1 november 2003
net up 40 per cent
mumbai: an increase in net interest income has
helped icici bank post a 40.6 per cent rise in net profit
at rs 401.40 crore for the second quarter ended september
30,2003, as compared with rs 285.30 crore in the year-ago
period. the net interest income increased 47 per cent
to rs 402 crore (rs 307 crore).
of baroda q2 net profit up 89 per cent
mumbai: bank of baroda has recorded a 89.16 per
cent jump in its net profit for the second quarter of
the ongoing fiscal at rs 259.56 crore as compared to rs
137.22 crore in the corresponding period of last fiscal.
total income grew during the period to rs 2,049.31 crore
(rs 1,907.97 crore).
bank h1 net up 25.1 per cent
new delhi: corporation bank today announced a 25.1
per cent jump in net profit to rs 271.36 crore for the
half-year ended september 30, compared to the previous
year's corresponding figure of rs 216.91 crore. gross
profit went up 18.9 per cent from rs 412.68 crore to rs
sundaram finance q2 net rises
chennai: sundaram finance has reported a net profit
of rs 14.18 crore for the second quarter of the current
year, compared to rs 13.51 crore in the corresponding
quarter of last year.
nets rs 1,174-cr profit
new delhi: power finance corporation has recorded
a net profit of rs 1,174 crore for the first six months
of current fiscal, a massive 127 per cent rise over the
corresponding period last year.
q2 net zooms 200 per cent
mumbai: indusind bank has posted a 200 per cent
jump in net profit for the second quarter ended september
30,2003, at rs 76.23 crore, against rs 25.38 crore in
the corresponding period, the previous year.
travelex to open forex outlets in key cities
mumbai: travelex, the world's largest retail foreign
exchange business entity, is all set to open forex outlets
in eight major indian cities, which include the four metros.
31 october 2003
bank to introduce centralised banking facility
mangalore: the chairman and managing director of
syndicate bank, mr michael bastian, has said that centralised
banking solutions would be introduced in 180 branches
of the bank by march next.
kvb net jumps 82 per cent in q2
coimbatore: karur vysya bank's net profit has jumped
by 82 per cent to rs 45.36 crore for the quarter ended
september 2003 as against rs 24.90 crore registered during
the corresponding quarter of the earlier fiscal.
ing vysya life launches special services for nris
kochi: ing vysya life has chalked out special services
by setting up guidelines for them to buy life insurance
plans from the company, mr yvo metzelaar, managing director
and ceo, said.
sundaram nets rs 5 crore
chennai: royal sundaram alliance insurance company
has made a net profit of rs 5 crore so far this year.
the company has earned premium income of about rs 150
crore and expects to close the year with a premium income
of rs 300 crore, the company's managing director, mr micky
brigg said here on thursday.
federal bank ties up with ecgc for insurance
kochi: the aluva-based federal bank has tied up
with ecgc in a corporate agency arrangement to sell insurance
cover through the bank's branches. the mou was signed
between mr k.p. padmakumar, chairman of the bank and mr
s. prabhakaran, executive director of ecgc in kochi in
upgrades union bank rating
mumbai: the international credit rating agency,
moody's investors service, has upgraded the financial
strength rating of union bank of india to `d-' from `e+'.
30 october 2003
bank, hmt pact
mangalore: corporation bank on wednesday signed
a memorandum of understanding (mou) with hmt ltd to collaborate
with it for financing tractors to farmers. a. mohan rao,
general manager of the bank, and s.k. welling, executive
director of hmt ltd, signed the agreement at the bank's
corporate office in mangalore. according to a press release
here, the corp kisan farm mechanisation scheme under which
tractors would be financed covers the entire range of
farm machinery used by farmers. apart from the low interest
rates, the bank has relaxed margin and security norms
to facilitate easy and affordable credit to farmers, the
bank signs mou with hero cycles
new delhi: corporation bank has signed a memorandum
of understanding with hero cycles ltd to finance cycles.
apart from low interest rates, the bank has also relaxed
the margin and security norms to facilitate easy and affordable
credit. for women beneficiaries, the bank would offer
special concessional rate of interest.
coop. depositors' plea
hyderabad: the depositors' association of the crisis-ridden
prudential co-operative bank have demanded the payment
of due interest on fixed deposits, operation of savings
bank and current accounts to instil confidence among account
holders and the general public. in a memorandum to the
chairman of the bank, the association also wanted the
process of recovery of outstanding loan amounts from the
big borrowers to be speeded up and the rbi should pay
interest on the funds of the co-operative bank lying in
deposit with them during the period of non-functioning
of the bank with a view to reducing the cost burden of
the management expenses of the bank. if demands are not
met by november 30, the association said it would resort
to agitational programme.
