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Tag: Bank

  • Two Palestinian gunmen killed by Israeli forces in West Bank

    Two Palestinian gunmen killed by Israeli forces in West Bank

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    Ramallah: Two Palestinians were killed on Wednesday during fierce clashes with Israeli soldiers in the town of Qabatiya near the northern West Bank city of Jenin.

    A video on social media showed the bodies of the two young men whowere shot dead, reports Xinhua news agency.

    Local sources and witnesses said that a troop of Israeli soldiers backed by armoured vehicles stormed Qabatiya to arrest Palestinians wanted by Israeli security forces for alleged involvement in attacks against the Jewish state

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    They added that heavy clashes and fire exchanges took place in the town between Palestinian militants and Israeli soldiers.

    Explosions and intensive gunfire were heard in the town.

    The witnesses also said that a third Palestinian was seriously injured and was arrested by the Israeli soldiers before they pulled out from the town.

    Since early January, the Israeli army has been carrying out daily raids on Palestinian towns, villages, and refugee camps to arrest Palestinians allegedly involved in attacks against Israel.

    The Palestinian Ministry of Health said more than 100 Palestinians have been killed since.

    Meanwhile, 19 Israelis were killed during the same period.

    The raids in Qabatiya town came amid growing tension between Israel and the Islamic Jihad militant group in the Gaza Strip, which had resulted in the deaths of 15 Palestinians, including five terrorists.

    (Except for the headline, the story has not been edited by Siasat staff and is published from a syndicated feed.)



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    ( With inputs from www.siasat.com )

  • Repetition of Nakba? Israel calls tenders for new west bank settlement units

    Repetition of Nakba? Israel calls tenders for new west bank settlement units

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    Amid the rising death tolls of Palestinians after Israeli air strikes in the Gaza Strip, Israeli authorities have invited tenders for work on more than 1,000 new housing projects in the occupied West Bank. Despite the stay calls of Arab and international bodies, the policies of settlement expansion in view of greater Israel are expanding in Palestinian territories.

    As per media reports the new settlement units will be located in Beitar Illit, Efrat, Kiryat Arba, Ma’ale Ephraim, and Karnei Shomron. In addition, 89 units will be constructed in the Gilo settlement west of occupied Jerusalem.

    According to the housing construction project, it will have a large residential complex that includes a commercial complex, a kindergarten, public areas and medical clinics.

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    The housing construction policies on the occupied west bank are being enforced again after 23 years.

    As soon as the policies of Israeli settlements in West occupied banks came out, the Palestinians started raising concerns about its potential effects and increasing settler violence against Palestinians to change their identity in the area.

    Palestinians say the policies which have already been done in past with the worst consequence will violate the 1997 Hebron Protocol, under which Israel is obligated to preserve the land and identity of Palestinians in the area.

    Residents of Hebron are in constant fear that the settlement expansion will result in more military checkpoints which may lead to more humiliation and a huge number of Israeli military presence in the areas.

    Following the tender call, The Prime Minister of Palestine, Mohammed Shtayyeh on Monday called on UNESCO to intervene in the matter to prevent Israeli authorities from occupying further land and establishing a settlement adjacent to the Village of Sebastia, near Nablus, along with the humiliation of Palestinians it would cause severe damage to the historic site of the area.

    Speaking at a meeting of the Palestinian Cabinet in Ramallah, Mohammed Shtayyeh raised his concern that the settlement expansions in Hebron are a continuation of the Nakba Massacre or catastrophe where lakhs of Palestinians were forced to leave the land and some of them were killed for not vacating the place, that also began with the seizure of Palestinian land on the formation of Israel in 1948.

    Palestinian human rights activists have also called on the European Union (EU) to cancel the free visas to Israeli settlers and their leaders resing in the settlements in the occupied West Bank and East Jerusalem who aim to visit Europe.

    These policies have been drafted after a right-wing party Likud headed by Benjamin Netanyahu won recent elections in Israel.

