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Yes Bank Q3 profit surges 77% to ₹266 crore, total income drops

Facelifted BMW X3 price announced

The BMW X3 has been launched in India in a petrol-only guise. It is priced between ₹ 59.90 lakh and ₹ 65.90 lakh for the M Sport variant (all-prices, ex-showroom, India).

The updated BMW can be identified by a more prominent kidney grille, flanked with new adaptive LED headlamps, and a revised bumper lower down. Down the sides, its new 19-inch alloy wheels stand out (those who pre-booked get larger 20-inch units), while round the back the revised bumper and sleeker tail-lamps with new LED inserts give it away as the facelift.

Inside, the most notable change is the centre console, which is crowned with a new free-standing 12.35-inch touchscreen — the smaller 10.25-inches is now available on the lower SportX Plus variant. The control surfaces lower down, too, have been revised, while the 12.3-inch digital instrument display has been updated with new graphics.

On the equipment front, the updated X3 packs in tech like three-zone climate control, panoramic sunroof, hands-free parking and cruise control as standard, with the M Sport variant also getting adaptive suspension, 360-degree camera and a Harman Kardon Sound system.

While the pre-facelift SUV got both petrol and diesel engine options, this X3 for now is a petrol-only model. Powering the SUV is a 2.0-litre turbo-petrol unit in the familiar 30i state of tune. The unit is good for 252hp and 350Nm and is paired to an 8-speed automatic gearbox as standard. All-wheel drive is also standard fit on both variants.

Gold Ebbs As Dollar Picks Up Steam

Gold moved lower on Friday, handing back gains from the previous day as the dollar held its ground and was on track for its best week in a month against major rivals amid a sell-off in global equities.

Spot gold dipped 0.45 percent to $1,832.10 per ounce, while U.S. gold futures were down half a percent at $1,834.30.

Investor sentiment has soured amid worries about higher interest rates and growing concerns surrounding Ukraine.

Ahead of next week’s FOMC meeting, U.S. Treasury Secretary Janet Yellen said on Thursday she was confident the Federal Reserve and the Biden administration would take steps needed to bring down inflation during 2022.

President Joe Biden on Wednesday said he supports Federal Reserve Chairman Jerome Powell’s expected move to start tightening monetary policy.

“Given the strength of our economy and pace of recent price increases, it’s appropriate — as Fed Chairman Powell has indicated — to recalibrate the support that is now necessary,” Biden said.

U.S.-Russian tensions over Ukraine also weighed, with Washington reportedly allowing some Baltic states to send U.S.-manufactured weapons to Ukraine.

IHS Markit Ltd. Q4 Profit Increases, beats estimates

IHS Markit Ltd. (INFO) announced a profit for its fourth quarter that increased from last year and beat the Street estimates.

The company’s bottom line came in at $737.2 million, or $1.83 per share. This compares with $151.1 million, or $0.38 per share, in last year’s fourth quarter.

Excluding items, IHS Markit Ltd. reported adjusted earnings of $341.4 million or $0.85 per share for the period.

Analysts on average had expected the company to earn $0.83 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 6.3% to $1.18 billion from $1.11 billion last year.

IHS Markit Ltd. earnings at a glance (GAAP) :

-Earnings (Q4): $737.2 Mln. vs. $151.1 Mln. last year.
-EPS (Q4): $1.83 vs. $0.38 last year.
-Analyst Estimate: $0.83
-Revenue (Q4): $1.18 Bln vs. $1.11 Bln last year.

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Commerzbank Books EUR 436 Mln Provisions On Loans In MBank; Still Sees Positive Net Result In FY

Commerzbank AG (CRZBY.PK) said on Friday that its fourth-quarter earnings would be impacted by provisions made at its Polish mBank. However, Commerzbank expects a positive net result for the financial year 2021.

Commerzbank said mBank had made provisions regarding the foreign currency indexed loan agreements in the amount of about 436 million euros.The company noted that its fourth-quarter results would be impacted by a corresponding amount.

Herald morning quiz: January 23

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Yes Bank Q3 profit surges 77% to ₹266 crore, total income drops

Lender’s cash recovery stood at ₹610 crore for December quarter

Private sector lender Yes Bank on Saturday reported a 77% jump in profit to ₹266.43 crore for the third quarter ended December.

The bank had posted a profit of ₹150.77 crore in the October-December quarter a year earlier.

However, total income during the quarter under review declined to ₹5,632.03 crore from ₹6,408.53 crore, Yes Bank said in a filing. Net interest income also slipped by 31% to ₹1,764 crore compared with ₹2,560 crore in the same quarter in 2020.

Gross non-performing assets (GNPAs) as a percentage of assets eased to 14.65% from 15.36%.

Net NPAs rise

On the other hand, net NPAs increased to 5.29% as against 4.04%. Provisions other than tax and contingencies came down significantly to ₹374.64 crore from ₹2,089 crore.

“On November 1, 2021, the bank had completed the sale of its entire stake in its wholly owned subsidiaries YES Asset Management (India) Limited and YES Trustee Limited to CPL Finance and Investments Limited. The net positive impact to the financial results post this sale, including reversal of the impairment provision was ₹14.94 crore,” it said.

Provision coverage ratio decreased to 79.3% at the end of December 31, 2021.

Fresh slippages stood at ₹978 crore while there was cash recovery of ₹610 crore and upgrades of ₹573 crore.