Indian financial sector sees robust growth, Canara Bank and Shriram Finance lead the way

  • Stock Market News
Indian financial sector sees robust growth, Canara Bank and Shriram Finance lead the way
Credit: © Reuters.

India's financial sector has been witnessing a significant growth with leading entities such as Canara Bank (NS: CNBK ), Shriram Finance, and Indian Bank (NS: INBA ) posting strong performances in their recent financial results.

Canara Bank reported a substantial 43% rise in net profit to ₹3,606 crore (1 crore = $120,127) from ₹2,525 crore last year. The bank also saw a robust 19.8% increase in net interest income. Meanwhile, Shriram Finance's assets under management (AUM) rose by 19.7% to ₹2.03 trillion. The company marked a remarkable 73.3% growth in personal loans, while farm equipment loans saw a more modest rise of 5.6%.

In other corporate news, Indian Bank registered a remarkable 62% growth in net profit. The specific figures for this surge were not provided in the context.

The consumer goods sector also showed promising signs of growth. Colgate-Palmolive (NYSE: CL ) India Ltd reported a 22.31% increase in net profit to ₹340.05 crore from ₹278.02 crore last year, along with a 6.09% boost in sales, attributing these positive results to effective strategies and efficiencies.

On the other hand, telecom infrastructure provider Indus Towers (NS: INUS ) is currently negotiating debt repayment with Vodafone (NASDAQ: VOD ) Idea. The latter company owes pending dues to Indus Towers and suffered losses of ₹8,737 crore in the September quarter. Indus Towers is reportedly keeping a close eye on Vodafone Idea (NS: VODA )'s fundraising plans.

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