Finance
PNB Housing Finance shares jump over 8% on recovery of ₹784 crore NPA
![PNB Housing Finance shares jump over 8% on recovery of ₹784 crore NPA](https://www.livemint.com/lm-img/img/2023/08/21/600x338/2-0-1211963776-pnb-housing-0_1679659610319_1692601246731.jpg)
PNB Housing Finance share price jumped more than 8% on Monday after the company announced the recovery of ₹784 crore worth of corporate non-performing account. PNB Housing Finance shares rallied as much as 8.4% to ₹688.10 apiece on the BSE.
PNB Housing Finance through its focused and multi-pronged resolution strategy has successfully resolved and fully recovered its large corporate Non-Performing account of ₹784 crore, which is 1.3% of loan asset as on 30th June 2023, the company said in a regulatory filing on Saturday.
Read here: PNB Housing Finance recovers NPA account of ₹784 crore, resolved through ARC sale
“The account has been resolved on 19th August 2023 through an ARC sale under Swiss Challenge method as per the Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021,” PNB Housing Finance said.
As on June 30, 2023, the Gross NPA of the company stood at ₹2,270 crore, which is 3.76% of loan assets. Its loan assets were at ₹60,395 crore.
During the first quarter of FY24, PNB Housing Finance reported a 47.8% year-on-year (YoY) rise in its consolidated net profit to ₹347.32 crore. The company had posted a profit of ₹234.96 crore in the year-ago period.
Also Read: Titan share price gains as analysts believe CaratLane stake purchase to be value accretive
As of June 30, the company’s Asset Under Management (AUM) expanded by 2% YoY to ₹67,340 crore.
PNB Housing Finance shares have rallied more than 25% YTD and the shares have given returns of over 85% in the last one year period.
At 12:30 pm, PNB Housing Finance share price was trading 5.21% higher at ₹667.85 apiece on the BSE.
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Updated: 21 Aug 2023, 12:33 PM IST
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Finance
Ukraine has a month to avoid default
![Ukraine has a month to avoid default](https://www.economist.com/img/b/1280/720/90/media-assets/image/20240629_FNP503.jpg)
War is still exacting a heavy toll on Ukraine’s economy. The country’s GDP is a quarter smaller than on the eve of Vladimir Putin’s invasion, the central bank is tearing through foreign reserves and Russia’s recent attacks on critical infrastructure have depressed growth forecasts. “Strong armies,” warned Sergii Marchenko, Ukraine’s finance minister, on June 17th, “must be underpinned by strong economies.”
Following American lawmakers’ decision in April to belatedly approve a funding package worth $60bn, Ukraine is not about to run out of weapons. In time, the state’s finances will also be bolstered by G7 plans, announced on June 13th, to use Russian central-bank assets frozen in Western financial institutions to lend another $50bn. The problem is that Ukraine faces a cash crunch—and soon.
Finance
Florida Tech Names Kimberly Williams New Vice President for Administration, Chief Financial Officer – Space Coast Daily
![Florida Tech Names Kimberly Williams New Vice President for Administration, Chief Financial Officer – Space Coast Daily](https://spacecoastdaily.com/wp-content/uploads/2024/06/Florida-Tech-Kimberly-D.-William-600.jpg)
will start at Florida Tech on July 8
BREVARD COUNTY • MELBOURNE, FLORIDA – Kimberly D. Williams, who has more than 20 years of experience in finance, higher education, and law, has been named Florida Tech’s vice president of administration and finance and chief financial officer.
Williams most recently served as the vice president for business affairs, CFO and treasurer at the University of Findlay in Ohio. She will start at Florida Tech on July 8.
“The campus community feedback received when Kim visited us was overwhelmingly positive,” President John Nicklow wrote in an email to the university announcing her hire. “I’m confident that she has the skill set to help move our university forward, together.”
Williams graduated from Fayetteville State University with a bachelor’s degree in accounting and earned an MBA from Western Kentucky University. She received her Juris Doctor from the University of Arkansas School of Law.
She served as a civil litigation attorney in Missouri for five years before becoming chief financial officer and corporate counsel for a global, consolidated corporation in the aviation industry.
There, she oversaw the company’s overall financial health and gave project oversight across several fields as a strategic leader.
In 2016 Williams entered higher education, becoming business manager and director of business services for the University of Arkansas. After two years at UA, she was named assistant vice president for administrative and business services at Middle Tennessee State University.
As the senior administrator, she supported the department’s mission to provide effective and innovative business and administrative services to enrich learning and academic excellence on campus.
Williams stayed in Tennessee until 2022, when she became the vice president for business affairs, CFO and treasurer at University of Findlay in Findlay, Ohio. There, she oversaw all matters related to the financial management of the university, serving as the primary steward of its financial and physical resources.
Williams is a member of several professional associations, including the National Association of College and University Business Officers, the Council of Independent Colleges, the Association of Independent Colleges and Universities of Ohio, the Ohio Association of College and Business Officers and the National Association of Educational Procurement.
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Finance
World Bank OKs $1.5 billion financing for green H2 projects in India | India News – Times of India
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The programme will support reforms to boost the production of green hydrogen and electrolyzers.It also supports reforms to boost renewable energy penetration, for instance, by incentivising battery energy storage solutions and amending the Indian Electricity Grid Code to improve renewable energy integration into the grid. The financing includes a $1.46 billion loan from International Bank for Reconstruction and Development (IBRD) and a $31.5 million credit from International Development Association (IDA).
“The World Bank is pleased to continue supporting India’s low-carbon development strategy which will help achieve the country’s net-zero target while creating clean energy jobs in the private sector,” said Auguste Tano Kouame, World Bank Country Director for India.
The reforms are expected to result in the production of at least 450,000 metric tonne of green hydrogen and 1,500 MW of electrolyzers per year from FY25/26 onwards. It will also help to increase renewable energy capacity and support reductions in emissions by 50 million tonne per year.
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