Finance
JPM Holds Firm on Plans to ‘Tokenize’ Traditional Finance
JPMorgan Chase is dedicated to tokenize conventional finance regardless of upheaval within the cryptocurrency sector.
The financial institution’s digital asset program, Onyx, is already being utilized by Goldman Sachs, DBS Financial institution and BNP Paribas, and 15 different banks and dealer sellers are wanting to enroll in it, program head Tyrone Labbone stated in an interview with CoinDesk posted Thursday (April 27).
In response to the report, the financial institution has processed almost $700 billion in short-term mortgage transactions through Onyx, a permissioned model of the Ethereum blockchain.
“We predict that tokenization is a killer app for conventional finance,” Lobban stated.
“If you consider personal markets — personal credit score, personal fairness and personal actual property — they’re just about double the scale of public markets, however many orders of magnitude much less liquid, so there’s this large disparity.”
The report notes that Onyx has felt the impression of the crypto market downturn and an uptick in scrutiny by regulators. Lobban acknowledged the necessity for larger warning however stated general nothing has modified for his platform or the financial institution that owns it.
“The timing is likely to be just a little bit longer than what it was earlier than, however our technique hasn’t modified in any respect,” he informed CoinDesk. “In any case, there’s a lot work to do this these sorts of momentary lows are actually very minor over the long run.”
As PYMNTS wrote earlier this week, tokenized deposits are gaining consideration world wide. For instance, Financial institution of England Deputy Governor Sir Jon Cunliffe stated in a speech final week that stablecoins as funds might have to be restricted.
Within the speech he argued that “this can be very unlikely that any of the present choices would meet the requirements for robustness and uniformity we at present apply each to business financial institution cash and to the prevailing fee programs.”
Drilling down additional, Cunliffe stated that as business banks difficulty digital cash over new fee rails — the tokenized deposits — they provide “some or the entire performance and effectivity claimed for stablecoins, permitting banks deposits to compete higher with non-bank fee cash.”
The preliminary efforts have targeted on wholesale funds, PYMNTS famous, however there’s room to be used in retail settings.
The U.S. Federal Reserve provided its tackle the matter in 2022, when it argued that tokenized deposits offered benefits over stablecoins, as they’d act as common deposits.
And Rob Hunter, deputy basic counsel and director of regulatory and legislative affairs at The Clearing Home, mentioned the subject with PYMNTS’ Karen Webster in an interview late final 12 months.
“There’s no purpose why banks shouldn’t be allowed to make use of a brand new expertise to carry out capabilities which are clearly inside the enterprise of banking itself,” he stated, together with “capabilities like deposit taking and transferring worth that banks have been doing for a whole bunch of years.”
Finance
M&M Finance’s Q4 Results: Net profit declines; ₹6.30 per share dividend declared
Mahindra Finance reported a total income of ₹3,706 crores, marking a 21 per cent increase year-over-year (YoY), for the quarter ending March 31, 2024, on May 4. However, the Profit After Tax (PAT) experienced a slight downturn by 10 per cent YoY, settling at ₹619 crores, attributed to a 14% increase in Net Interest Income (NII) which stood at ₹1,971 crores. The Net Interest Margin (NIM) remained fairly stable at 7.1%. The reported disbursements for the quarter saw an 11% rise, totalling ₹15,292 crores, and the Gross Loan Book grew by an impressive 24% YoY to ₹1,02,597 crores.
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The company also showed marked improvement in asset quality, with a significant reduction in Stage 3 assets to 3.4%, down from 4.0% in December 2023. Credit costs for the year were maintained within the targeted range of 1.5% – 1.7%, indicative of effective risk management strategies.
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In its consolidated results, the company posted a total income of ₹4,333 crores for the fourth quarter, up by 23% YoY, and a marginal decrease in PAT by 1%, amounting to ₹671 crores. The consolidated disbursements also noted an increase of 11% YoY, reaching ₹16,174 crores.
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The company’s strategic initiatives included bolstering its presence in vehicle finance, particularly in pre-owned vehicle finance, which grew by 18% during FY24. Moreover, Mahindra Finance announced plans to enhance its services in the non-vehicle finance segment, aiming to expand its Asset Under Management (AUM) to 15% over the medium term. This includes increasing investments in sectors such as Small and Medium Enterprises (SME) lending, Lease and Purchase (LAP), and leasing through its Quiklyz platform.
