NTBA Mainstreet http://ntbamainstreet.org/ Tue, 02 Aug 2022 20:25:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ntbamainstreet.org/wp-content/uploads/2021/03/ntbamainstreet-icon-70x70.png NTBA Mainstreet http://ntbamainstreet.org/ 32 32 Century Communities Deploys National Savings on Purple Labels https://ntbamainstreet.org/century-communities-deploys-national-savings-on-purple-labels/ Tue, 02 Aug 2022 14:58:00 +0000 https://ntbamainstreet.org/century-communities-deploys-national-savings-on-purple-labels/

Event running through August at all Century Communities and Century Complete locations

GREENWOOD VILLAGE, Colo., August 2, 2022 /PRNewswire/ — Century Communities, Inc., a top 10 national homebuilder and industry leader in online sales, has revealed it will be bringing back its popular Purple Tag sale throughout the month of August, offering significant savings on new homes from the company’s two homebuilding brands: Century Communities and Century Complete.

SAVINGS OPPORTUNITIES INCLUDE:*

  • Special pricing
  • Help with closing costs
  • Competitive financing and rate lock programs through an affiliated lender, Inspire Home Loans®
  • Move-in packages

*Offers vary by location and most offers cannot be combined with multiple offers. Buyers should consult their local sales associate for details.

Shoppers can learn more about the savings and start their search at
www.CenturyCommunities.com/PurpleTagSale.

NEW HOMES FOR ANY LIFESTYLE

Century makes it easy for buyers to find their summer dream home with quick move-in homes ready to close in 30-90 days – available to buy on-site or through the premier online shopping process. builder – featuring modern open concept floor plans designed for all lifestyles. Plus, buyers will enjoy the perfect combination of a desirable location and a quality new home with communities in over 45 sought-after markets in 17 states.

“Purple Tag aims to help buyers from coast to coast realize their dream home with multiple ways to save,” said Liesel Cooper, National President of Century Communities. “For Purple Tag this year, we’re thrilled to offer thousands in savings to every homebuyer, encompassing everything from closing cost assistance to special prices and more.”

“Purple Tag is an exceptional opportunity for Century Complete buyers to find the best home that fits their needs and lifestyle,” said Greg Huff, National President of Century Complete. “In addition to an already affordable range of quality floor plans, our competitive rate lock-in and financing offers maximize homebuyers’ ability to move out of rental and into their brand new home.”

THE ASCENSION CLUB

In addition to Purple Tag savings, homebuyers can tap into an exclusive team of credit specialists with The Ascent Club, a value-added program available free of charge through affiliated lender, Inspire Home Loans®.

Ascent Club Benefits

  • Free financing analysis
  • New Workshops for Homebuyers with Ideas on Credit and Buying a Home
  • Resources from credit specialists with tips on qualifying for your home loan, improving your credit score, saving for a down payment, and more

Learn more about https://www.inspirehomeloans.com/the-ascent-club.

DISCOVER THE FREEDOM OF BUYING A HOME ONLINE:

Century Communities is proud to offer its first online home buying experience on all available homes nationwide.

How it works:

  1. Buy homes on CenturyCommunities.com
  2. Click “Buy Now” on any available home
  3. Complete a quick online purchase form
  4. Electronically submit an initial earnest money deposit
  5. Electronically sign a purchase contract via DocuSign®

Learn more about the online shopping experience at www.CenturyCommunities.com/buy-house-online.

About Century Communities
Century Communities, Inc. (NYSE: CCS) is a top 10 national homebuilder, offering new homes under the Century Communities and Century Complete brands. Century is engaged in all aspects of residential construction, including the acquisition, allocation and development of land, as well as the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of people. buyers. The ColoradoThe New York-based company operates in 17 states and more than 45 markets across the United States, and also offers title, insurance and lending services in select markets through its subsidiaries Parkway Title, IHL Home Insurance Agency and Inspire Home Loans. To learn more about Century Communities, please visit www.centurycommunities.com.

SOURCE Century Communities, Inc.

]]> The shortage of infant formula is easing for many, but it’s still not over https://ntbamainstreet.org/the-shortage-of-infant-formula-is-easing-for-many-but-its-still-not-over/ Tue, 02 Aug 2022 11:29:00 +0000 https://ntbamainstreet.org/the-shortage-of-infant-formula-is-easing-for-many-but-its-still-not-over/ Now, instead of long trips every few days with uncertain results, they were able to reduce to one long trip once or twice a month. They no longer worry about being able to find formula – they just know they will have to travel to get it.

