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India Business News: State-run Union Bank of India reports a 60% increase in net profit to Rs 3,590 crore for the December quarter, driven by improved asset quality and lower slippages. However, the bank flags rising stress levels in its retail book, especially home loans. ....
Stanbic Bank registers Ksh. 1.9 billion net profit in Q1 FY2021 Shares Stanbic has registered a 26.7% increase in Profit after tax to Ksh. 1.9 billion from Ksh. 1.5 billion recorded in a similar period last year. Loans and advances went down by 2.4% over the same period last year to Ksh. 157.9 billion, while government securities increased by 0.8%. The financial results further revealed that the company’s total assets grew by 2.4% to Ksh. 317 billion, while customer deposits increased by 11.8% to Ksh. 226.6 billion the previous year. Total operating income increased by 11.1% to Ksh. 6 billion accompanied by 6.7% growth in Net Interest Income to Ksh. 3.2 billion and 21.7% increase in Non-Funded Income which is usually a major income earner for the bank to Ksh. 2.8 billion. ....