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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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Jobseekers fear that a layoff is imminent, 50% Focus On Self-Development

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Jobseekers from the IT, pharma, medical/healthcare and BFSI industries were less impacted by layoffs and salary cuts as compared to their counterparts from other industries.

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“The survey gives a broad direction of maintaining caution towards the future outlook of the job market. While 10 per cent jobseekers confirmed that they have been laid-off as per the survey, almost 34 per cent fear that a layoff is imminent,” said Pawan Goyal, Chief Business Officer, Naukri.com.

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“On the positive side it is heartening to see that more than 50 per cent of jobseekers are focusing on upskilling for better career opportunities and that is a sure shot way of long term career growth,” Goyal added.

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Majority of jobseekers are utilising the time at hand due to the lockdown for self-development and career advancement.

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Data science and analytics courses (22 per cent), followed by digital marketing (20 per cent), and finance and risk management (16 per cent) were among the top courses being picked up by jobseekers to up-skill themselves.

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There is a mixed feeling around layoffs and salary cuts among jobseekers.

Nearly 41 per cent of the jobseekers were positive that layoffs are not likely to happen in their organization. These jobseekers were mostly from the BFSI, IT and Pharma industries suggesting a relatively higher job security sentiment in these industries.

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“On the other hand, 59 per cent of the jobseekers, mostly from the airlines, hospitality, ecommerce and BPO/ITES industries, confirmed that the layoffs are either already announced or most likely to happen in the coming days,” the findings showed.

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In the most impacted sectors such as airlines, hospitality and e-commerce, almost half of the jobseekers indicated that salary cuts have been announced in their companies.

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Chinese President Xi Jinping orders the army to speed up preparations for war

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