Experts who closely follow the state of the current infant formula shortage in the United States say stories like the Hankins’ are on point right now.

Plan availability hasn’t returned to normal, but for many families it’s better than a month or two ago.

Before a national infant formula recall by Abbott Nutrition in February and the subsequent closure of one of the company’s major manufacturing plants, about 10% of infant formula was generally out of stock, according to the company. market research Information Resources Inc., known as IRI. .

IRI’s latest report says around 20% of all types of infant formula were out of stock in the week ending July 24 – the lowest stockout rate since early June. Prices for powdered formula stocks have been slower to recover. IRI data shows about 30% of powdered formula was out of stock the week ending July 24.

“There’s no doubt that the situation where families go to the store and find absolutely no formula has improved a lot,” said Dr. Steve Abrams, a neonatologist at the University of Texas Dell Medical School in Austin. “On the other hand, there are still significant problems in the system.”

The commissioner of the United States Food and Drug Administration said last week that production of preparations must continue at high levels for another six to eight weeks for supply to meet demand.

Programs designed to help families affected by the shortage are also being extended.

In May, Abbott announced that in states where it held WIC contracts, it would cover the cost of switching babies to different brands through August 30 – a signal that it expected the shortage could affect consumers for months.

Then, in June, storm-induced flooding again halted operations at Abbott’s plant in Sturgis, Michigan, delaying the ramp-up of its production. Abbott’s factory is producing the Elecare specialty formula again – and shipping could begin “soon” – but the company has extended its state rebates for another month.

Families who depended on certain formulas have already had to pivot to find new ways to feed their babies, and they may still have to use different brands of formula, travel long distances to find them, and meet store purchase limits. .

The Hankins’ 9-month-old son, Orrin, is allergic to standard infant formula ingredients and needs a hypoallergenic variety. He had been on Similac Alimentum, which is made by Abbott. By June, they could no longer find it in stores.

They could order it online, but it was not covered by benefits from Virginia’s Special Supplemental Nutrition Program for Women, Infants, and Children, or WIC. When they got it from retailers like Walmart.com, they had to pay out of pocket, an expense that strained the family’s budget.

So in July, Hankins worked with his state WIC program to switch his son to another brand of hypoallergenic formula called Gerber Good Start Extensive HA, which is flown into the United States from the Netherlands. It is one of many foreign brands sold in the United States since the shortage began.

Orrin had struggled with changing formulas in the past, but he did very well, Hankins said.

Still, the family travels about two hours round trip from their home in Prince George’s County to the stores carrying Orrin’s new formula. But Hankins said she can always find the right one.

On their last trip, they found it in the Kroger and Publix stores next door and bought the maximum allowed: four cans in one store and three cans in the other.

“We were able to use our WIC benefits for the month in one trip, which was great,” Hankins said. “If I only do this once or twice a month instead of every other day, it’s really such an improvement.”

Vulnerable families still hard hit

For families who can be flexible with the brands or types of formula they buy or how much they can afford to pay, the shortage has eased considerably. But for others, the pain continues.

Hypoallergenic, easy-to-digest formulas are still very rare, and Abrams said families who need them face challenges. Hospital dietitians are scrambling to track them down for families. As soon as they find a formula that a baby can tolerate, it may run out before it even arrives at the family home. Then the prescription and ordering process begins again.

Inside the White House's spring scramble to contain the infant formula crisis

Families dependent on WIC benefits also have more limited choices. Not all stores accept their benefits, and not all states have given families the option to purchase alternatives if their normal brand is out of stock.

Families in rural areas, who may only have one or two stores in their area that sell formula, may also consider long journeys to find more if those stores are sold out.

The federal government has made efforts to alleviate the shortage. The United States Food and Drug Administration has relaxed rules allowing foreign manufacturers to sell their infant formula in the United States. In July, the agency said it was creating a framework to keep the door open to foreign formula brands at all times.
The Biden administration has accelerated the delivery of some of these cans through its Fly Formula operation. As of July 24, according to the White House, 17 Operation Fly Formula missions have delivered enough powdered formula to make more than 61 million 8-ounce bottles.