29 october 2003
investment q2 net rises 30 pc
mumbai: the chennai-based non-banking finance company
cholamandalam investment and finance company ltd (cifc)
on tuesday said its profit after tax for the second quarter
grew 30 per cent, mainly on account of a higher asset
base, saving in interest expenditure and lower depreciation.
the profit after tax for the quarter ended september 30,
2003, was rs 8.35 crore over the second quarter of the
previous year when it was rs 6.39 crore. cifc, part of
the rs 4,500-crore murugappa group, saw its asset base
expanding by 18 per cent to rs 1,633 crore during the
quarter. m. anandan, managing director of cifc, told newspersons
here that now 50 per cent of the company's business came
from the north and west regions of the country.
operated from 160 offices, 125 of which are franchisees
located mainly in `b' and `c' centres across the country,
anandan said. m.a. alagappan, chairman of the nbfc and
vice-chairman of the murugappa group, said financial services
was a core part of the group's growth plans. during the
second quarter, chola's income was rs 56.92 crore ( rs
56.29 crore). anandan said that the company's annualised
cost of funds currently stood at about 7.5 per cent. its
incremental cost of funds, however, was lower at about
6 per cent. cifc's non-performing assets were 1.08 per
karnataka bank q2 net up at rs 69 cr
mangalore: the net profit of karnataka bank ltd
increased by 30 per cent in the second quarter compared
with the corresponding quarter in the previous year. the
bank registered a net profit of rs 69.17 crore (rs 52.97
crore). the gross income increased from rs 492 crore to
rs 595 crore for the same period. operating profit rose
from rs 109 crore to rs 190 crore registering a growth
of 75 per cent. total business of the bank has crossed
rs 12,700 crore.
press release said here on tuesday that the bank is aiming
at a total business turnover of rs 15,000 crore by the
end of current fiscal. it stated that the bank has launched
credit products such as "kbl insta cash" and
"kbl vahana mithra" to cater to the needs of
various segments. recently the bank tied up with bharat
overseas bank, sangli bank, and ratnakar bank to provide
inbound international money transfer services through
their branches across the country. it has entered into
an agreement with metlife india insurance company private
ltd (metlife india) for distributing their products.
release said that the bank's pact with bsnl would facilitate
payment of telephone bills by bsnl subscribers at its
branches in bangalore
bank in talks with rabo bank - h1 net up 80% at rs 292
kolkata: uco bank has started a dialogue with rabo
bank for financing contract farming programmes as part
of its plan to explore new business opportunities. it
hopes to sanction more agricultural credit through what
may eventually be a formal tie-up with rabo bank. v.p.
shetty, cmd, said a clearer picture was likely to emerge
within a couple of months. negotiations with rabo are
among the kolkata-based bank's recent initiatives.
of the others are expansion of its capital market-related
operations (through depository services) and introduction
of tractor-financing through partnerships with tractor
manufacturers. the bank, in fact, has signed mous with
manufacturers like hmt, escorts and l&tthe bank has
posted a net profit of rs 292 crore for the half year
ended september 30, 2003, more than 80 per cent higher
than the net profit of rs 159 crore posted during the
corresponding half-year in the past fiscal. the net profit
for 2002-03 was rs 207 crore.
bank, according to the cmd, made a higher provision of
rs 198 crore during the half year, which is around 77
per cent higher than it did during the corresponding half
of the previous year. the rise in profit was due to "improvement
in several areas of performance", shetty said, adding
that uco recorded a 36 per cent increase in net interest
income. gross npa, incidentally, declined from 9.66 per
cent in september 2002 to 7.54 per cent in september this
year. "the improved profit performance has pushed
up our capital adequacy ratio to 11.36 per cent from 9.64
per cent a year ago", he told newspersons on tuesday.
andhra bank h1 net rises to rs 256 crore
chennai: andhra bank has reported a net profit
of rs 255.66 crore for the half-year ended september,
against rs 149.73 crore in the same period last year -
a growth of 70.75 per cent.
