|
31 July 2004 Rupee stabilizes and bonds recover
Mumbai: The rupee ended the week at 46.47/48 against the dollar, unchanged from its previous closing levels, even as bond prices recovered lost gains across maturities.
Forwards Market: The six-month forward ended at 2.60 per cent (2.76 per cent) while the 12-month forward ended at 2.05 per cent (2.08 per cent).
G-Secs: Yield on the ten-year benchmark eased to 6.16 per cent from the sixteen month high of 6.28 per cent reached on Thursday. The 7.37 per cent 2014 paper ended at Rs.108.00. The 11-year benchmark rose by almost a rupee to end the day at Rs.108.70.
Call Rates: In the range of 4.00-4.25 per cent.
CBI investigating RBI currency consignment shortfall
Thiruvananthapuram: A sum of Rs.50 lakh is believed to have gone missing from a currency consignment received at the Reserve Bank of India's regional office in Thiruvananthapuram from the Mysore unit of the Bharatiya Reserve Bank Note Mudra Ltd. An RBI spokesperson has confirmed that there was "some shortfall" in a currency consignment received by the RBI's regional office in Thiruvananthapuram. According to police sources the Central Bureau of Investigation (CBI) is investigating the disappearance of the money.
SBI pays out Rs.345 crore dividend to Government
Mumbai: The State Bank of India has paid a dividend of Rs.345.77 crore for the financial year 2003-04 to the Government of India.
Catholic Syrian Bank retirement fund to be managed by Birla SunLife
Kochi: The Thrissur based Catholic Syrian Bank has decided to subscribe to Birla Sun Life Insurance Company's (BSLI) group superannuation plan. The superannuation fund with a corpus of Rs.10 crore is expected to provide market-linked returns.
State Bank of Indore and Franklin Templeton tie up
Mumbai: Franklin Templeton Investments (India) has signed a Memorandum of Understanding with State Bank of Indore, for distribution of its schemes. Under the agreement, State Bank of Indore, a subsidiary of State Bank of India, will distribute the entire range of Franklin Templeton schemes through its branches, said a company press release. Initially the alliance will cover 33 cities and will be rolled out to at least 100 locations in a phased manner.
30 July 2004 Rupee hits Rs.46.47
Mumbai: The rupee fell to its lowest levels in over a year on Thursday to close at 46.47/48 against the dollar. The bond yields soared, with the ten-year benchmark touching 6.28 per cent - the highest since March 2003.
Forwards Market: The six month premia closed at 2.76 per cent (2.50 per cent), while the twelve-month closed at 2.08 per cent (1.96 per cent).
G-Secs: Bond prices crashed by about one and a half rupee with the yield on the ten-year benchmark rising to 6.28 per cent - a 17-basis point rise from Wednesday's levels. The 11-year benchmark plummeted to Rs.107.75 lower by over a rupee.
Call Rates: In the range of 4.25-4.50 per cent.
IDBI Bank to merge with IDBI
Hyderabad: The boards of IDBI and the IDBI Bank have in principle approved the proposal to merge IDBI Bank with IDBI, thereby enabling the combined entity - the Industrial Development Bank of India - to become a universal bank. In a separate development, the setting up of a Stressed Assets Stabilisation Fund (SASF) was also approved to enable the purging of IDBI's legacy portfolio of NPAs. The trust would take over IDBI's NPAs to the extent of Rs 9,000 crore in exchange for Government of India securities.
The IDBI Chairman and Managing Director, M. Damodaran, made it clear that it was not a reverse merger as was widely presumed. Following the approvals of Parliament that came into effect from July 2, IDBI would become a deemed banking company under the Banking Regulation Act. Damodaran also stated that the valuation exercise would commence sometime next week for determining the swap ratios for the merger, with the entire process of merger being completed before the current fiscal ends.
IDBI Q1 net dips to Rs.23 crore
Hyderabad: The Industrial Development Bank of India (IDBI) has suffered a fall in net profit on a decreased turnover for the first quarter of the current fiscal ended June 30. As per the audited financial results approved by the IDBI board the income from operations has dipped to Rs.1, 340 crore from Rs.1, 575 crore in the corresponding quarter of previous fiscal, while the net profit has slipped to Rs.23 crore (Rs.51 crore).