“There’s a backlog that needs to be filled, but we’re seeing measurable improvement,” U.S. Food and Drug Administration Commissioner Dr. Robert Califf said on NPR’s All Things Considered on Saturday. “There’s more formula on the shelves, and production is now significantly exceeding demand every week. So we’re on the road to recovery, but I don’t want anyone to think we’re sitting at this point. “

House passes bill to make imported infant formula cheaper

He said when consumers see empty slots on store shelves, it doesn’t mean that type of formula is entirely out of stock, but some sizes may be.

When formula manufacturers need to increase production, they reduce the number of products they make to speed up the process. “While they may have, say, made a 1-pound, 5-pound, and 10-pound pack, they can narrow it down to one type so they can be as efficient as possible in producing the formula,” Califf said. said.

The key now is to stay the course, he said.

“What we need is just to continue for the next six to eight weeks for production to far exceed the amount that people need for their babies, and then we’ll be back in shape as far as the volume of formula,” he said. said.

However, the country is not entirely out of the woods.

How much time left?

Abbott said in a statement Monday to CNN that it will “immediately” ship the Elecare formula made at its Michigan plant and that it is working to restart production of Similac “as soon as possible.”

Late last week, the U.S. Department of Agriculture told states it would continue to cover the cost of infant formula without a contract to give families who receive WIC benefits — like the Hankins — the option to buy other sizes, shapes or brands of infant formula. The benefit will continue until the end of September.
Companies aggressively marketed infant formula.  Then there was a shortage

Geraldine Henchy, director of nutrition policy at the nonprofit Food Research & Action Center in Washington, said while the extension is good news, “it indicates that they think action is still needed.”

About half of infant formula purchased in the United States is purchased through the WIC program, and these families continue to be disproportionately affected by the shortage.

“The infant formula system crashed, but for WIC it really crashed,” Henchy said.

The USDA has new powers through the Access to Baby Formula Act, which was signed into law in May. The agency recently announced that it will require state WIC programs to develop contingency plans for future interruptions in formula supplies.

The government is also making funds available to state WIC programs to accelerate the development of online ordering programs, as WIC families currently cannot use their benefits for online purchases.

Vicki Hankins says she feels like the hardest days of the shortage are behind her.

She started seeing her son’s old brand, Alimentum, in stores closer to home, which really helped ease her anxiety. She thinks that even if WIC stopped allowing her to use Gerber Good Start Extensive HA, she could go back to what she was using before.

She knows that not all families have been so lucky. She hears from other moms on social media who are still struggling.

Henchy puts it another way, “I think it was really traumatic for people.”

]]>
Lumen completes the sale of its Latin American business to Stonepeak https://ntbamainstreet.org/lumen-completes-the-sale-of-its-latin-american-business-to-stonepeak/ Mon, 01 Aug 2022 20:12:21 +0000 https://ntbamainstreet.org/lumen-completes-the-sale-of-its-latin-american-business-to-stonepeak/

New Strategic Relationship Between Lumen and Cirion Delivers Benefits to Customers of Both Companies

DENVER, August 1, 2022 /PRNewswire/ — Lumen Technologies (NYSE: LUMN) today announced that it has officially completed the sale of its Latin American operations to Stonepeak for $2.7 billion in cash. This Latin American company is called Cirion and operates as an independent holding company of Stonepeak.

Highlights:

  • Lumen and Cirion have established a strategic relationship to serve both companies’ customers in the region who will benefit from this continued association.
  • The $2.7 billion transaction provides additional capital to enable Lumen to invest in key growth areas and support the company’s other capital allocation priorities, including continued debt repayment .
  • Stonepeak has appointed Lumen’s LATAM Regional President, Facundo Castro, as Cirion’s new CEO and retains the current management team and existing employees. Cirion has also added several new hires in recent months to the company’s leadership team, all of whom bring extensive industry experience across the region.

Click here for more information on today’s announcement: https://news.lumen.com/image/LATAM-Cirion-Transaction-FAQ.pdf

“This divestiture is an important step in achieving Lumen’s strategic objectives as we refine our focus on key strategic assets while providing our LATAM employees and customers with an opportunity for continued growth,” said Jeff Storey, President and Chief Executive Officer. from the direction of Lumen. “This transaction also positions our Lumen platform for long-term growth, allowing Lumen to invest in a strategic combination of assets and alliances that enables us to deliver what our customers want around the world.