bank's gross profit increased to rs 524.01 crore, compared
to rs 322 crore in the first half of last year. the bank's
`net interest margin' had improved to 3.88 per cent during
the half-year, compared to 3.58 per cent a year ago. total
business of the bank increased to rs 32,741 crore - rs
21,179 crore of deposits and rs 11,562 crore of advances.
on september 30, 2002, the bank's total business had stood
at rs 30,480 crore.
sbm net jumps to rs 45 crore in q2
bangalore: state bank of mysore recorded a net
profit of rs 44.98 crore during the quarter ended september
30, up from rs 8.1 crore in the previous year period on
a rise in total income to rs 338.86 crore (rs 315.89 crore).
for the half-year ended september 30, net profit rose
186 per cent to rs 90.29 crore, while operating profit
rose 57.22 per cent to rs 192.81 crore during the same
this, sitarama murty, managing director, said the focus
on increased earnings and on reducing the cost of deposits
had enabled the bank to achieve the results. "this
growth is after making provisions for vrs expenses of
rs 14.93 crore, being amortised over five years and rs
1.14 crore for leave encashments - the latter not having
been provided for last year. operating profit stood at
rs 99.06 crore (rs 70.91 crore), while other income was
rs 84.99 crore (rs 54.26 crore). during the half year,
operating income rose by 29.54 per cent to touch rs 364.81
28 october 2003
bank, rim join hands for mobile banking
mumbai: hdfc bank and reliance indiamobile have
joined hands to launch an interactive mobile banking service
in india. according to an hdfc bank press release, all
bank customers who are also reliance indiamobile subscribers
can now view their bank account balance, get mini-statements,
fixed deposit details and make request for cheque book
and account statements, apart from making bill payment
by direct debit to the account from their mobile handsets.
after registering with hdfc bank for the mobile banking
service, a reliance indiamobile subscriber can access
the facility directly from r world on the handset.
the customer will be presented with a detailed menu of
about ten banking activities that can be done through
the mobile phone. neeraj swaroop, country head (marketing
and retail lending) of hdfc bank, says that "with
this alliance, we offer our customers the most comprehensive
and advanced mobile banking service. we offer our customers
unrestricted access to the bank in india and from across
the world". the reliance india mobile service is
at present commercially available in over 470 cities and
will soon be available in 693 towns and cities across
global board approves sale
mumbai: the board of directors of birla global
finance ltd on monday approved the sale of 51 per cent
of its holding in birla sun life securities to j.v. gokal
securities pvt ltd. according to a bse notification, the
sale of 30,60,000 equity shares of birla sun life securities,
a subsidiary of birla global finance will be for a total
consideration of rs 4.85 crore, subject to all approvals.
bank net profit rises
mangalore: the dharwad-based malaprabha grameena
bank has announced 76 per cent increase in the net profit
during the first half of the current fiscal ended september
2003. a bank release here on monday said that it recorded
a net profit of rs 16.12 crore during the first half of
the current fiscal. it said that the bank has the plan
of reaching a total business of rs 1,802 crore by the
end of this financial year.
the total business of the bank during the first half of
the current fiscal stood at rs 1,433 crore. the deposits
of the bank stood at rs 782 crore, and advances at rs.
651 crore. the release claimed that the bank has disbursed
rs 147 crore during the first half of the current fiscal
under its various schemes.
27 october 2003
devices special scheme for co-op loans
thiruvananthapuram: kerala minister for cooperation
and ports m v raghavan has said that the state government
will formulate a special scheme offering concession on
interest payable on loans advanced from year 1997 onwards
by the co-operative banks in the state. "the district-level
cooperative banks will be entrusted with the task of formulating
the scheme." the scheme will be applicable in those
cases where the loan has been defaulted even while the
tenor has not been breached.
the one-time settlement scheme has helped prune down of
the non-performing assets in the cooperative sector. it
is upon the presidents and other officials of the cooperative
banks to popularise the benefits of the scheme further
among the people. the district-level banks should convene
meetings of the primary cooperative societies towards
this end. action will be taken against those societies
who have failed to implement the one-time settlement scheme.
public issue gives impetus to vijaya bank
mangalore: vijaya bank general manager surendra
m bhandary has said that over-subscription of the public
issue of the bank has given a great impetus for reaching
higher goals. he was speaking at the 72nd founder's day
celebration of the bank at the mangalore regional office
terming over-subscription of the public issue of the bank
an indicator of its performance, former chairman of the
bank b b shetty suggested that the bank accord priority
to agricultural activities on the lines of retail lending
list of reports
on finance diary