11 october 2003
hdfc
bank q2 net up; first-half profit at rs 224 crore
mumbai: hdfc bank has reported a 30.6-per cent
increase in net profit at rs 117.14 crore for the second
quarter ended 30 september 2003-04, up from rs 89.69 crore
in the corresponding period of the previous year. the
second quarter's growth is in line with the projected
annual growth of 25-30 per cent. for the half-year ended
30 september 2003, the bank posted a net profit of rs
224.42 crore (rs 172.1 crore) and has average spreads
as high as 3.60 per cent. the nyse-listed bank posted
higher net profits as per us gaap accounting standards
with a net profit of rs 236.6 crore for the half year
(rs 161.9 crore).
interest
earned has increased by 33.4 per cent to rs 640.24 crore
(rs 479.64 crore). total income has increased to rs 726.50
crore (rs 607.28 crore) as total expenditure rose to rs
497.15 crore (rs 429.55 crore). other income saw a fall
to rs 86.26 crore (rs 127.64 crore). the bank moved to
the 90-day norm for recognition of non-performing assets
and has one of the lowest ratios of net non-performing
assets to customer assets of 0.37 per cent. provisions
and contingencies have almost doubled to rs 63.76 crore
(rs 43.36 crore).
il&fs
investsmart to scale up pms
kolkata: il&fs investsmart plans to scale up
its portfolio management scheme with a view to cater to
more investors in the medium net worth segment in addition
to large, bulge-bracket clients. the company sees significant
opportunities emerging from what it identifies as the
`middle market', comprising clients who can use its services
to invest between rs 10-50 lakh.
il&fs investsmart, said hemang raja, md & ceo,
will aggressively promote its wealth management initiatives,
particularly among new clients. it has also proposed to
offer a range of facilities, including advisory services,
equity broking and distribution of financial products.
"we will urge customers, especially those who simply
use our advice, to try our pms", he said. the company
will provide them with personalised services. the idea
is to present each with a tailor-made solution, one that
is based on unique characteristics such as personal objectives
and return expectations.
rs
11,000-crore offer oversubscribed
mumbai: the rbi's open market operation to absorb
rs 11,000 crore worth of liquidity from the bond market
was a success, and was oversubscribed by almost rs 9,000
crore. the 5.48 per cent 2009 paper, which was on sale
for a notified amount of rs 5,000 crore, received a total
of 186 bids amounting to rs 9,952 crore. of these, 39
bids worth rs 5,000 crore were accepted at a cut-off price
of rs 103.60.
the
ytm on this paper is 4.74 per cent. the 6.17 per cent
2023 paper, which was auctioned for a notified amount
of rs 6,000 crore, received a total of 368 bids amounting
to rs 9,993 crore. of these, 246 bids were accepted, worth
rs 6,000 crore, at the cut-off price of rs 105.51. bond
dealers said that the cut-off prices fixed for the papers
was in line with market expectations and the outlook for
the market continues to be bullish, with no immediate
concerns of a tightening in liquidity.
10 october 2003
