In a surprising turn of events for India's economy, the past quarter of this fiscal year witnessed in fact a remarkable dip in foreign direct investment or FDI. In fact, according to recent data released by the department for the promotion of industry and internal trade FDI inflows into India during this period has seen a steep decline of 34 amounting to 10.94 billion dollars.

What are the factors affecting India's FDI inflow?

State Bank of India, the country's largest lender, on Friday reported a near three-fold jump in first-quarter profit, led by a surge in net interest income, healthy loan growth and lower provisions.

Net profit was at a record 168.84 billion rupees ($2.04 billion) for the quarter ended June 30, compared with 60.68 billion rupees a year earlier.

Net interest income, the difference between interest earned and paid out, rose 24.7% to 389.05 billion rupees, while net interest margin, a key indicator of a bank's profitability, rose to 3.47% from 3.23% a year ago.

However, slippages more than doubled to 76.59 billion rupees sequentially, primarily from small and medium enterprises and agriculture lending.

Rivals HDFC Bank and ICICI Bank have reported double-digit net interest income growth for the fiscal first quarter.

Indian banks have been reporting double-digit credit growth in recent months, driven by rising consumption, even as the Reserve Bank of India raised interest rates.

SBI's corporate lending book pipeline stands at 3.5 trillion rupees, Chairman Dinesh Kumar Khara said in a news conference. Khara expects credit growth of 15% this fiscal year.

The bank's gross loans increased 13.9% from a year earlier, while deposits climbed 12%, led by term deposits that offer better returns.

Provisions and contingencies fell 43% from a year ago to 25.01 billion rupees.

SBI's gross non-performing assets (NPA) ratio - a key metric of asset quality - fell to 2.76% from 2.78% in the previous quarter and 3.91% a year ago. The net NPA ratio rose to 0.71% from 0.67% in the prior three months.

The bank expects its net NPA ratio to fall to 0.5% in the next few quarters, Khara said.

SBI's shares, which have lost 6.6% this year, ended 2.9% down.

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State Bank of India, the country's largest lender, on Friday reported a near three-fold jump in first-quarter profit, led by a surge in net interest income, healthy loan growth and lower provisions.

State Bank of India, the country's largest lender, on Friday reported a near three-fold jump in first-quarter profit, led by a surge in net interest income, healthy loan growth and lower provisions. Net profit was at a record 168.84 billion rupees ($2.04 billion) for the quarter ended June 30, compared with 60.68 billion rupees a year earlier. Net interest income, the difference between interest earned and paid out, rose 24.7% to 389.05 billion rupees, while net interest margin, a key indicator of a bank's profitability, rose to 3.47% from 3.23% a year ago. However, slippages more than doubled to 76.59 billion rupees sequentially, primarily from small and medium enterprises and agriculture lending. Rivals HDFC Bank and ICICI Bank have reported double-digit net interest income growth for the fiscal first quarter. Indian banks have been reporting double-digit credit growth in recent months, driven by rising consumption, even as the Reserve Bank of India raised interest rates. SBI's corporate lending book pipeline stands at 3.5 trillion rupees, Chairman Dinesh Kumar Khara said in a news conference. Khara expects credit growth of 15% this fiscal year. The bank's gross loans increased 13.9% from a year earlier, while deposits climbed 12%, led by term deposits that offer better returns. Provisions and contingencies fell 43% from a year ago to 25.01 billion rupees. SBI's gross non-performing assets (NPA) ratio - a key metric of asset quality - fell to 2.76% from 2.78% in the previous quarter and 3.91% a year ago. The net NPA ratio rose to 0.71% from 0.67% in the prior three months. The bank expects its net NPA ratio to fall to 0.5% in the next few quarters, Khara said. SBI's shares, which have lost 6.6% this year, ended 2.9% down. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

State Bank of India Q1 profit nearly triples to all-time high

Global fast food giant McDonald's on Tuesday reported better-than-expected earnings and revenue in the first quarter of 2023.

Net income in Q1 of 2023 reached $1.8 billion, up from $1.1 billion in the same period in 2022. On the other hand, the adjusted earnings per share - a key metric of a company's profitability - stood&nbsp;at $2.63, surpassing analysts' expectations of $2.33.

The company's revenue exceeded estimates too.&nbsp;McDonald's revenue totalled&nbsp;$5.9 billion between January and March, compared to market expectations of&nbsp;$5.59 billion, reported CNBC.

McDonald's Q1 numbers are a significant development since the U.S. consumer confidence index fell to a nine-month low in April, as per Reuters. The Conference Board's consumer index dropped to 101.3 from a revised 104.0 in March. While economists have noted concerns about a potential recession in the short term, McDonald's has emerged victorious in driving footfall for a third consecutive quarter.

The fast food giant's&nbsp;performance has been attributed to increased sales in the United States, where higher menu prices and higher traffic drove sales. McDonald's has historically performed well during economic uncertainties as consumers opt for affordable meals.

McDonald's international markets have also posted&nbsp;better-than-expected sales figure.

McDonald's international&nbsp;markets, including the United Kingdom, France, Germany, and Australia,&nbsp;recorded same-store sales growth of 8.5 percent. Its international developmental licensed markets, including China and Japan, exceeded expectations with same-store sales growth of 10.5 percent.&nbsp;The company noted that sales in China improved as the country ended its zero-Covid policy in December, leading to a steady recovery.

Dangers looming ahead

However, despite the strong results, McDonald's executives need to exercise&nbsp;caution about the future economic outlook in the U.S. and Europe.

The company has been facing&nbsp;challenges in certain markets, with customers pushing back against price increases and ordering slightly fewer menu items per order.

Additionally, there have been tensions between McDonald's management and U.S. franchisees over several policy changes, including the implementation of&nbsp;the Performance and Customer Excellence system to evaluate franchise&nbsp;restaurants.

