26 July 2002

UTI Bank to meet on Wednesday to discuss JPC report
Mumbai: UTI Bank has convened a board meeting on July 31 to consider forming an internal panel to conduct an inquiry into the failed merger with Global Trust Bank and the joint parliamentary committee's draft report, which stated that chairman & managing director PJ Nayak stood to gain personally from the merger.

HDFC net rises 20 pc on higher income
Mumbai: HDFC Ltd. has reported a 20 per cent increase in net profit at Rs 137.3 crore for the first quarter ended June 30, 2002 against Rs 114.06 crore during the corresponding quarter of the previous financial year. Income from operations rose 11 per cent to Rs.702.9 crore from Rs. 633.1 year ago.

PSUs back to square one: Gipsa opts out of TPA empanelment
New Delhi: The General Insurance Association has thrown the ball back in the court of the four companies after junking its empanelment of third party administrators.

HDFC Bank goes mass on wealth management services
Mumbai: HDFC Bank has charted a roadmap for aggressive growth of its wealth management business by making its services available not only to high net-worth individuals, but also to the mass affluent salaried class.

LKB serves notices to 78 large defaulters
Mangalore: Private sector Lord Krishna Bank has served notices to its 78 defaulter companies responsible for large non-performing assets taking advantage of the new ordinance on securitisation.

SBI Institute plans tie-up with varsities
Mumbai: The State Bank Institute of Information and Communication Management (SBIICM), incorporated by the State Bank of India here for promoting training of the bank's staff in information technology, is ramping up its operations to meet the large scale requirements.

AMP Sanmar aims at 30,000 policies this year
Chennai: AMP Sanmar Assurance Company Ltd, which began selling operations four months ago, expects to sell around 30,000 policies this year.

GTB extends mobile banking
Hyderabad: Customers of Global Trust Bank and BPL Mobile in Coimbatore, Madurai and Tiruchi will now be able to access their banking and shares demat accounts through their cell phone with the introduction of `Intouch' mobile banking facility.

IOB net rises 21.51% at Rs 72.96 crore
Hyderabad: Indian Overseas Bank (IOB) has recorded a net profit of Rs 72.96 crore for the quarter ended June 2002, a 21.51 per cent increase over the Rs 60.04 crore net during the corresponding period in the previous year.

Corpn Bank sets up risk management mechanism
Mangalore: The Mangalore-based public sector Corporation Bank has set up a risk management mechanism for the identification, measurement and control of the various risks faced by the bank in the present `dynamic business environment'.

UBI reward points for performing accounts
Bangalore: United Bank of India (UBI) has decided to announce reward points for performing accounts such that at the end of the year the borrowers concerned can encash the points to claim better facilities from the bank.

SBM net up at Rs 23 cr in Q1
Bangalore: State Bank of Mysore (SBM) registered a net profit of Rs 23.42 crore for the first quarter ended June 2002, a 21 per cent growth (Rs 4.07 crore) over the corresponding previous period.

HDFC Q1 net rises by 20% to Rs 137 crore
Mumbai: HDFC Ltd has registered a 20-per cent increase in its net profit at Rs 137.3 crore for the first quarter ended 30 June 2002 against Rs 114.06 crore during the corresponding quarter of the previous financial year.

Income from operations rose 11 per cent, to Rs 702.88 crore from Rs 633.07 crore. Other income stood at Rs. 0.96 crore (Rs 0.9 crore). Total expenditure, at Rs 530.51 crore (Rs 491.81 crore), showed an increase of 7.8 per cent.

Gross profit after interest, before depreciation and taxation, stood at Rs 173.33 crore (Rs 142.16 crore). Profit before tax, at Rs 165.83 crore, rose by 25 per cent, from Rs 133.16 crore. Tax amounted to Rs 28.53 crore, net of deferred tax. Tax during the previous corresponding quarter amounted to Rs 19.1 crore.

Loan approvals under consideration rose 32 per cent to Rs 2,104.62 crore (Rs 1,593.12 crore). Disbursements during the period rose 31 per cent, to Rs 1,607 crore (Rs 1,225.43 crore). Approvals and disbursements were higher by 35 per cent and 37 per cent, respectively, for the quarter, year on year.

AMP Sanmar plans 30,000 policies this fiscal
Chennai: AMP Sanmar Assurance Company Ltd, which began selling operations four months ago, expects to sell around 30,000 policies this year, the companys chief executive officer Sankara V Mony says. The company expects to earn a premium income of Rs 15 crore.