In the year-ago period, the bank’s net profit stood at Rs 4,427.94 crore, as per a regulatory filing.

The bank’s net interest income (NII) edged up by 1.05 per cent year-on-year to Rs 27,203 crore in the reporting quarter, from Rs 26,919 crore, limited by the net interest margin (NIM).

The NIM marginally advanced by 0.04 per cent year-on-year and 0.16 per cent on a sequential basis to 2.80 per cent in Q1FY27.

Asheesh Pandey, MD and CEO of Union Bank of India, expressed confidence that margins can be improved further despite the evolving interest-rate environment.

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Under the special FCNR-B window introduced by the Reserve Bank of India (RBI), Pandey expects around 1.5-2 billion inflows by September. He added that the bank has so far garnered USD 106 million in deposits.
“We have mobilised around USD 106 million under FCNR-B deposits so far. Our target is to raise USD 1.5-2 billion by September,” Pandey said during the post-earnings conference.He added that deposits have been garnered from several locations, including Australia and the UAE.

“Deposits have come from several locations, including Australia and the UAE. We have five dedicated NRI branches and have identified another 20 branches with a large NRI customer base to run a focused mobilisation campaign. We have also set up an NRI cell to contact customers individually instead of relying only on SMS campaigns,” he said.

The bank is currently offering interest rates of around 6.10-6.60 per cent and is comfortable with these rates, Pandey said.

“Initially, customers needed time to understand the scheme. Subsequently, the RBI FAQs clarified many queries. FCNR-B mobilisation also requires direct engagement with NRIs, who compare deposit rates before investing.

“The current response has been encouraging, and there is a healthy pipeline,” Pandey said.

The central bank introduced the special FCNR-B window during the June monetary policy committee (MPC) meeting, including bearing the cost of currency hedging, to increase foreign capital inflows and bolster India’s external position.

In the quarter under review, global deposits of the bank rose by 3.50 per cent to Rs 12.83 lakh crore, compared to Rs 12.39 lakh crore in the year-ago period. Domestic deposits increased by 3.49 per cent to 12.83 lakh crore in Q1FY27.

The low-cost, current account and savings account (CASA) deposits increased 11.73 per cent YoY to 4.50 lakh crore.

CASA ratio improved to 35.09 per cent in the reporting quarter, from 32.51 per cent in Q1FY26.

Gross advances of the bank also rose 12.50 per cent YoY to Rs 10.96 lakh crore in Q1FY27, from Rs 9.74 lakh crore in the corresponding period a year ago. The bank’s Retail, Agri and MSME (RAM) advances increased 11.56 per cent YoY to Rs 6.08 lakh crore.

In the reporting quarter, the asset quality of the bank improved, with gross non-performing assets (NPAs) falling by 0.87 per cent to 2.65 per cent as on June 30. ​

Shares of Union Bank of India closed 1.08 per cent higher at Rs 172.4 apiece on the BSE on Wednesday.

JPMorgan Chase Chairman and CEO Jamie Dimon is validating the growing frustration of working-class Americans, admitting in a recent interview that he completely understands why many have grown “anti-rich.”

The Wall Street billionaire argued that decades of ineffective public policies have left lower-income families behind in struggling rural areas and inner cities, forcing them to navigate failing schools and rising crime while wealthy elites remain insulated from those problems.

“The anti-rich thing has been around a long time, and I do understand it because I think, separate the two pieces, the piece that’s really important is that we have, in fact, left the lower-income folks behind,” Dimon told Axios. “And I remind people who are well off that they don’t worry about their schools. They don’t live in crime-ridden neighborhoods. So if you are making less income in your poor rural area or an inner-city area, your schools aren’t good. You go to crime-ridden neighborhoods – more divorce, less jobs, all the things that, yeah, it’s becoming de-generational. So let’s acknowledge it and fix it.”

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“All of us, Democrats, including unions, Republicans should say, ‘That shouldn’t happen that way.’ And the policies that created that were both Democrat and Republican. All of those policies did not work in the inner cities,” he continued.

Chairman and CEO of JPMorgan Chase & Co. Jamie Dimon speaks during an event on Liberty Island in New York City, on July 1, 2026. (Getty Images)

“If you were the average citizen here and you say, ‘These wealthy people are getting unbelievably wealthy, and this segment has been left behind,’ that’s kind of annoying. Now, if we look at America in truth from the 50s, 60s, 70s, 80s, 90s to 2020s, Americans have been doing much better, including the lower income.”

Data from the Federal Reserve’s Distributional Financial Accounts highlight a highly concentrated wealth distribution in the United States. The bottom 50% of households hold a combined $4.27 trillion of the nation’s roughly $174 trillion in household wealth.