    Following the win, thousands of Israelis protested in several cities against the Benjamin Netanyahu-led party, on January 28, 2023, in views on the proposed legislation, which the government claims is required to tame a judiciary that exercises excessive power but which critics claim eliminates an essential check on those in authority.

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    #Repetition #Nakba #Israel #calls #tenders #west #bank #settlement #units

    ( With inputs from www.siasat.com )

  • Israel forces demolishes Palestinian school in West Bank

    Israel forces demolishes Palestinian school in West Bank

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    Tel Aviv: Israeli forces on Sunday demolished a Palestinian school in the occupied West Bank under the pretext it was built in Area C without a permit, Anadolu Agency reported.

    Accompanied by a bulldozer and trucks, forces demolished the school named Challenge 5. The surrounding Palestinian residential community of Jib al-Dib, east of Bethlehem, was also raided.

    This led to clashes between Palestinian youth and the occupation forces. While young men threw stones and set tires on fire, the Israeli forces retaliated by firing tear gas and stun grenades.

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    European Union (which funded the construction of the school) condemned the Israeli move as illegal.

    Earlier, a right-wing Israeli organization had submitted a petition against the school claiming the Palestinians had “conquered” the land.

    The European Union Delegation to the Palestinians, on its official Twitter account, said the demolition was “illegal under international law” and would “only increase the suffering of the Palestinian population and further escalate an already tense environment.”

    The school was established in 2017, and it consists of five classrooms, and it serves students up to the fourth grade, and 81 students enroll in it, and it is built of bricks and roofed with tin panels.

    The Israeli authorities prevent construction or land reclamation in Area C without permits, which are almost impossible to obtain, according to Palestinians and international human rights reports.

    The West Bank, including East Jerusalem, is considered occupied territory under international law, which makes all Israeli demolitions and settlement construction there illegal.

    The Oslo Accords (1993) classified the lands of the West Bank into 3 areas— “A” under full Palestinian control, “B” under Israeli security and Palestinian administrative civil control, and “C” under Israeli civil, administrative and security control.



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    ( With inputs from www.siasat.com )

  • Electronic Spices 2USB Power Bank Charging Module Circuit Board- DC-DC Step Up Boost Power Supply Module – 5V 1A (2 USB)

    Electronic Spices 2USB Power Bank Charging Module Circuit Board- DC-DC Step Up Boost Power Supply Module – 5V 1A (2 USB)

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  • FCIK Congratulates JK Bank For Making All-Time High Profit

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    SRINAGAR: The Federation of Chambers of Industries Kashmir (FCIK) congratulated JK Bank for making an all-time high net profit of 1197 Crores in the last financial year besides improving significantly upon all other banking parameters.

    In a statement FCIK while attributing the remarkable achievement of the bank to its dedicated and hardworking management and staff, the apex industrial body said that the bank has improved its outlook towards accelerated regrowth of the J&K economy and high-end sustainability.

    FCIK equally attributed the success and achievement of J&K Bank to its loyal depositors from Jammu, Kashmir and Ladakh whose deposits accounted for 88.20% of total deposits of Rs.122038 Crores with 6% growth from the last year. FCIK observed that this deposit profile has played an important role in maintaining the margins of the bank as the cost of these deposits stood at one of the lowest rates amoung the Indian scheduled commercial banks, implying lower than peers’ deposit costs @ 3.67%.

    “Such a gesture depicted and displayed an emotional bonding of the people of UTJKL with the bank since its inception in 1938 which needed to be respected, maintained and enhanced further.

    “The achievement is also attributed to the borrowers of the bank  who have obtained loans from the bank and returned the same with one of the highest interest rates among the Indian scheduled commercial banks” observed FCIK adding that the bank might have been within its right to cover prevalent risk factors while overcharging their borrowers during turbulent times when all other banks had backed out from flowing credit to various economic sectors including MSMEs.

    “Although the improvement upon Credit-Deposit ratio to 67.43% by the bank was fair yet it was much below the national average of 75%” observed FCIK adding that J&K Bank needed to fully concentrate on the increased credit flow to all economic sectors in UTJKL as it was observed that out of total advances of Rs.82285 a significant portion has been advanced to large corporate and other enterprises outside the Union Territory.