For the fifteen months period ended June 30, IDBI has posted a net profit of Rs.348 crore on a turnover of Rs 8,357 crore as against a net profit of Rs 401 crore on a turnover of Rs 7,481 crore in the previous fiscal (12 months) ended March 2003. With a view to avoiding the closing and balancing of its books of accounts twice over, once on March 31, 2004 and again on the `appointed date' of conversion of IDBI into a banking company, IDBI has obtained the approvals of its board and Government to extend the accounting period of financial year 2003-04 by six months up to September 30, 2004.
Andhra Bank Q1 net up 27 per cent
Mumbai: Andhra Bank has posted a 26.5 per cent growth in net profit at Rs.150.16 crore in the first quarter of the financial year 2004-05, as against a net profit of Rs.118.67 crore in the corresponding quarter, the previous year. During this period, the net interest income grew by 34 per cent to Rs.267.90 crore (Rs 200 crore), while provisions and contingencies was lower at Rs.36.83 crore (Rs.78.94 crore).
Provisions for NPAs also declined to Rs.30 crore (Rs.85 crore), while provisions for taxes were higher at Rs.77.50 crore (Rs.55.50 crore). Gross NPAs amounted to Rs.634.13 crore (Rs.640.21 crore). Net NPAs were lower at Rs 108.81 crore (Rs 192.89 crore). Capital adequacy ratio of the bank was at 15.16 per cent (16.09 per cent).
Karnataka Bank payout at 40 per cent
Mangalore: The Karnataka Bank Ltd has posted a net profit of Rs.38.73 crore for the first quarter of the current fiscal compared to Rs.34.74 crore during the corresponding previous period, registering a growth of 11.5 per cent.
A bank release said that the operating profit went up from Rs.112.90 crore to Rs.117.23 crore during the quarter under review. The capital adequacy ratio of the bank rose to 14.38 per cent compared to 13.03 per cent at the end of March this year. The release also said that the bank has declared 40 per cent dividend for for the fiscal 2003-04.
Lower net for Bank of India
Mumbai: The Bank of India has posted lower net profits at Rs.162.69 crore for the first quarter ended June 30, 2004, as against a net profit of Rs.203.2 crore in the corresponding quarter, the previous year. Total income of the bank declined to Rs.1, 683.66 crore (Rs.1, 771.82 crore).
Dena Bank net up 26 per cent
Mumbai: Dena Bank has posted a 25.75 per cent jump in net profit for the first quarter ended June 30,2004, at Rs.36.72 crore against Rs.29.20 crore in the corresponding quarter, the previous year. While the business mix has increased to Rs.29,628 crore (Rs.26,245 crore), capital adequacy ratio is at 9.97 per cent.
29 July 2004 Rupee down 10 paise as bonds crash
Mumbai: The domestic currency closed weaker by ten paise on Wednesday at 46.31/32 per dollar. It had ended at 46.21/22 in the previous trading session.
Forwards Market: The six-month premia closed at 2.50 per cent (2.39 per cent) while the 12-month closed at 1.96 per cent (1.95 per cent).
G-Secs: Bond prices crashed by over Re 1 across maturities in the government securities market on Wednesday. The yield on the 10-year benchmark rose to a 16-month high of 6.11 per cent. The benchmark 10-year paper, the 7.37 per cent 2014, plunged by a rupee to end at Rs 109.10.
Oriental Bank of Commerce net rises 27 per cent
New Delhi: The Oriental Bank of Commerce has recorded a net profit of Rs.181 crore for the quarter ended June 30, 2004, a 27 per cent rise over the net of Rs.42 crore in the corresponding period in the previous year. The total business of the bank has risen to Rs.57,066 crore on June 30, from Rs.46,223 crore in the first three months of the previous fiscal. The bank has maintained net non-performing assets (NPAs) of zero per cent. The return on assets has gone up from 1.6 per cent to 1.7 per cent during the quarter ended June 2004.
PNB Q1 net up 28 per cent
New Delhi: The Punjab National Bank has declared a net profit Rs.322.67 crore for the first quarter ended June 30, 2004, against Rs.251.76 crore in the corresponding period last year, a growth of 28.2 per cent. Its operating profit touched Rs.800.99 crore, up 34.7 per cent over Rs.594.74 crore in the previous year. Its capital and reserves increased to Rs.5,332 crore (Rs.4,283 crore). The capital adequacy ratio at the end of June 2004 stood at 12.74 per cent against 12.14 per cent in June 2003.
Total business stood at Rs 1,38,528 crore (Rs 1,10,863 crore).
