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SBI Profit falls below expectation, Rajnish Kumar Prays

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Mumbai: The State bank of India swung to profit from the year ago loss but fell short of profit. Rajnish Kumar, the chairman of State Bank of India says the loan of Essar Steel, Bhushan Power and Steel and Alok Industries a major setback for the Bank.

These three companies have taken a loan of 16,000 Crore from the State bank of India which has to give the write-back. Kumar intervene divine intervention for seeking help, says if these loans get cleared then the bank will move towards a good profit.

SBI has made 100% provisions against bad loans. The National Company Law Tribunal (NCLT) decides on cases under the Insolvency and Bankruptcy Code. Net profit for the June quarter at the state-owned lender was Rs 2,312 crore compared with a loss of Rs 4,876 crore in the year earlier. Profit fell short of the Rs 4,106 crore expectations due to widening losses in the corporate loan book while the treasury and retail segments performed well.

“Debt waiver issues emanating from just one state contributed around Rs 2,000 crore to the slippages,” Kumar said. The focus of the bank remains on fresh slippages to keep under control. While overall loans grew 12.47% to Rs 22.38 lakh crore, state-run corporations dominated, accounting for nearly 100% growth in sectors such as power, roads and ports. A large company classified as a Maharashtra by the government was also marked as a nonperforming asset (NPA) due to some technical issues, Kumar said.

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Samsung doubles down on India festive quarter to maintain lead

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After clinching back India smartphone market from Xiaomi in Q3, Samsung India on Thursday announced to double down on its efforts in the ongoing festive quarter by not only maintaining the 40 per cent (year-over-year) growth in value in the smartphone segment but further cement its value leadership in the country by adopting a two-pronged strategy.

While there are aggressive pricing, cashbacks and attractive EMI offers across Samsung portfolio — from the foldable family to the affordable ‘M’ series — several programmes on Samsung.com make it simpler for customers to buy Galaxy smartphones at easy finance within the comfort of their homes.

“We have had a slew of launches in the festive season. We launched 12 smartphones in the last two-three months that cater to a wide audience – from premium to the affordable segment. The response so far has been tremendous and we are set to further grow our value leadership in the country in the fourth quarter,” Asim Warsi, Senior Vice President, Samsung India, told IANS.

The South Korean major is witnessing growth across online and offline channels in the second half of the year.

“The M51 with a monstrous 7000mAh battery is doing very well, so are F41 and M31 Prime Edition, M01 and M11 smartphones. The same momentum is being seen for our tablets in the country. We are bullish on Q4,” Warsi said.

The company aims to sell 20 million Galaxy ‘M’ series devices by the end of this year.

According to Mohandeep Singh, Senior Vice President, Mobile Business, Samsung India, the company is making sure a safe and enhanced buying experience for its consumers in the country.

“Our indigenous platforms like Samsung Finance+ and Samsung Care+ have created unique propositions for consumers to create affordable offers with complete peace of mind. The ‘Reward Yourself’ programme covers a large number of smartphones, tablets and wearables,” Singh told IANS.

The ‘Reward Yourself’ programme helps consumers get flat 10 per cent cashback with HDFC Bank credit and debit cards and SBI credit cards, exciting bundle offers and a range of other benefits on Samsung’s wide portfolio of smartphones, wearables and tablets.

Samsung has also launched an interactive e-catalogue for its diverse portfolio of products. Through the e-catalogue, consumers will be able to browse through the entire range of smartphones, wearables, televisions and other digital appliances.

“In India, the average selling price (ASP) of smartphones are growing and Samsung is a leader here. Not only mass-segment but we are also doing equally well in the premium and foldable segment in the country,” Singh informed.

According to Warsi, the Flipkart Smart Upgrade scheme which is based on the ‘Galaxy Forever’ programme is doing very well.

Three devices which are part of the Smart Upgrade programme — S20+, Note 10+ and F41 — have received an incredible overall attach rate on Flipkart, he said.

Riding on multiple strategies — including effective supply chain and touching various price points through new launches — Samsung became the leading brand in the India smartphone market with 32 per cent (year-on-year) growth in Q3, according to Counterpoint Research.

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