    “The recoveries made from the NPA account holders after the launch of OTS-2022, Karz Mukti Scheme etc. have also aided in the increased profit earning of the bank”, observed FCIK adding that the profit could have increased further had the bank authorities conceded to the demand of FCIK and other business chambers for modification of the OTS schemes.

    FCIK said that it was gratifying that the net NPA of J&K Bank stood just at 1.62% to net advances probably one of the lowest in the banking industry and that all borrowers of UTJKL were anxious to repay every penny of their loans borrowed from the bank on launch of a uniform, non-discriminatory OTS with trouble-free provisions and repayment schedule in consultation with the UT government and stakeholders. FCIK hoped that J&K Bank now initiated necessary steps towards launching such a policy which, among other things, could surely enable them to increase the current year’s profits to an all-time high by surpassing the profit figures of the previous year.

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    #FCIK #Congratulates #Bank #Making #AllTime #High #Profit

    ( With inputs from : kashmirlife.net )

  • Jk Bank Nets Rs 1197 Cr Profit, Highest In Eight Years

    Jk Bank Nets Rs 1197 Cr Profit, Highest In Eight Years

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    SRINAGAR: Adding a historic milestone to its remarkable journey, JK Bank recorded Rs 1197 Cr as net profit for the FY 2022-23 as the Bank’s highest-ever annual profit. Along with a decadal-high Capital Adequacy Ratio (CRAR) of 15.39% and eight-year best gross NPA figure at 6.04%, the Bank also registered its best-ever Q4 profit of Rs 476 Cr to successfully deliver its better-than-promised annual and quarterly performance.

    The bank declared its annual and Q4 results today after its Board of Directors approved the numbers in a meeting held here at the bank’s Corporate Headquarters.

    Performance Highlights

    Aided by good recoveries, J&K Bank today delivered its best-ever net profit of Rs 1197 Cr for the FY 2022-23 and registered Rs 476 Cr as net profit for the January-March quarter of the FY 2022-23.

    With Net Interest Margin (NIM) for the FY 2022-23 at 3.89 % against 3.50% recorded last year, the Bank’s operating income increased by 18% YoY to Rs 5502 Cr while as the other Net Interest Income (NII) grew 21% YoY to Rs 4745 Cr.

    Bank’s Yield on Advances rose annually to 8.91% from 8.32%, while as the CD and CASA ratios stood at 67.43% and 54.10% respectively for the reviewed financial year.

    Asset-Quality

    The Bank’s gross and net NPA as percentages to gross and net advances improved considerably to 6.04% and 1.62% respectively when compared to 8.67 % and 2.49%, recorded last year.

    The Bank’s Return on Assets jumped from 0.42% to 0.89% for the FY 2022-23, while as the NPA Coverage Ratio of the Bank improved to 86.20% against 84.26% recorded a year ago.

    Capital-Cushion

    After raising over Rs 1021 Cr as (tier-II) capital and significant internal accruals during the FY 2022-23, the Bank’s Capital Adequacy Ratio witnessed marked improvement of 216 bps to 15.39% from 13.23% recorded last year; thereby ensuring adequate availability of capital to support business growth while maintaining the regulatory buffer comfortably.

    Business Growth

    With advances growth outpacing the increase in deposits, the Bank’s advances grew by 17% to Rs 82285 Cr while as the deposits increased by around 6% to Rs 122038 Cr posting growth of 10% in the overall business of the Bank.

    MD&CEO-Speak

    Commenting upon the annual numbers, MD & CEO Baldev Prakash said, “With historic yearly profit, highest-ever quarterly net, decadal high CRAR, best asset-quality figures over last 8 years; it’s a great feeling to deliver better-than-promised annual numbers. I feel completely satisfied to see that we have gotten better at operating our business efficiently.”