Lumen and Cirion have established a strategic relationship to serve customers in the region. This includes reciprocal resale and network agreements that take advantage of each other’s large fiber optic footprints, data centers and other network assets.

“We share Jeff’s enthusiasm for Cirion’s opportunity in Latin America, given the platform’s strong footprint and its ambition to continue to expand its fiber and data center network throughout the region.” said Andrew Thomas, Stonepeak’s managing director and co-head of communications. “We are excited to partner with the Cirion team and apply our experience as active investors in global digital infrastructure to drive long-term sustainable growth.”

Additional Resources:

About Lumen Technologies and Lumen People:

Lumen is guided by our belief that humanity is at its best when technology advances the way we live and work. With approximately 450,000 miles of fiber optics and serving customers in more than 60 countries, we offer the fastest and most secure platform for applications and data to help businesses, governments and communities deliver amazing experiences. Learn more about the Lumen Network, edge cloud, security, communication and collaboration solutions and our goal to drive human progress through technology on news.lumen.com/home, LinkedIn: /lumentechnologies, Twitter: @lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen Technologies are US registered trademarks.

About Stone Peak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real estate assets with approximately $49.3 billion in assets under management. Through its investments in defensive businesses with sustainable assets globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The company provides capital, operational support and committed partnership to sustainably increase investment in its target sectors, including communications, energy transition, transport and logistics, and social infrastructure. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London and Sydney. For more information, please visit www.stonepeak.com.

About Cirion

Cirion is a leading provider of digital infrastructure and technology, offering a full suite of fiber optic networks, connectivity, colocation, cloud infrastructure, and communication and collaboration solutions to enable Latin American progress through technology. Cirion serves more than 6,400 Latin American-based and multinational customers, including enterprises, government agencies, cloud service providers, wireline and wireless carriers, ISPs and other leading enterprises. Cirion owns and operates a facilities-based network and data center portfolio, with extensive coverage spanning the entire Latin America region. Learn more about Cirion at www.ciriontechnologies.com

Forward-looking statements

Except for historical and factual information contained in this press release, the matters set forth in this press release, including statements regarding the proceeds of the transaction and the expected benefits of the transactions and alliances, and other statements identified by words such as “estimates”, “expects”, “projects”, “plans”, “intends”, “will” and similar expressions, are forward-looking statements within the meaning of the provisions of the ” safe harbor” of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated or projected if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include, but are not limited to: the possibility that the anticipated benefits of transactions and alliances may not be fully realized in the manner contemplated; the possibility that it may be more difficult than expected to separate the Company’s Latin American operations from its other businesses in connection with the divestiture; the possibility that the Company may be required to pay higher taxes than expected, make unscheduled payments under settlement agreements or otherwise receive less net cash proceeds than expected; changes in the Company’s cash requirements, financial condition or business, operational or financial plans; the effects of competition from a wide variety of competing suppliers; Buyer’s ability to successfully maintain the quality and profitability of its product and service offerings and to introduce new offerings on a timely and cost-effective basis; and other risk factors and warnings as detailed from time to time in the Company’s reports filed with the United States Securities and Exchange Commission. You should be aware that new factors may emerge from time to time and it is not possible for us to identify all of these factors or to predict the impact of each of these factors on transactions and alliances. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation and expressly disclaims any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Quote Show original content to download multimedia:https://www.prnewswire.com/news-releases/lumen-closes-sale-of-its-latin-american-business-to-stonepeak-301597230.html

SOURCELumen Technologies

]]>
The crisis comes from the lack of education https://ntbamainstreet.org/the-crisis-comes-from-the-lack-of-education/ Mon, 01 Aug 2022 04:05:38 +0000 https://ntbamainstreet.org/the-crisis-comes-from-the-lack-of-education/

LONDON:

Many wonder why Pakistan’s economy is struggling? Are these purely global factors, such as inflation and high energy prices, or are local causes more important, such as corruption or low tax collection? Some in Pakistan attribute it to a Western plot, aimed at keeping the country weak and dependent on the IMF, while some in the West see it as a Chinese plot to keep Pakistan trapped in debt and dependent on Beijing.

The underlying answer to the first question becomes clear when a different question is asked, why does Pakistan seem more fragile than Bangladesh, even though both are seeking IMF loans? While 2022-2023 will be difficult for both, in the recently published book, The Time Traveling Economist, I explain why the whole of 2020s will be more difficult for Pakistan. But the 2030s may show a radical and permanent change in the fortunes of the country. No illiterate country has ever achieved prosperity. Literate elites were able to build very successful empires, from Imperial Rome to the Mughal Empire, but without mass literacy (in any language), countries always remained poor.