IndusInd Bank reports net profit at Rs.45 crore
Mumbai: The Indusind Bank has recorded a net profit of Rs.45.48 crore in the first quarter ended June 30, 2004 against a net profit of Rs.24.64 crore in the corresponding period the previous year. The current results of the bank include the financial performance of the erstwhile Ashok Leyland Finance Ltd (ALFL) and are therefore not comparable with those of the corresponding quarter of the previous year, said a press release.
28 July 2004 Rupee firms up further
Mumbai: The rupee closed at 46.21/22, stronger by six paise from Monday's close of 46.27/28.
Forwards Market: The six-month premia closed at 2.39 per cent (2.37 per cent) and the twelve-month ended at 1.95 per cent (1.89 per cent).
G-Secs: The yield to maturity on the ten-year benchmark 7.37 percent 2014 moved higher to close at 5.94 per cent.
Call Rates: Were in the range of 4.00-4.25 percent.
Oriental Bank confident about amalgamation
Hyderabad: The Oriental Bank of Commerce (OBC), which is acquiring Global Trust Bank (GTB) has said that the bank had already done its own exercise on the GTB financials and only after the gaining required confidence to recover GTB's NPAs did it submit a detailed proposal to RBI a month back seeking to acquire and turn around GTB. According to OBC it would shortly indicate to the RBI the name of a third party auditing firm to begin due diligence exercise at the earliest. He said the bank expects to complete the due diligence process of GTB in the next five to six weeks. OBC expects to complete the merger process in another five to six weeks thereafter. At present, OBC has a network of over 1,000 branches spread across the country with a total business of Rs.56,000 crore as at the end of March 2004. It is the first and only bank in the Indian banking industry to attain zero net NPAs. The bank said that it expects a gap of Rs.800 crore in the balance sheet after amalgamation.
ICRA puts Oriental Bank bonds under watch
New Delhi: ICRA has placed the 'LAAA' rating assigned to the Tier-II bonds of Oriental Bank of Commerce (OBC) under rating watch. The move comes in the wake of the proposed merger of Global Trust Bank (GTB) with OBC. The rating agency has said that it is in the process of evaluating the impact of the merger and would announce its final view on the outstanding rating soon.
BoB Q1 net up 20 per cent
Mumbai: The Bank of Baroda has recorded a 19.85-per cent increase in net profit at Rs 292.99 crore in the first quarter of the fiscal ended June 30, 2004, against a net profit of Rs 244.47 crore in the corresponding period the previous year. Net interest income after adjusting for the extraordinary income, has increased to Rs.674.00 crore from Rs.589.00 crore. Gross NPAs were at Rs.4, 111.30 crore (Rs.4, 032.32 crore). Net NPAs were at Rs.1, 056.25 crore (Rs.1, 242.26 crore). Provisions for NPAs were lower by 64.46 per cent to Rs 71.20 crore from Rs 200.31 crore in the first quarter of the previous year. The total business mix of the bank grew to Rs 1,10,787.52 crore from Rs 9,8450.07 crore. Retail lending of the bank rose by 57.36 per cent to Rs 4, 688.08 crore from Rs 2, 979.17 crore. It is 14.76 per cent of the total domestic advances. The capital adequacy ratio went up to 13.97 per cent from 13.91 per cent as on 31.03.2004.
SBI Q1 net up 17.55 per cent
Mumbai: The State Bank of India has recorded a 17.55 per cent growth in net-profit for the first quarter ended June 30, 2004, at Rs 1,058.40 crore as against a net profit of Rs 900.36 crore in the corresponding period in the previous year. The bank has adopted RBI prescribed norms for accounting of certain categories this year, whereby its profit statement gives a different impression. In a statement to the exchange the bank said, "In line with the guidelines prescribed by RBI and being followed by all other banks domestically, the basis of valuation of investments in AFS and HFT categories has been changed during the current year, wherein investments are valued after netting off classification-wise depreciation and appreciation, computed scrip-wise, and providing for net depreciation in each classification while ignoring net appreciation." "The earlier system, discontinued with effect from April 1, 2004, was to provide depreciation scrip-wise while ignoring appreciation. Had the earlier system been continued, provision would have been higher by Rs 2,242.76 crore and profit before tax would have been lower by the same amount."