    “Looking back to March 2022 with these set of numbers, I see an unmistakable shift in performance as well as the functioning of Bank. Right from financials, operations and business to compliance and vastly improved corporate governance, the leap from turn-around to transformation is quite perceptible as well as promising”, he added.

    Attributing the accomplishment to Bank staff, MD & CEO said,  “I am happy to dedicate this historic and resounding success to the entire J&K Bank family that once again rose to the occasion and honoured the trust of all our stakeholders including customers by achieving most of the targets while improving upon the everyday functioning of the Bank”, adding, “I also express my profound gratitude to our patrons and promoters i.e. J&K Government and Ladakh Administration for their support and guidance throughout this journey.”

    Regarding the marked improvement in CAR and GNPAs, MD stated, “Keeping thrust on strengthening the Balance Sheet by way of capital augmentation and NPA reduction, we have achieved Asset Quality figures that are the best in last eight years along with a decadal high CRAR.”

    “Post-revamp of business strategy to reduce concentration risk, our loan book in ROI has already grown by above 20% during FY 2022-23 consequently improving the contribution of ROI loan book to 32% of total advances of the Bank”, said the MD on Bank’s sharpening focus on business in rest of the country.

    He further said, “While making our balance-sheet stronger on daily basis, we have now entered into a progressive-phase wherein business-growth coupled with process excellence is all set to yield better returns for all stakeholders of the Bank. To ensure ease of banking for our clients, we have already enabled around 4 Lac customers on STP Platform for retail-loan processing with a turn-around-time of just 2-minutes, which has helped in reducing the footfall at branches drastically”, while adding, “With many cutting-edge technological solutions like Customer Relationship Management, WhatsApp banking, Cloud Application along with Artificial Intelligence & Machine Learning based Analytics at advanced stages of completion, I see J&K Bank well on its path to become one of the most agile, efficient and digitally smarter banks in the country soon.”

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    #Bank #Nets #Profit #Highest #Years

    ( With inputs from : kashmirlife.net )

  • Jk Bank Nets Best Ever Profit Of Rs 1197 Cr, Records Good Recoveries

    Jk Bank Nets Best Ever Profit Of Rs 1197 Cr, Records Good Recoveries

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    SRINAGAR: Adding a historic milestone to its remarkable journey, JK Bank recorded Rs 1197 Cr as net profit for the FY 2022-23 as the Bank’s highest-ever annual profit. Along with a decadal-high Capital Adequacy Ratio (CRAR) of 15.39% and eight-year best gross NPA figure at 6.04%, the Bank also registered its best-ever Q4 profit of Rs 476 Cr to successfully deliver its better-than-promised annual and quarterly performance.

    The bank declared its annual and Q4 results today after its Board of Directors approved the numbers in a meeting held here at the bank’s Corporate Headquarters.

    Performance Highlights

    Aided by good recoveries, J&K Bank today delivered its best-ever net profit of Rs 1197 Cr for the FY 2022-23 and registered Rs 476 Cr as net profit for the January-March quarter of the FY 2022-23.

    With Net Interest Margin (NIM) for the FY 2022-23 at 3.89 % against 3.50% recorded last year, the Bank’s operating income increased by 18% YoY to Rs 5502 Cr while as the other Net Interest Income (NII) grew 21% YoY to Rs 4745 Cr.

    Bank’s Yield on Advances rose annually to 8.91% from 8.32%, while as the CD and CASA ratios stood at 67.43% and 54.10% respectively for the reviewed financial year.

    Asset-Quality

    The Bank’s gross and net NPA as percentages to gross and net advances improved considerably to 6.04% and 1.62% respectively when compared to 8.67 % and 2.49%, recorded last year.

    The Bank’s Return on Assets jumped from 0.42% to 0.89% for the FY 2022-23, while as the NPA Coverage Ratio of the Bank improved to 86.20% against 84.26% recorded a year ago.

    Capital-Cushion

    After raising over Rs 1021 Cr as (tier-II) capital and significant internal accruals during the FY 2022-23, the Bank’s Capital Adequacy Ratio witnessed marked improvement of 216 bps to 15.39% from 13.23% recorded last year; thereby ensuring adequate availability of capital to support business growth while maintaining the regulatory buffer comfortably.

