SBI net profit up 20% to Rs 914 crore in Q1
Mumbai: State Bank of India (SBI) has posted a 19.69 per cent rise in its net profit at Rs 913.50 crore for the first quarter ended 30 June 2003 as against Rs 763.20 crore in the same period of 2002-03. But the bank has remained aggressive in providing more than the double amount against its non-performing assets to the tune of Rs 850 crore (Rs 400 crore). Total provisions made this quarter were higher at Rs 1,668.74 crore (Rs 952.76 crore). In respect of investments, there is a write-back of provision to the extent of Rs 86.74 crore against the investment depreciation of Rs 67.49 crore in the first quarter of 2002-03.

The country's largest commercial bank's net interest income in the first quarter was up by 12.15 per cent at Rs 2,709.18 crore (Rs 2,415.67 crore). The operating expenses of the bank recorded an increase of 8.14 per cent. The staff cost of the bank recorded an increase of 6.89 per cent. The average resources deployed in treasury operations in the country went up buy Rs 28,154 crore, recording a growth of 15.9 per cent over the first quarter of 2002-03. The average yield was lower at 9.07 per cent (9.75 per cent) due to declining interest. Due to the volume growth in resources deployed, interest income on treasury operations increased by 7.72 per cent.
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Canara Bank slashes home loan rates
Bangalore: Canara Bank has dropped both its floating and fixed home loan rates. Interest rates on loans up to five years are now 7.75 per cent down from 8.25 per cent irrespective of the amount. Beyond five years, the rates are 8.75 per cent, (9 per cent) up to Rs 10 lakh.

The fixed rates for home loans are now 8.25 per cent, down 50 basis points from the previous levels for the first five years. Beyond five years, the new rates are 9.50 per cent, down 25 basis points. For auto loans, under the brand Canmobile, the rates have been dropped by 50 basis points to 11.5 per cent.
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ABN Amro net profit rises 15% to Rs 146 crore
Mumbai: ABN Amro Bank has posted a net profit of Rs 146.06 crore for the fiscal 2002-2003, up 14.6 per cent from the preceding fiscal's Rs 127.77 crore. The total income of the bank was up marginally to Rs 995.62 crore from the previous fiscal's Rs 952.40 crore. The total deposits of the bank stood at Rs 5,022.29 crore as compared to Rs 4,865.28 crore. On the other hand, the total advances of ABN Amro Bank as at the end of this fiscal were at Rs 5,447.08 crore, out of which Rs 1,132.53 crore were unsecured advances.

In last fiscal the total advances recorded were Rs 4,486.65 crore, from which the unsecured advances amounted to Rs 641.78 crore. The total operating expenses of the bank stood at Rs 325.80 crore compared to Rs 269.54 crore registered in the preceding fiscal. ABN Amro Bank's total assets as on 2002-2003 were at Rs 9,384.35 crore as against last fiscal's total asset base of Rs 7,447.15 crore. The capital adequacy ratio (CAR) for Tier I capital of the bank dropped to 10.67 per cent from the previous fiscal's 11.15 per cent. The CAR for the bank's Tier II capital also fell to 1.90 per cent from 2.02 per cent.
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SICOM cuts lending rates
Mumbai: SICOM Ltd, a lender to the small and medium-sized companies in Maharashtra, says it has cut lending rates by 50 basis points. At the company's post-AGM press conference, R D Pradhan, chairman, SICOM, said the company's lending rates will now stand at 13 per cent for long-term loans while 12.5 per cent and 11 per cent will be charged for medium and short-term loans, respectively.

SICOM has also introduced a scheme whereby, borrowers who repay arrears before October 1, and are regular in interest payments till the end of the financial year, will be refunded 5 per cent of the total interest paid during the year.
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