Industry News

T Rowe Price Group Inc. has reduced the value of its stake in Flipkart Ltd by a fifth, its second cut in four months, reflecting continued investor concerns over the valuations of technology start-ups. The move came ahead of a statement by Flipkart on Friday that it was cutting 300 to 600 additional jobs, after already shrinking its workforce to 30,000 from 33,000 at the start of the year to reduce costs. US-based T. Rowe Price lowered the value..."/>
Flipkart valuation shrinks again; firm reveals job cuts [Mint, New Delhi]
ICICI Bank Ltd, on Friday, reported a 25% year-on-year drop in profits for the April to June quarter, owing to higher provisioning against bad loans. The private sector lender's net profit for the first quarter was at Rs.2232.35 crore, lower than the Rs.2, 976.16 crore reported a year ago. According to a poll of 20 Bloomberg analysts the bank was expected to post a net profit of Rs.2207.70 crore a year ago."/>
ICICI Bank Q1 profit falls 25% to Rs2,232.35 crore [Mint, New Delhi]
Ujjivan Financial Services Ltd on Friday said that its fiscal first quarter net profit more than doubled from a year ago because of strong loan portfolio growth and a decrease in operating expenses. The loan book rose 67% to Rs.5, 851 crore in the June quarter, whereas operating expense ratio decreased to 7.22% as on 30 June, from 7.98% last year. Net profit rose to Rs.71.37 crore in the April-June period from Rs.35.24 crore a year ago."/>
Ujjivan Financial Services net profit more than doubles in June quarter [Mint, New Delhi]
Ashok Leyland Ltd, resigned from the board of directors with effect from 28 July, the company said in a BSE filing on Friday. Seshasayee is also the non-executive chairman of Infosys Ltd and chairman of Indusind Bank Ltd.. Last year, the board of Infosys named Seshasayee, who was an independent director at the Bengaluru-based software services firm, as non-executive chairman, replacing K.V."/>
BRIEF: R. Seshasayee resigns from Ashok Leyland board [Mint, New Delhi]
ICICI Bank Ltd, India's biggest private-sector bank, on Friday reported a 25% year-on-year drop in profits in the April-June quarter, owing to higher provisioning against bad loans. The bank's net profit for the fiscal first quarter dropped to Rs.2, 232.35 crore, from Rs.2, 976.16 crore reported a year ago. A Bloomberg poll of 20 analysts expected the bank to post a net profit of Rs.2, 207.70 crore."/>
ICICI Bank Q1 profit falls 25% to Rs2,232.35 crore [Mint, New Delhi]
L&T's Q1 profit rises 46% to Rs610 crore [Mint, New Delhi]
T. Rowe Price Group Inc. has reduced the value of its stake in Flipkart Ltd by a fifth, its second cut in four months, reflecting continued investor concerns over the valuations of technology start-ups. The move came ahead of a statement by Flipkart on Friday that it was cutting 300 to 600 additional jobs, after already shrinking its workforce to 30,000 from 33,000 at the start of the year to reduce costs. US-based T. Rowe Price lowered the value..."/>
Flipkart valuation shrinks again; firm reveals job cuts [Mint, New Delhi]
Assurant Inc. reported net operating income of about $89 million for its second quarter this year, about a 32 percent drop compared to the same time last year. Despite smaller earnings, the company said it's in the process of realigning its business and is hitting its goals. The company had previously announced plans to exit the health insurance and employee benefits business."/>
Major Springfield employer sees dip in earnings [Springfield News-Sun, Ohio]
Exact Sciences Corp. is making more stock available to the public to raise money for marketing Cologuard, the Madison company's test for colorectal cancer. Exact Sciences said it will sell 8.5 million shares of stock at $15.50 a share, in a secondary offering through underwriters Jefferies and Robert W. Baird& Co., with Canaccord Genuity as co-manager. If there is additional demand, another 1,275,000 shares will be made available, the company said."/>
BRIEF: Exact Sciences to sell more stock [The Wisconsin State Journal]