    Business Growth

    With advances growth outpacing the increase in deposits, the Bank’s advances grew by 17% to Rs 82285 Cr while as the deposits increased by around 6% to Rs 122038 Cr posting growth of 10% in the overall business of the Bank.

    MD&CEO-Speak

    Commenting upon the annual numbers, MD & CEO Baldev Prakash said, “With historic yearly profit, highest-ever quarterly net, decadal high CRAR, best asset-quality figures over last 8 years; it’s a great feeling to deliver better-than-promised annual numbers. I feel completely satisfied to see that we have gotten better at operating our business efficiently.”

    “Looking back to March 2022 with these set of numbers, I see an unmistakable shift in performance as well as the functioning of Bank. Right from financials, operations and business to compliance and vastly improved corporate governance, the leap from turn-around to transformation is quite perceptible as well as promising”, he added.

    Attributing the accomplishment to Bank staff, MD & CEO said,  “I am happy to dedicate this historic and resounding success to the entire J&K Bank family that once again rose to the occasion and honoured the trust of all our stakeholders including customers by achieving most of the targets while improving upon the everyday functioning of the Bank”, adding, “I also express my profound gratitude to our patrons and promoters i.e. J&K Government and Ladakh Administration for their support and guidance throughout this journey.”

    Regarding the marked improvement in CAR and GNPAs, MD stated, “Keeping thrust on strengthening the Balance Sheet by way of capital augmentation and NPA reduction, we have achieved Asset Quality figures that are the best in last eight years along with a decadal high CRAR.”

    “Post-revamp of business strategy to reduce concentration risk, our loan book in ROI has already grown by above 20% during FY 2022-23 consequently improving the contribution of ROI loan book to 32% of total advances of the Bank”, said the MD on Bank’s sharpening focus on business in rest of the country.

    He further said, “While making our balance-sheet stronger on daily basis, we have now entered into a progressive-phase wherein business-growth coupled with process excellence is all set to yield better returns for all stakeholders of the Bank. To ensure ease of banking for our clients, we have already enabled around 4 Lac customers on STP Platform for retail-loan processing with a turn-around-time of just 2-minutes, which has helped in reducing the footfall at branches drastically”, while adding, “With many cutting-edge technological solutions like Customer Relationship Management, WhatsApp banking, Cloud Application along with Artificial Intelligence & Machine Learning based Analytics at advanced stages of completion, I see J&K Bank well on its path to become one of the most agile, efficient and digitally smarter banks in the country soon.”

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    #Bank #Nets #Profit #Records #Good #Recoveries

    ( With inputs from : kashmirlife.net )

  • Another US regional bank First Horizon’s stock tumbles after merger collapses

    Another US regional bank First Horizon’s stock tumbles after merger collapses

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    New York: First Horizon and TD Bank have called off a $13 billion deal that would have formed Americas sixth-largest bank, adding to the turmoil sweeping the countrys regional lenders, a media report said.

    Caught up in the worst banking crisis since 2008, First Horizon’s share price has plunged about 40 percent over the past couple months, falling well below the $25 per share that TD offered when the takeover was announced in February 2022, CNN reported.

    The stock closed at $15.05 a share on Wednesday and plunged another 40 percent in morning trading on Thursday after the deal was mutually abandoned by the banks, the report said.

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    First Horizon is a regional lender in the southeast United States and would have helped Canada’s TD expand south of the border. But regional banks have been losing the confidence of investors and customers since the March collapse of Silicon Valley Bank and Signature Bank.

    On Monday, a third regional bank, First Republic, failed and JPMorgan purchased most of its assets. A fourth, PacWest Bank confirmed earlier on Thursday that it’s looking for a financial lifeline.

    First Horizon, though, said it remains stable, cash-rich and diversified.

    “While today’s announcement is unfortunate and unexpected, First Horizon will continue on its growth path operating from a position of strength and stability,” First Horizon CEO Bryan Jordan said in a statement.