In contrast, the top 0.1% of ultra-wealthy individuals command about $25.07 trillion, while those in the 99th through 99.9th percentiles own just under $30 trillion.

“I’ve been complaining a little bit about, I’ve just been speaking about, the fraying of the American Dream for years. And I think you have to acknowledge that there’s a flaw. And it’s more for the lower-paid individuals in America,” Dimon said.

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“We asked our team… What more can JPMorgan do?” Dimon detailed the “Vital Institutions” initiative, which directs capital, banking and philanthropic support to organizations like hospitals, universities and local governments to boost low-to-moderate-income communities.

“Economic strength is somewhat predicated, affected – it’s life, liberty and the pursuit of happiness, and equal opportunity. So if you wanna have an equal opportunity country, you need to do some of these things to give people more opportunity,” he said.

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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The National Security Agency is warning that Russian government-backed hackers continue targeting internet routers used by businesses and critical infrastructure, urging organizations to shore up basic network security to reduce the risk of cyber intrusions.

In a joint cybersecurity advisory released Monday, the NSA, FBI, Cybersecurity and Infrastructure Security Agency (CISA) and nearly 20 allied cybersecurity agencies said cyber actors linked to Russia’s Federal Security Service, or FSB, have spent years exploiting vulnerable or poorly configured networking devices to gain access to sensitive networks.

The advisory said organizations in the financial services, energy, communications, healthcare, government and defense industrial base sectors have been affected. Officials said those industries play a critical role in the U.S. economy.

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Officials said the campaign frequently relies on poor “router hygiene.” (Jaap Arriens/NurPhoto via Getty Images)

Rather than launching disruptive attacks immediately, the hackers often scan the internet looking for outdated or improperly secured routers, then quietly copy device configuration files that can contain administrator credentials, network layouts and other information useful for gaining deeper access into an organization’s systems, according to the advisory.

Officials said the campaign frequently relies on poor “router hygiene” – basic security practices such as keeping router software up to date, replacing default passwords with strong, unique credentials and disabling unnecessary remote management features.

The advisory said organizations in the financial services, energy, communications, healthcare, government and defense industrial base sectors have been affected. (Getty Images)

HACKERS ARE GOING AFTER WHATEVER THEY CAN ATTACK TO MAKE NEWS, RUBRIK CEO SAYS

Officials said many of the attacks can be prevented by following a handful of basic cybersecurity practices, including updating router software and firmware to patch known vulnerabilities, using stronger authentication methods, restricting access to network management tools and replacing legacy security settings with more modern protections.

The advisory builds on an earlier FBI warning about Russian cyber activity targeting networking devices, saying the campaign has persisted for more than a decade and continues to threaten critical infrastructure worldwide. Officials said the same defensive measures can also help protect organizations against similar tactics used by other sophisticated hacking groups.

Officials said many of the attacks can be prevented by following a handful of basic cybersecurity practices. (Saul Loeb/AFP via Getty Images)

Cybersecurity researchers have tracked Russian activity under several names over the years, including “Dragonfly,” “Energetic Bear” and “Ghost Blizzard,” though different security firms use different naming conventions for the same threat actors.

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The warning was issued jointly by the NSA, FBI, CISA, the Department of Defense Cyber Crime Center and cybersecurity agencies from the United Kingdom, Canada, Australia, New Zealand and numerous European allies, underscoring what officials described as an ongoing threat to organizations that rely on internet-connected networking equipment.

Karl Hersvik
Chief Executive Officer

Good morning, everyone, and welcome to Aker BP’s second quarter presentation. It was a quarter of strong operational execution and robust financial results. Production averaged 384,000 barrels of oil equivalents per day and operating cash flow was $3.1 billion. And we have raised the lower end and narrowed our production guidance for the year.

Our major projects remain on track with important milestones across Yggdrasil, Valhall PWP–Fenris, Skarv Satellites and Johan Sverdrup Phase 3. At the same time, we continue to strengthen the portfolio for future growth, including through a new strategic collaboration with Equinor. We also maintain a robust financial position with $6 billion in available liquidity and an unchanged quarterly dividend.

Operationally, this was a quarter shaped by seasonally high level of activity with continued high efficiency across the portfolio. Production was lower than in the previous quarter, mainly due to planned maintenance at Edvard Grieg and Ivar Aasen combined with normal quarter-to-quarter variations. Despite these planned impacts, production efficiency was 94%, a very strong performance by industry standards. Production costs increased to $8.8 per barrel, mainly reflecting planned seasonal activity across the portfolio, including maintenance at Edvard Grieg and Ivar Aasen, diving operations at Alvheim and well intervention activity

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