Vijaya Bank Q1 net up 20 per cent
Bangalore: The State-owned Vijaya Bank reported a net profit of Rs.97.55 crore for the first quarter of the current fiscal, up 20.58 per cent from Rs.80.90 crore a year ago. Total income of the bank went up 1.3 per cent to Rs.610.50 crore from Rs.602.68 crore a year ago. Capital adequacy ratio at the end of the June quarter was 14.54 per cent and the bank has made additional provision of Rs.18.21 crore towards bad loans on an estimated basis following change in provisioning norms.
27 July 2004 Rupee firms up five paise
Mumbai: The rupee closed about five paise stronger at 46.27/28 on Monday. It had closed at a year's low on Friday at 46.32/34.
Forward Market: The six-month forward closed at 2.37 per cent (2.35 per cent) while the twelve-month closed at 1.89 per cent (1.96 per cent).
G-Secs: The 10-year benchmark 7.37 per cent 2014 was traded up to 5.92 per cent yield to maturity (YTM) against the previous day's closing of 5.91 per cent YTM.
Call rates: Closed at 3.50-4 per cent in the inter-bank market.
Nabard cuts rates and accepts prepayment of loans
Thiruvananthapuram: The National Bank for Agriculture and Rural Development (Nabard) has reduced interest rates on outstanding refinance, and has accepted pre-payment of high-cost refinance from banks, according to an official press release. Nabard has so far accepted early repayment of refinance amounting to Rs 76 crore from the co-operative banks and regional banks, the release stated.
GTB and Oriental bank merger: No share swap
Mumbai: The RBI has announced a draft scheme of amalgamation for the Global Trust Bank and the Oriental Bank, which will be implemented after August 7. The RBI has said that the merger date would be announced after the government approves the scheme. Till then the moratorium will be in force. This means, customers of GTB will not be able to do any transactions with the bank apart from those permitted under the moratorium at least till August 7. The RBI has also said it is open to increasing the Rs 10,000 limit on withdrawals. Under the proposed amalgamation scheme, all the assets and liabilities of GTB will be transferred to OBC after proper valuations are made.
Both the banks are listed on stock exchanges, but there will be no share swap arrangement. This is because the net worth of GTB is negative and shareholders would be last in the queue for any claims on the bank's assets. All employees of GTB will be retained by OBC at the same remuneration and other term and conditions. All deposit accounts of GTB will be transferred to OBC. The RBI said that the merger proposal was made by OBC as it perceived synergies between the two banks. The bank has not asked for any concessions from the RBI. OBC, with over 1,000 branches, has its main strength in the North and GTB with a total number of 104 branch has major presence in Andhra Pradesh and Maharashtra.
Federal Bank Q1 net up
Kochi: The Aluva based Federal Bank has reported a 20 per cent increase in its net profit for the first quarter of the current fiscal to Rs 45.03 crore, as against Rs 37.43 crore reported for the corresponding period of the previous year. The total income of the bank increased to Rs 372.46 crore (Rs 365.86 crore), even as the total expenditure decreased marginally to Rs 254.14 crore (Rs 254.21 crore). Consequently, the operating profit has increased to Rs 118.32 crore (Rs 111.65 crore). The gross NPA has come down from 7.44 per cent in March to 7.20 per cent as on June 2004. The net NPA decreased from 2.89 per cent to 2.32 per cent.
26 July 2004 Forex reserves up at $121.106 billion
Mumbai: The country's forex reserves moved up by $328 million to $121.106 billion for the week ended July 16, 2004 from $120.778 billion in the previous week ended. Forex analysts attribute the increase in reserves to revaluation of currencies and interest accruals. The foreign currency assets jumped by $332 million to $115.737 billion. The reserve position in the IMF has declined by $4 million to touch $1.310 billion. Net FII investments were to the tune of $29.00 million as per the SEBI data. Liquidity position continues to be comfortable, with funds to the tune of Rs 53,630 crore parked with the RBI in repos for the week ended July 16.
Bank credit up Rs.82, 312 crore
Mumbai: Bank credit moved up by Rs 4,904 crore to touch Rs 82,312 crore for the fortnight ended July 9, 2004. Food credit grew by Rs 396 crore to touch Rs 43,457 crore, while non-food credit jumped by Rs 4,508 crore to Rs 8,38,854 crore. Accommodation provided by scheduled commercial banks to the commercial sector in the form of bank credit and investments in shares, debentures, bonds or commercial papers was at Rs 9,26,164 crore for the fortnight ended July 9. M3 money supply growth rate was 15.30 per cent in the year till July 9, compared to 14.8 per cent the previous fortnight.
|