    TD said in a statement that the companies called off the merger because of an unexpectedly long regulatory approval process. Without a timetable for approval, the companies began to question whether the deal would get regulators’ blessing at all. TD said the regulatory issue was for “reasons unrelated to First Horizon”.

    Although TD didn’t directly cite the banking crisis or First Horizon’s crumbling market value as the reason for abandoning the purchase, its CEO Bharat Masrani said in a statement that the decision provided “clarity” to its customers and shareholders, CNN reported.

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    ( With inputs from www.siasat.com )

  • Bank Comes For Recovery, Debtor Commits Suicide

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    SRINAGAR: In a heartbreaking incident, a man named Balwinder Nath, son of Pyar Nath, from Tringla Batote in District Ramban, committed suicide on May 2nd, 2023, near his house. The reason behind this unfortunate event is alleged to be due to the pressure of an unpaid loan that he had taken from Jammu and Kashmir Bank Batote.

    According to Balwinder Nath’s wife, Vidya Devi, the couple had taken a loan of Rs. 57,000 for cows, but due to her husband’s illness, they were unable to pay the instalments on time. She further added that the manager of Jammu and Kashmir Bank came to their house and demanded the payment of the instalment immediately. This resulted in Balwinder Nath feeling insulted in front of everyone, which may have led him to take such a drastic step.

    Balwindar Nath’s father also expressed his grief and stated that if the instalment was not paid, then the bank should have sent a notice instead of coming personally and insulting them in front of their neighbours.

    According to a police official, the case is currently under further investigation.

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    #Bank #Recovery #Debtor #Commits #Suicide

    ( With inputs from : kashmirlife.net )

  • World Bank taps Banga as next leader

    World Bank taps Banga as next leader

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    Banga’s selection was not unanimous. Russia, which had previously said it was considering putting forward its own candidate for the job but ultimately did not, abstained from the vote, said a person close to the selection process. A senior administration official said the board’s votes are “strictly confidential” but that Banga was “elected with resounding approval.”

    The position of World Bank president traditionally goes to an American citizen. Banga holds U.S. citizenship but was born and raised in India.

    Banga will now oversee the World Bank’s pivot as it aims to become a dominant player in climate finance and help low-income economies bankroll the transition to cleaner energy sources and manufacturing processes.

    But those priorities will cost trillions of dollars that shareholders like the U.S. and European Union are not eager to spend at the moment. What’s more, the bank must also contend with other pressing needs facing the world’s poorest countries, including rising food insecurity and unsustainable levels of debt.

    “Ajay understands that the challenges we face — from combating climate change, pandemics, and fragility to eliminating extreme poverty and promoting shared prosperity — are deeply intertwined,” Treasury Secretary Janet Yellen said in a statement.

    The bank has begun adopting reforms that will “sharpen” its mission, Yellen continued, adding that “our ambitious goals will not be met overnight, and we remain committed to a staged adoption of reforms over the course of the year to build on the vision we have laid out.”

    The White House recognizes that the World Bank faces a pivotal moment as countries face concerning levels of debt and the global economy continues to contend with the effects of the coronavirus pandemic and Russia’s war in Ukraine, a second senior administration official told reporters Wednesday.

    “Getting the evolution of the World Bank right is absolutely critical to meeting the moment,” the second official said, adding that Biden believes Banga “has the track record and the know how to rise to the occasion and make sure the World Bank delivers for the globe.”

    Banga was the president and chief executive officer of credit card giant Mastercard from 2010 to 2020 and remained the company’s executive chairman for a year after that. He left to join General Atlantic, one of the world’s largest private equity firms, where he served as vice chairman.

    The World Bank’s current president, David Malpass, announced earlier this year that he would step down in June. Malpass was nominated by then-President Donald Trump in 2019 and selected for a five-year term.

    Adam Behsudi contributed to this report.

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    #World #Bank #taps #Banga #leader
    ( With inputs from : www.politico.com )