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Published: 05 May 2024, 09:46 AM IST
Finance
Transwarranty Finance Q4 results : profit at ₹2.73Cr, Revenue increased by 166.66% YoY
Transwarranty Finance Q4 Results Live : Transwarranty Finance declared their Q4 results on 02 May, 2024. The topline increased by 166.66% & the profit came at ₹2.73cr.
It is noteworthy that Transwarranty Finance had declared a loss of ₹6cr in the previous fiscal year in the same period.
As compared to the previous quarter, the revenue grew by 68.98%.
The Selling, general & administrative expenses rose by 12.53% q-o-q & increased by 13.69% Y-o-Y.
The operating income was up by 7726.27% q-o-q & increased by 154.53% Y-o-Y.
The EPS is ₹0.98 for Q4, which increased by 148.87% Y-o-Y.
Transwarranty Finance has delivered 0% return in the last 1 week, 24.19% return in the last 6 months, and -6.85% YTD return.
Currently, Transwarranty Finance has a market cap of ₹56.46 Cr and 52wk high/low of ₹15.5 & ₹8.25 respectively.
Period | Q4 | Q3 | Q-o-Q Growth | Q4 | Y-o-Y Growth |
---|---|---|---|---|---|
Total Revenue | 5.12 | 3.03 | +68.98% | 1.92 | +166.66% |
Selling/ General/ Admin Expenses Total | 1.16 | 1.03 | +12.53% | 1.02 | +13.69% |
Depreciation/ Amortization | 0.13 | 0.12 | +9.2% | 0.12 | +1.13% |
Total Operating Expense | 2.42 | 3.07 | -21% | 6.87 | -64.74% |
Operating Income | 2.7 | -0.04 | +7726.27% | -4.95 | +154.53% |
Net Income Before Taxes | 2.73 | -0.36 | +862.66% | -6.01 | +145.33% |
Net Income | 2.73 | -0.36 | +863.53% | -6 | +145.44% |
Diluted Normalized EPS | 0.98 | -0.07 | +1500% | -2.01 | +148.87% |
FAQs
Question : What is the Q4 profit/Loss as per company?
Ans : ₹2.73Cr
Question : What is Q4 revenue?
Ans : ₹5.12Cr
Stay updated on quarterly results with our results calendar
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Published: 05 May 2024, 02:36 AM IST
Finance
New Interim Finance Director Deal in the Works | South Pasadena Finance Dept. Pushing Through | The South Pasadenan | South Pasadena News
Scott Miller, a retired municipal finance official with four decades in the field, is being considered to serve as South Pasadena’s new finance director on an interim basis, the South Pasadenan News has learned.
Although an agreement has not been signed or finalized, “we are working on it,” said Luis Frausto, Acting Deputy City Manager.
Miller would become the tenth person to manage the city’s volatile finance department since the departure of David Batt in March of 2018.
CITY OF SOUTH PASADENA FINANCE DEPARTMENT PAST DIRECTORS
The news comes shortly after the city confirmed outgoing Finance Director John Downs, who told the city last month he would retire May 2, has been persuaded to stay on “in a limited term capacity to assist with finalizing the fiscal year 2024-2025 budget,” Frausto said. Downs’ “role will transition from managing daily finance operations to focusing on specific projects, with the budget being his primary responsibility. We expect his contributions to extend at least through June.”
The city is currently scheduled to adopt the new budget June 5—a target that is looking increasingly less certain.
According to press reports, Miller was chief financial officer at the city of Beverly Hills for seven years through 2015, where he was credited with helping secure high ratings for the city from the three major credit rating agencies.
Miller then worked briefly as chief finance officer for Broward County, Florida and then with Urban Futures Inc., a local government service agency in California. In March 2016, he became interim chief financial officer for the city of Riverside, initially under a short term contract. Although he became a Riverside employee in early 2017, he left several months later. At the time, a Riverside city spokesman told a local publication he could not say if Miller’s departure from Riverside was a mutual decision.
Prior to joining Beverly Hills, Miller was employed by the city of Palm Desert, the city and county of San Francisco, the University of California–Berkeley and Turner Broadcasting System. He graduated from San Diego State University with a BA in psychology and minor in business administration and he holds a PhD in public administration from Arizona State University.
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