The road ahead for McDonald's looks tough, at least in the United States. The 12-month inflation expectations slipped to 6.2 percent from 6.3 percent&nbsp;in March, indicating that people are&nbsp;increasingly concerned about inflation.

Global fast food giant McDonald's on Tuesday reported better-than-expected earnings and revenue in the first quarter of 2023. Net income in Q1 of 2023 reached $1.

Global fast food giant McDonald's on Tuesday reported better-than-expected earnings and revenue in the first quarter of 2023. Net income in Q1 of 2023 reached $1.8 billion, up from $1.1 billion in the same period in 2022. On the other hand, the adjusted earnings per share - a key metric of a company's profitability - stood at $2.63, surpassing analysts' expectations of $2.33. The company's revenue exceeded estimates too. McDonald's revenue totalled $5.9 billion between January and March, compared to market expectations of $5.59 billion, reported CNBC. McDonald's Q1 numbers are a significant development since the U.S. consumer confidence index fell to a nine-month low in April, as per Reuters. The Conference Board's consumer index dropped to 101.3 from a revised 104.0 in March. While economists have noted concerns about a potential recession in the short term, McDonald's has emerged victorious in driving footfall for a third consecutive quarter. The fast food giant's performance has been attributed to increased sales in the United States, where higher menu prices and higher traffic drove sales. McDonald's has historically performed well during economic uncertainties as consumers opt for affordable meals. McDonald's international markets have also posted better-than-expected sales figure. McDonald's international markets, including the United Kingdom, France, Germany, and Australia, recorded same-store sales growth of 8.5 percent. Its international developmental licensed markets, including China and Japan, exceeded expectations with same-store sales growth of 10.5 percent. The company noted that sales in China improved as the country ended its zero-Covid policy in December, leading to a steady recovery. Dangers looming ahead However, despite the strong results, McDonald's executives need to exercise caution about the future economic outlook in the U.S. and Europe. The company has been facing challenges in certain markets, with customers pushing back against price increases and ordering slightly fewer menu items per order. Additionally, there have been tensions between McDonald's management and U.S. franchisees over several policy changes, including the implementation of the Performance and Customer Excellence system to evaluate franchise restaurants. The road ahead for McDonald's looks tough, at least in the United States. The 12-month inflation expectations slipped to 6.2 percent from 6.3 percent in March, indicating that people are increasingly concerned about inflation.

McDonald's Q1 earnings beat expectations despite fall in US consumer confidence

Bentley, the luxury British carmaker, seems to be on cloud nine at the moment. The company said on Thursday that its first-quarter operating profit jumped 162% in comparison to the same period last year, as per media reports. &nbsp;

The company has registered a profit of $179 million (€170 million) in the period. &nbsp;

This comes as the 102-year-old carmaker has faced the loss of some cars at sea and has been encountering pandemic-led delivery issues in China. &nbsp;

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The high customer interest in new models has led to the jump, the Volkswagen unit said. &nbsp;&nbsp;

The firm has witnessed a record order book of around 10,000 vehicles for the period. &nbsp;

The total car sales have actually dropped 5 per cent quarter over quarter due to various factors in Covid pandemic, another report said.

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The car sales have reached 3,203 from 3,358 but the revenue per car has hiked from $193,000 (€184,000) to $223,000 (€212,000), as per media reports. It has triggered a boost of around 41 per cent in quarterly revenues and taken it to $855 million (€813 million). &nbsp;

In a statement, Adrian Hallmark, Chairman and CEO of Bentley Motors, said, “These results demonstrate the intrinsic strength of our brand and confirm the ongoing success of our industry-leading Beyond100 strategy. They also suggest even more promise for the transformational years ahead.” &nbsp;

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(With inputs from agencies)&nbsp;

Bentley, the luxury British carmaker, seems to be on cloud nine at the moment. The company said on Thursday that its first-quarter operating profit jumped 162% in comparison to the same period last year, as per media reports.

Bentley, the luxury British carmaker, seems to be on cloud nine at the moment. The company said on Thursday that its first-quarter operating profit jumped 162% in comparison to the same period last year, as per media reports. The company has registered a profit of $179 million (€170 million) in the period. This comes as the 102-year-old carmaker has faced the loss of some cars at sea and has been encountering pandemic-led delivery issues in China. Also Read | Inching closer: To buy Twitter for $44 bn, Elon Musk raises $7.14 bn from Binance, Oracle's Larry Ellison The high customer interest in new models has led to the jump, the Volkswagen unit said. The firm has witnessed a record order book of around 10,000 vehicles for the period. The total car sales have actually dropped 5 per cent quarter over quarter due to various factors in Covid pandemic, another report said. Watch: Elon Musk to lead Twitter temporarily after $44 billion takeover, says report × The car sales have reached 3,203 from 3,358 but the revenue per car has hiked from $193,000 (€184,000) to $223,000 (€212,000), as per media reports. It has triggered a boost of around 41 per cent in quarterly revenues and taken it to $855 million (€813 million). In a statement, Adrian Hallmark, Chairman and CEO of Bentley Motors, said, “These results demonstrate the intrinsic strength of our brand and confirm the ongoing success of our industry-leading Beyond100 strategy. They also suggest even more promise for the transformational years ahead.” WATCH WION LIVE HERE (With inputs from agencies)

On cloud nine: Bentley witnesses strongest Q1, registers 162% jump in operating profit to $179 million

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What are the factors affecting India's FDI inflow?

State Bank of India Q1 profit nearly triples to all-time high

McDonald's Q1 earnings beat expectations despite fall in US consumer confidence

On cloud nine: Bentley witnesses strongest Q1, registers 162% jump in operating profit to $179 million