State Maryland Financial News

Ujjivan Small Finance Bank, which is back in the reckoning after a couple of bad years with high level of stressed assets and an exodus at senior levels, is planning to apply for universal banking license next year after the completion of the proposed reverse merger of its holding company Ujjivan Financial Services to itself. As preparation, the lender is now focusing on gaining scale by expanding product basket, adding more branches and growing manpower by about a fourth,managing director Ittira Davis told ET in an interview. Here’s an edited excerpt.Ujjivan Small Finance has regained stability with a solid set of numbers. What helped this turnaround? Have you done anything different? The entire problem was circumstantial.

By Drazen Jorgic

CAMP DAVID, Maryland (Reuters) — U.S. President Joe Biden will sign a strategic partnership agreement with Vietnam during a state visit to the Southeast Asian country in mid-September, Politico reported on Friday, citing three people with knowledge of the deal's planning.

The American Federation of Government Employees is backing President Biden’s nomination of former Maryland Gov. Martin O’Malley to be the next commissioner of the Social Security Administration.

Reserve Bank of India on Thursday approved for the appointment of P R Seshadri as Managing Director & CEO of South Indian Bank for a period of three years with effect from October 1, 2023. He has significant experiences in enterprise level management and in the management of all key commercial banking business lines and he has substantial experience in successfully managing investors, boards and regulatory relationships in multiple geographies, said the company's notification to Bombay Stock Exchange.

The Michigan State University Board of Trustees on Wednesday authorized the school to request liquor licenses to sell alcohol at four football games beginning with a Sept. 16 game against the University of Washington

A long-established partnership of financial advisors has taken the next step on its journey by joining LPL Financial’s broker-dealer, RIA and custodial platforms from Fulton Financial Advisors, part of Raymond James.

Slatestone Wealth chief market strategist Kenny Polcari says Americans are reconsidering what the CPI report means on 'Making Money.'

Gauhati High Court on Thursday acquitted all persons accused in the ₹1,000-crore North Cachar Hills scam. The High Court stated that the impugned judgment dated May 22,2017 passed by the Special Judge, NIA in Special NIA case does not stand to scrutiny and is hereby quashed and set aside. The court stated, " we have already concluded that this document also does not provide any insight into the alleged terrorist activities of DHD(J)." In 2017 the special National Investigation Agency (NIA) court sentenced at least 13 persons in two cases.

Americans are so worried about Social Security running out of money, they are giving up their full retirement benefits.

'Most US banks are subject to lower regulatory capital requirements than the largest US banks.'

Washington D.C. area closed early on Monday because of threatening weather as forecasters warned people across the eastern U.S. of possible tornadoes, damaging winds and large hailstones.

Rachel Morin was found in Ma and Pa Trail, her sister said that back-to-back losses have devastated her. Rachel’s sister Rebekah Morin said her brother and sister-in-law lost their daughter to sudden infant death syndrome last week. Rachel was last seen on Saturday at 6 pm when she left for Bir Amel in Maryland. Her car was found abandoned near Ma and Pa trail. Later, police found a body, supposed to be Rachel’s.

Federal prosecutors say a Connecticut man was given nearly $300,000 in fraudulent Home Depot credit by walking into stores in several states, taking expensive doors and then returning them without a receipt

Drexel University has mourned the death of its basketball player Terence Butler, who was found dead Wednesday in his apartment situated on campus. In a statement published on its official website, President John Fry said, “We are deeply saddened to inform you of the loss of Terrence Butler, an undergraduate student in the College of Engineering, and a member of our men’s basketball team. Who passed away in his on-campus apartment this morning.” Praising the deceased athlete, he said further, “On behalf of the entire Drexel community, we offer our deepest sympathy to Terrence's family, friends, and teammates. In addition to being an athlete-student, Terrence was involved in numerous activities and organizations at Drexel and was a friend to many throughout the University community.” Terrence Butler became McDonald's All-American nominee at Bishop McNamara High School in Forestville, Maryland. The student-athlete is survived by his parents Terrence and Dena, and his sister Tiara and Tasia.

USA TODAY, Brenna Siperko, a 20-year-old from Ellicott City, Maryland, shared her remarkable journey of discovering her half-siblings conceived through sperm donation. Growing up in a single-child household until her mom and stepdad welcomed her younger brother, Brenna had always been aware of her unique conception. However, it wasn't until January 2022 that she decided to delve deeper into her background by taking a DNA test. Her suspicions were confirmed when the test results from 23andMe revealed that she had around 13 siblings. Surprisingly, this number increased exponentially when she joined group chats, eventually connecting her to a total of 65 half-siblings she had never known before. Some of these newfound siblings have even become part of her life, as she had the opportunity to meet them in person. The journey of discovery continues, opening up new connections and relationships that she never anticipated.

Extreme weather conditions struck Washington, DC, where Premier League managers sought shelter during their pre-season tours. Aston Villa, Fulham, and Brentford, along with Chelsea, Newcastle, and Brighton, have been participating in the Premier League Summer Series. The clubs traveled to Washington DC for matches on Sunday.

NASA's SpaceX Crew-7 mission stands as a testament to international cooperation and collaboration in space exploration. A diverse team of astronauts, representing NASA, ESA, JAXA, and Roscosmos, will embark on a crucial journey to the International Space Station. Their mission not only involves performing research and maintenance activities but also serves as an essential step towards human exploration beyond Earth. By conducting a multitude of scientific experiments and technology demonstrations, Crew-7 aims to contribute to the advancement of space exploration and bring tangible benefits to humanity back on Earth. As they lift off aboard the Dragon spacecraft named Endurance, they carry the aspirations of humankind's future in space exploration.

While Chelsea has mostly knocked off The Whites, so whether the table will turn this time or Chelsea claims yet another victory? Let that be a part of another discussion. Here are all details regarding the upcoming Chelsea and Fulham face off.

Ittira Davis, MD & CEO, Ujjivan SFB, says “the cost of funds is going to be slightly higher than what it is today and the NIM for the full year is going to be about 9%. The bank’s NIM was 9.2% this quarter and we are expecting it to average for the full year at about 9% because we had anticipated a small decline in the interest rates in the second half of the year. That is now looking unlikely and the current interest rate scenario is expected to play out much longer during this financial year, possibly for the whole financial year.”Let us talk about the numbers in terms of your cost of funds. The yields have risen and have been hitting the margins of the company. Has the cost of funds peaked out now and should your NIMs be around 9- 9.5% for this financial year?Let me just focus on NIMs.

Ujjivan Small Finance Bank reported a 59.7% rise in its net profit for the quarter ended June 2023 to ₹324.07 crore as compared to ₹202.94 crore in the same quarter last year. The bank’s net interest income (NII), which is the difference between interest earned and interest expended, during Q1FY24 increased 32.1% to ₹792.4 crore from ₹599.7 crore, YoY. Net interest margin (NIM) for the quarter declined 40 bps to 9.2% from 9.6%, YoY.