1 June 2002

IRDA bid to end motor tariff portfolio standoff
New Delhi: Under intense pressure from the transport industry, the Insurance Regulatory and Development Authority has stepped in to restore order in the motor insurance business.

State Bank of Indore net increases by 95%
New Delhi: State Bank of Indore has reported a 95.5-per cent jump in its net profit to Rs 125.10 crore in the financial year 2001-02 as compared to the Rs 63.66-crore profit posted in the previous fiscal.

The banks reserves and surpluses increased from Rs 293.48 crore as on 31 March 2001 to Rs 395.10 crore as on 31 March 2002, a bank release said.

The book value of its share of face value Rs 100 has improved from Rs 1,777.03 as on 31 March 2001 to Rs 2,357.71 as on 31 March 2002 - an improvement of 32.68 per cent.

IDBI net profit drops 38% to Rs 424 crore
Mumbai: Industrial Development Bank of India (IDBI) has reported a 38-per cent drop in net profit to Rs 424 crore for the full year ended 31 March 2002, compared with Rs 691 crore for the fiscal year ended 31 March 2001.

Profit for the previous fiscal year also includes a one-time gain of Rs 260 crore from the sale of shares of Small Industries Development Bank of India (SIDBI). The board of directors has proposed a dividend of Rs 1.50 per share (15 per cent).

The institution has also done a massive cleanup with a Rs 2,500-crore accelerated provisioning for non-performing assets. Aside of the accelerated provisioning, the financial institution has also made a regular provisioning of Rs 773 crore.