A social scientist in the 1960s showed that countries with adult literacy rates below 40% never experienced sustainable growth and that 70-80% adult literacy was needed to s ‘industrialize. In the latest round of comparable UN data, Pakistan’s adult literacy rate of 59% was the lowest of any emerging market and lower than Bangladesh at 72% or India at 74% . We can see why Bangladesh’s textile industry exports so much more than Pakistan.

You know better than I why Pakistan has yet to achieve the goal set in 1948 by the All Pakistan Education Conference for universal primary education, or the 1981 goal of achieving mass literacy. I wish I had asked this question during my last visit to Islamabad and Karachi. But if Pakistan can increase adult literacy by 1 percentage point per year in the 2020s, then by the 2030s it will be above 70% and ready to industrialize. Given the national security implications of faster GDP growth in industrialized India than in Pakistan, the armed forces probably recognize how critical it is to have widespread literacy, especially among girls.

No country takes off if girls are not educated. Human capital is half the challenge for Pakistan. The other half is real capital, the real money needed to invest in infrastructure such as cheap and reliable electricity. Surprisingly, this is a function of fertility rates. When countries have a fertility rate above 5 children per woman – as Pakistan did just 20 years ago – the average family has to spend all their income just to feed the children, leaving nothing left over. the end of the week to save in a bank. Banking systems tend to be small, with deposits accounting for around 20% of GDP. The scarcity of savings means that the cost of money is high.

This is also true in Pakistan today, and due to high local interest rates, the country has borrowed heavily abroad to finance the investments that Islamabad knows the country needs. In contrast, China’s low fertility rate means that savings are plentiful and the cost of money is so cheap that China has excess cash to lend to Pakistan. Why doesn’t Bangladesh face the same scale of debt problems as Pakistan? Because the fertility rate in 2015-19 was 2.1 children per woman (similar to 2.2 in India) while it was 3.6 in Pakistan. Bangladesh has never borrowed on the international financial markets by issuing a Eurobond, unlike Pakistan, because it has sufficient local savings to finance the investments of its own banks. Bank lending in Bangladesh was around 45% of GDP in 2021, three times the figure of 15% of GDP for Pakistan.

Infrastructure in Bangladesh was built without excessive foreign borrowing. And the external debt is much less heavy; the ratio of external debt to exports in 2020 was about 200% in Bangladesh against more than 400% in Pakistan. Again, good news is on the horizon for Pakistan. UN forecasts last year indicated that Pakistan would have a fertility rate of 3 children per woman in 2030 and 2.6 in 2040. Bank deposits will increase and so will bank loans. By the 2030s, Pakistan should be able to self-finance its own investments and should not need to rely on IMF support or expensive Eurobonds.

But the 2020s will be difficult. To meet the understandable demands of its people, Pakistan has borrowed heavily, and global borrowing costs have now skyrocketed. Any post-election government will have to tax the population more, or spend less, or default. Pakistan is not alone in this case. Egypt, Ghana and others are in a similar leaky boat and face the same tough choices. The good news for Pakistan is that the choices should be easier a decade from now. Sri Lanka carries a final word of warning. It achieved adult literacy to industrialize in the 1980s (and did) and achieved fertility rates below 3 children soon after. It was the most prosperous economy in South Asia.

But instead of reaping the demographic dividend, the war meant that its savings were redirected from essential investments to security spending. Then, after the war ended in 2009, Sri Lanka tried to catch up with Southeast Asia and borrowed too much in the 2010s, while taxing its people too little. The lesson here is that in the 2030s and beyond, insecurity and conflict could still derail Pakistan’s much-improved trajectory. We should all look forward to a peaceful and prosperous Pakistan in the decades to come.

THE WRITER IS THE CHIEF GLOBAL ECONOMIST OF RENAISSANCE CAPITAL, AN EMERGING, FRONTIER INVESTMENT BANK FOCUSED ON FRONTIER MARKETS

]]>
Ujjivan will soon enter the gold lending segment; offer car loans to customers https://ntbamainstreet.org/ujjivan-will-soon-enter-the-gold-lending-segment-offer-car-loans-to-customers/ Sun, 31 Jul 2022 13:07:00 +0000 https://ntbamainstreet.org/ujjivan-will-soon-enter-the-gold-lending-segment-offer-car-loans-to-customers/

In a bid to increase its portfolio of secured assets, Ujjivan Small Finance Bank will soon enter the gold lending segment and will also expand auto loan offerings to non-micro borrowers.

