1 feb 2003

bank conversion expenses trim kotak mfl net
mumbai: kotak mahindra finance ltd (kmfl), which is expected to start operations as a commercial bank shortly, has posted a net profit of rs 11.29 crore for the third quarter ended december 31, 2002 compared to rs 10.83 crore during the corresponding period last year.

uti runs up negative reserves of rs 7,360 cr
mumbai: uti has recorded cumulative negative reserves of rs 7,359.8 crore as on december 31 '02, according to information published for 66 schemes.

icici bank q3 net at rs 330 crore
mumbai: icici bank on friday announced a 16 per cent jump in its net profit for the third quarter of the current fiscal ended december 31, 2002 to rs 330.30 crore as against rs 285 crore in the second quarter ended september 30, 2002.

prudential icici to tap sib network for southern foray
mumbai: after crossing the coveted rs 10,000-crore mark, prudential icici amc has decided to ride the network of south indian bank, country’s second largest branch-chain in private banks, to tap the south.

iob december quarter net up 157 per cent at 117 crore
new delhi: indian overseas bank, a chennai-based bank, has reported a 157 per cent growth in its net profit during the quarter ended december 2002.

dollar depreciation accounts for 17 pc of forex build-up
mumbai: the reserve bank of india has confirmed that nearly 17 per cent of the accretion to its forex reserves in the current fiscal has been on account of the us dollar's substantial depreciation against other international currencies.

vijaya bank starts v-remit
bangalore: vijaya bank has launched a new customer service under which fund remittance can be done through the electronic medium. called v-remit, the new product enables customers to transfer funds faster to their counterparts having accounts in any of the bank.

icici prulife hikes capital
mumbai: icici prudential life insurance company has increased its capital base by rs 50 crore, taking the total paid-up equity capital to rs 375 crore.

sbi hints at selective rate cuts
mumbai: state bank of india plans to reduce its lending rates further for select segments. some of this is expected before the 2003 budget.

31 jan 2003

ifci records rs 95-cr net loss in dec quarter
new delhi: with its re-engineering exercise taking shape, ifci ltd has registered a small operating profit of rs 137 crore for the three-month period of the current year. it was at rs 26.92 crore in october-december 2001.

pnb plans to demonstrate against defaulters in up
new delhi: what may turn out to be trend-setter for the banking industry, the east uttar pradesh zone of punjab national bank has planned to demonstrate before the business premises of big loan defaulters to expose them and to get them to return the loan amount that they had taken from the bank.

shgs help improve rural banks' finances
mumbai: regional rural banks avail 100 per cent refinance from nabard at 6.5 per cent and lend to self-help groups at about 12 per cent.

boi q3 net up 27 pc
new delhi: bank of india (boi) has reported a 27-per cent rise in net profit at rs 196.89 crore for the third quarter ended december, 2002, compared to rs 155.16 crore in the corresponding period of the previous year.

npa slide drives dena bank net up
mumbai: lower cost of funds and decline in non-performing assets have helped dena bank ltd record a net profit of rs 25.04 crore for the third quarter ended december, 2002 as compared to a net loss at rs 1.09 crore in the corresponding period in the last year.

european investment bank upbeat on india
new delhi: the european investment bank (eib), the long-term financing arm of the european union (eu) and the world's largest multilateral funding institution, has finally given a thumbs-up to india.

to fund prepayment of external loans - govt to place with rbi bonds for rs 13,600 cr
new delhi: the government will go for a private placement of bonds with the reserve bank of india to raise rupee resources for prepayment $2.8 billion loans to world bank and asian development bank.

ap govt floats development loans
hyderabad: the andhra pradesh government has floated `ap state development loans, 2013, which carry an interest rate of 6.60 per cent