big industrial just not doing well." Smaller companies are faring OK because U.S. consumer activity, which accounts for two-thirds of the American economy, is holding up. However, he emphasized industrials are not OK, calling FedEx earlier this week a "wake-up call." Shares of FedEx plunged nearly 13% on Wednesday after the company late Tuesday blamed the U.S.-China trade war and the loss of Amazon as a customer for its quarterly earnings and revenue misses. FedEx also lowered full-year guidance for fiscal 2020. In addition, CEO Fred Smith on Tuesday's post-earnings conference call with analysts said, "There is a lot of whistling past the graveyard about the U.S. consumer and the United States economy versus what's going on globally." "This is..
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For the first time since the Great Recession a decade ago, the US Federal Reserve is poised to cut interest rates, shoring up America's defenses as the global economy weakens. It will mark a striking about-face for the central bank, reversing a rate increase announced just seven months ago. And the policy flip comes as the central bank has suffered a number of awkward stumbles in communications, as it has tried to communicate confidence in the economy, while at the same time a readiness to support continued expansion. Fed officials have had to backtrack and clarify recent statements, and amid President Donald Trump's blistering, year-long public campaign against Fed Chair Jerome Powell, one central banker seemed to offer himself as an alternative for the leadership position. Meanwhile, although the rate cut this week is almost universally expected, economists disagree on whether the Fed is making the right move. Indeed, cutting rates now could appear highly unusual: the F..
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Boris Johnson holds Brexit talks with German Chancellor Angela MerkelAppearing on Euronews on 21 August, Open Europe's Dominic Walsh comments about Boris Johnson's meeting with German Chancellor Angela Merkel. The post Boris Johnson holds Brexit talks with German Chancellor Angela Merkel appeared first on Open Europe.
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Weekly Briefing: Johnson has increased pressure on both the EU and Parliament to confront possibility of No DealThis is the first of a series of weekly briefings Open Europe will publish analysing key Brexit, UK and EU developments. The post Weekly Briefing: Johnson has increased pressure on both the EU and Parliament to confront possibility of No Deal appeared first on Open Europe.
New Delhi: Indian Energy Exchange on Wednesday reported a 5.5 per cent decline in net profit to Rs 39.58 crore for the quarter ended June 30, 2019, mainly due to lower revenues. The company's net profit stood at Rs 41.89 crore in the quarter ended June 30, 2018, it said in a BSE filing. According to the statement, Indian Energy Exchange's (IEX) total income fell to Rs 69.66 crore in April-June quarter from Rs 74.18 crore a year ago. IEX is a registered power exchange and the same constitutes a single operating segment. The financial results for June quarter were approved by the board of directors of the company in a meeting held on Wednesday.
Here are the biggest calls on Wall Street on Thursday: Following the company's earnings results, Credit Suisse upgraded the stock but said it still had concerns about "competitive" challenges. "We are raising our rating on AT&T shares from Underperform to Neutral as near-term negative catalysts have played out, primarily video subscriber losses having hit what we believe are peak levels in 2Q19/3Q19. " Bank of America upgraded UPS and said it saw "upside" in the company if it can "hold" its margins. "We raise our rating to Buy from Neutral, and increase our PO to $130 from $115, on a 16x lower end of range target multiple. We increase our 2019 and 2020 EPS estimates 1% each, to $7.55 and $8.15, from $7.50 and $8.10, respectively. We believe the structural shift will continue to provide upside if UPS can hold its margins. " Bank of America said it saw less "upside" in the game maker's Live Services. "The basis for our positive view was that Apex could be a source of signifi..
The model is talking about booking her latest gig, modeling WordPress underwear in the brand latest Perfectly Fit campaign, which was shot by Lachian...