Finance

M&M Finance’s Q4 Results: Net profit declines; ₹6.30 per share dividend declared

Published

3 weeks ago

May 5, 2024

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

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Finance

Vedanta, Tata Consumer Products, QGO Finance shares to trade ex-dividend today

Published

7 hours ago

May 23, 2024

Press Room

Vedanta, Tata Consumer Products, QGO Finance shares to trade ex-dividend today

Dividend stocks: Shares of Vedanta Limited, Tata Consumer Products Ltd, QGO Finance Ltd, Bharat Dynamics, and Som Distilleries & Breweries Ltd will be in focus when the stock market opens on May 24 (Friday).

The boards of Directors of these companies have declared interim dividends, final dividends, and stock splits for their eligible shareholders.

These companies have fixed May 24 as the record date to ascertain the eligibility of shareholders for their respective issues.

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Dividend

Vedanta: The company has declared an interim dividend of ₹11.00 per equity share.

In a stock exchange filing, Vedanta said the Board of Directors declared “First Interim Dividend of ₹ 11/- per equity share on the face value of ₹ 1/- per equity share for the Financial Year 2024-25 amounting to c. ₹ 4,089 Crores.”

Tata Consumer Products: The company has declared a final dividend of ₹7.75 per equity share.

In a stock exchange filing, Tata Consumer Products said: “The Board had recommended a dividend of ₹7.75 per equity share of ₹1 each (775%) subject to approval by the shareholders of the Company at the 61st AGM.”

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QGO Finance: The company has declared an interim dividend of ₹0.15 per equity share.

In a stock exchange filing, QGO Finance said the Board of Directors declared “Interim Dividend at Rs. 0.0015 (1.5 %) per Equity Share (Subject to Deduction of TDS) on the face value of the paid-up equity shares of Rupees 10/- each for the quarter Jan 24 to March 24.”

“Further, it is hereby informed that Thursday, May 24, 2024, shall be reckoned as the ‘Record Date’ to ascertain the eligibility of shareholders for payment of Interim Dividend for the FY 2023-24,” the filing added.

Shares of Vedanta, Tata Consumer Products, and QGO Finance will trade ex-dividend on Thursday.

Stock Split

Bharat Dynamics: The company has declared a stock split from ₹10 per equity share to ₹5 each.

In a stock exchange filing, Bharat Dynamics said: “We wish to inform you that, the Company has fixed Friday 24 May 2024 as the Record Date for the purpose of determining the eligibility of shareholders for sub-division/ split of existing 1 (One) Equity Share of face value of Rs. 10/- (Rupees Ten Only) each fully paid up into 2 (Two) Equity Shares of face value of Rs. 5/- (Rupees Five Only) each fully paid up.”

Som Distilleries & Breweries: The company has declared a stock split from ₹5 per equity share to ₹2 each.

In a stock exchange filing, Som Distilleries & Breweries said the Board of Directors approved “the sub-division of each of the Equity Shares of the Company having a face value of Rs. 5/—each sub-divided into a face value of Rs. 2/—each.”

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Published: 24 May 2024, 06:30 AM IST

Finance

UBS latest bank to announce NJ job cuts as finance sector shrinks

Published

14 hours ago

May 23, 2024

Press Room

UBS latest bank to announce NJ job cuts as finance sector shrinks

2-minute read

Swiss bank UBS is laying off 51 employees at its Weehawken office, public records show, as New Jersey’s banking and finance sectors more broadly grapple with tightening budgets amid uncertain economic times.

UBS is reportedly looking to trim its costs by $13 billion, which includes cutting one in every 12 employees, according to Reuters. A spokesperson for UBS declined to comment for this story.

Data from state filings showed that five financial institutions announced New Jersey layoffs so far in 2024: The Bank of New York Mellon Corporation, TD Bank, Prudential Financial, Citibank and JPMorgan Chase Bank.

Some of those banks — including Citibank and Charles Schwab — are cutting their head counts by the thousands or tens of thousands across their entire operations.

Nationwide, Charles Schwab is cutting 2,000 employees and Citibank 20,000 of its staff.

“Banks are reducing back-office costs, and this includes people and head count reductions, unfortunately,” said Christopher Marinac, director of research at Janney Montgomery Scott, a financial services firm. “Overall, bank earnings are stable and generally not growing. Further, bank balance sheets are not expanding much this year.”

One factor — the Federal Reserve, which has raised interest rates 11 times since the COVID-19 pandemic. That pushed mortgage rates higher for homebuyers, meaning fewer people obtained mortgages, prompting Wall Street to respond with layoffs, said a report by CNBC.

That resulted in the state’s first job losses in half a year, unemployment figures show.

“Banks are being careful on new lending and trying to retain more capital as the Federal Reserve is tightening standards and raising capital requirements soon,” Marinac said.

James Hughes, an economist at Rutgers University, told NorthJersey.com that white-collar jobs in banking and finance have become saturated after a two-year hiring spree that followed the COVID-19 pandemic.

Layoffs this year

New Jersey companies are letting go of more than 4,600 employees in 2024, public records show.

The layoffs include 2,774 job cuts announced in 2023 for this year, and another 1,847 cuts announced in the first three months of 2024.

Those cuts come at a time when New Jersey’s workforce posted a net loss in jobs for the first time in six months. Meanwhile, the state unemployment rate has hovered at 4.8% since September, state data shows.

Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.

Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook

Finance

Espresso House appoints Daniel Sandström to lead finance department

Published

21 hours ago

May 23, 2024

Press Room

Espresso House appoints Daniel Sandström to lead finance department

Sandström joins the Swedish coffee chain after more than 25 years as McDonald’s Sweden, where his senior roles included Senior Commercial Finance Manager, Head of Finance and a temporary spell as Chief Financial Officer

Espresso House operates over 500 stores across Sweden, Finland, Denmark, Norway and Germany | Photo credit: Stephan Mahlke

Swedish coffee chain Espresso House has appointed former McDonald’s Sweden Head of Finance Daniel Sandström as its new Chief Financial Officer.

Sandström joined McDonald’s Sweden in 1996, serving as Head of Finance 2013-2017 and acting Chief Financial Officer in 2015. Most recently, he was Chief Operations Officer for McDonald’s Sweden franchisee Food Folk Sverige AB.

Sandström succeeds Anders Ljungdahl who left the post in December 2023 to join student exchange firm Educatius Group.

Espresso House is the largest branded coffee chain in the Nordics and the 12th largest in Europe with more than 500 stores across Sweden, Finland, Denmark, Norway and Germany.

As part of a move to increase its market share in Germany, Espresso House awarded a license agreement to MF KAESO GmbH to expand into North Rhine-Westphalia in March 2023 and has also partnered with Autogrill Deutschland to scale its presence at airports and railway stations across the country.

The coffee chain currently operates 45 sites across Germany and is seeking further franchise partners to lead European outlet growth.