LIC Housing Fin Q4 net up 32 pc
Mumbai: LIC Housing Finance Ltd has registered an increase of 31.6 per cent in net profit for the quarter ended March 31, 2003 at Rs 75.95 crore, up from Rs 57.68 crore in the corresponding period of the previous year. The net profit for the full financial year increased by 22 per cent to Rs 180.11 crore (Rs 147.66 crore). The board of directors of the company has proposed a dividend of 55 per cent. Loans disbursed for the full year jumped by over 62 per cent to Rs 3,190.83 crore (Rs 1,962.82 crore). Income from operations for the fourth quarter increased to Rs 277.52 crore from Rs 228.24 crore. Other income came down to Rs 5.22 crore (Rs 22.99 crore). Interest expenses of the company dipped to Rs 151.34 crore from Rs 164.71 crore. Mr S.C. Jain, Director & Chief Executive, LIC Housing Finance Ltd, said in a press release, "We are confident of achieving a growth of 50 per cent in disbursals and substantial reduction in the level of non-performing assets."
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Bank of Maharashtra plans to go global
Pune: The Chairperson of Bank of Maharashtra (BoM), S.K. Basu, has said that the management is seriously thinking of `going global.' The bank, which has a domestic consumer base of 90 lakh people and net worth of Rs 980.27 crore in 2002-03 has set sights on tapping businesses overseas. "It might not be just expanding in terms of opening branches abroad. We are looking at all the possibilities, but the rationale is that with Indian industry now doing business in the global market place, it is important for the financial intermediary to be there for them,'' Basu said. The Chairperson's announcement about going global is significant in the wake of the fact that the bank has decided to adopt the US Generally Accepted Accounting Principles (GAAP) in addition to its existing accounting system, so that it is on par with the other banks in the global banking space.
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SBH net at Rs 301 cr; to pay 100 pc
Hyderabad: State Bank of Hyderabad (SBH), an associate bank of State Bank of India, has posted an income of Rs 2,529 crore and a net profit of Rs 301.40 crores during 2002-03. The bank's total business during the year had increased by 16.85 per cent to Rs 30,755 crore while its net non-performing assets (NPAs) declined from 4.97 per cent to 3.25 per cent. It has declared a dividend of 100 per cent for the year. Announcing the annual results of the bank here on Sunday, SBH managing director, Rajendra Kakker, said that it was targeted to bring down the net NPAs to 1.5 per cent in the current fiscal and wipe out the entire net NPAs of the bank by 2005-06. The gross NPAs had declined from Rs 899 crore (10.08 per cent) in 2001-02 to Rs 740 crores (7.28 per cent) in 2003-04. Plans were afoot to bring NPAs further down to Rs 525 crores (5.25 per cent).
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BoB plans corporate service branches in Chennai, Hyderabad
Chennai: Bank of Baroda has decided to open two branches dedicated for corporate financial services (CFS) - one in Chennai and the other in Hyderabad. All major corporate accounts, where the relationship with the bank is at least Rs 10 crore, would be moved to these two branches, M.B. Samant, general manager, Bank of Baroda, said here. In Chennai alone, the bank has about 50 corporate customers, with Rs 10 crore relationship with the bank. Eventually, the two CFS branches would also handle accounts of corporates with less than Rs 10-crore relationship with the bank, Samant said. The setting up of the CFS branches would happen soon after the bank puts through a `core banking solutions' software, interconnecting at least some of the branches. The bank has shortlisted three Systems Integrators, one of whom will be mandated for implementing the core banking solution.
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