Like other smaller financial banks, currently up to 70% of Ujjivan’s assets are unsecured/unsecured, and a large majority of its clients are micro-loan borrowers. The remaining 30% falls under the category of secured loans. Management has set a goal of having half of the assets in the secure segment within the next three years.

The Bengaluru-based microfinancier-turned-small-financial-bank also expects to reach over 30% this financial year and grow its loan portfolio to around Rs 25,500 crore, buoyed by the sharp increase in disbursements in the June quarter when its sales jumped more than four-fold.

Since beginning its journey as a small corporate bank in August 2017, Ujjivan has faced headwinds on the asset quality front.

However, in the April to June quarter of 2022, the lender’s net income amounted to Rs 203 crore compared to a net loss of Rs 233 crore in the Covid-hit June 2021 quarter. The previous quarter of January to March 2022 was also profitable with a net income of Rs 127 crore.

“Over the next fortnight, we will be offering gold loans to our MFI clients. We will pilot it in 24 branches and gradually expand it and hope to close the current fiscal year with a gold loan portfolio of around Rs 120 crore, Ittira Davis, managing director and general manager of Ujjivan, told PTI.

“Similarly, we plan to extend the two-wheeled loan facility, which we took over in the March quarter for our MFI borrowers, to all customers starting in the last quarter of this fiscal year,” he said. .

Currently, it is a Rs 200 crore pound and Davis expects it to reach Rs 350 crore by March 2023.

He said nearly 60% of auto loan customers are existing micro-lenders, while the rest are new customers. The bank had stopped auto loans during the pandemic. Its other secured portfolio includes home loans.

While gold lending is a more than fully collateralized asset given that the regulator has capped such loans at 75% of the market price of gold, vehicle lending is 85-90% of the ex-showroom price. of the vehicle.

On the loan sale plan, Davis said his optimism came from record disbursements of Rs 4,326 crore in the first quarter of FY23, compared to Rs 1,311 crore a year ago. This helped him increase the loan portfolio by 38% to Rs 19,409 crore from Rs 14,037 crore in June 2021.

“We are firing on all cylinders. The recovery is fully back as all parts of our business are normal now, as are collections. We are on a solid path to recovery and are confident to end the year with loan growth. by over 30% and take the loan book to around Rs 25,500 crore by March 2023,” Davis said.

The first quarter marks an excellent start to the new financial year. Indeed, “our stabilization efforts, begun in the December 2021 quarter, are already bearing fruit, as evidenced by the turnaround in the March 2022 quarter when we reported net income of Rs 127 crore, and the June marks overall growth and profitability,” he said.

On recoveries, he said he is 99% strong and that helped gross non-performing assets and net non-performing assets down to 5.9% and 0.1%, from 7.1% respectively. and 0.6% in March 2022 and 9.8% and 2.6% in June 2021, respectively.

Apart from nearly full recoveries, the improvement in asset quality was also driven by write-offs and recoveries, with first-quarter recoveries of Rs 215 crore and write-offs of Rs 65 crore, Davis said.

Its total income rose 40% to Rs 1,000.42 crore in the first quarter, of which interest income was Rs 905.37 crore, up 41.1%, and other income rose at 95.1 crore rupees against 73 crore rupees. Principal net interest income, which is interest earned after payment of interest, increased by 56% to Rs 600 crore in the quarter.

In an interview with PTI in May, Davis said the bank would chart a more balanced growth path by increasing the non-microloan/secured loan portfolio to 50% of assets over the next two to three years, and as first step towards this, it took over auto loans.

Ujjivan, which started as a microfinance institution in 2005, has 66 lakh customers who are served by its 16,664 employees across 575 branches spread across 248 districts and 25 states.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

]]>
Why delaying it may be the most surefire way to prepare https://ntbamainstreet.org/why-delaying-it-may-be-the-most-surefire-way-to-prepare/ Sun, 31 Jul 2022 10:01:49 +0000 https://ntbamainstreet.org/why-delaying-it-may-be-the-most-surefire-way-to-prepare/