12 May 2002

Canara Bank net profit jumps 160%
Bangalore: Canara Bank reported an all time high 160 per cent jump in its profit at Rs 741 crore for the fiscal ended 31 March 2002, and said it would come out with an Initial Public Offer in August or September.

The Bank, which had recorded a net profit of Rs 285 crore in the previous year, said its operating profit for the financial year ended 31 March 2002, was Rs 1656 crore, up from Rs 1131 crore last year.

The IPO size would range between Rs 175 and Rs 225 crore.

11 May 2002

Care downgrades IFCI debt to speculative
Mumbai: Credit Analysis and Research Ltd (Care) has downgraded the ratings of Industrial Finance Corporation of Indias (IFCI) long- and medium-term debt to Care B from Care A - signifying high susceptibility to defaults.
Also, the ratings of IFCIs preference share issue has been downgraded to Care C from Care BBB+, and the ratings of the fixed deposit programme has been downgraded to Care BB from Care A-. The ratings are in the speculative grade and will remain on credit watch.

The downgrade follows the continued deterioration in IFCIs financial health with declines in total income and profitability and high provisioning requirements in the nine-month period ended December 2001.