First Business Financial Services reported net income of $3.7 million, or 43 cents a share, for the quarter that ended June 30 compared with net income of $3.9 million, or 45 cents a share, for the 2015 second quarter. The Madison bank company said it set aside $2.8 million for loan losses for the quarter, up from $520,000 for the same period last..."/>
BRIEF: Earnings dip slightly for First Business Bank [The Wisconsin State Journal]
Bay Bancorp reported a profit of $450,000 in the second quarter of 2016, down 18 percent from a $550,000 profit in the April-to-June quarter last year. The Columbia-based parent company of Bay Bank attributed the dip to a decline in year-over-year earnings on loans and merger costs associated with its July acquisition of Hopkins Bancorp, the parent company of Hopkins Federal Savings Bank. Bay Bank leadership expects to improve efficiency and strengthen earnings in..."/>
BRIEF: Bay Bancorp reports $450,000 profit in second quarter [The Baltimore Sun]
Old Point Financial Corporation reported net income of $1.6 million, or $0.32 per diluted share, for the six months ended June 30, 2016, compared to net income of $2.5 million, or $0.50 per diluted share, for the six months ended June 30, 2015. Higher net interest and noninterest income during this period were offset by higher noninterest expense and a higher provision for loan losses. Interest and dividend income decreased $254 thousand for the..."/>
Old Point Releases Second Quarter 2016 Results
First Niagara Financial Group reported a 24 percent drop in its second-quarter profits, as the bank prepares to be acquired by KeyCorp. Buffalo-based First Niagara recorded net income of $46.4 million, down from $61 million a year ago. It reported operating earnings per share of 18 cents-- excluding certain non-recurring costs-- which topped analysts' average estimate of 15 cents."/>
First Niagara quarterly profits fall 24 percent [The Buffalo News, N.Y.]
Dycom Industries of Palm Beach Gardens is the region's top performer, rising 36 percent through the first seven months of the year. Juno Beach-based NextEra Energy had a bit of a hiccup when regulators in Hawaii rejected a merger bid there, but the utility's hefty earnings and dividend remain a draw for investors."/>
What summer lull? July a winner for some local shares [The Palm Beach Post, Fla.]
Investar Holding Corp., the holding company for Baton Rouge-based Investar Bank, reported net income of $2.0 million, or 28 cents per share for the second quarter, compared with $1.8 million, or 25 cents per share a year ago."/>
BRIEF: Investar Holding Corp. posts second-quarter profit gain [The Advocate, Baton Rouge, La.]
Athens Bancshares Corporation, the holding company for Athens Federal Community Bank, National Association, today announced its results of operations for the three months and the six months ended June 30, 2016.. The Company's net income for the three months ended June 30, 2016 was $591,000 or $0.33 per diluted share, compared to net income of $749,000 or $0.42 per diluted share for the same period in 2015. For the six months ended June 30, 2016..."/>
Athens Bancshares Corporation Reports Financial Results For The Quarter Ended June 30, 2016
CommunityOne Bancorp reported a more than 50 percent rise in earnings for the second quarter compared with last year, boosted by more revenue from loans and fees. The company recorded a profit of $3.9 million, or 16 cents per share. This is up from $2.5 million in profit for the same quarter last year, when earnings per share were 10 cents."/>
CommunityOne 2Q earnings rise more than 50 percent [The Charlotte Observer]
1st Capital Bank reported net income of $689 thousand for the three months ended June 30, 2016, an increase of 14.7% compared to net income of $601 thousand in the three months ended June 30, 2015 and a decrease of 2.2% compared to income of $704 thousand in the three months ended March 31, 2016, the immediately preceding quarter. Earnings per share were $0.17, compared to $0.17 for the prior quarter. On a year-to-date basis, net income increased 7.0% to $1.39..."/>
1st Capital Bank Announces Second Quarter 2016 Financial Results; Record First Half Pre-Tax Earnings

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