Sundaram Finance raises $45 m IFC loan
Kolkata: Sundaram Finance Ltd (SFL), part of the TVS group of companies, has raised a $45 million loan from International finance corporation (IFC).

According to IFC, Sundaram Finance will use the loan to support its growing operations primarily for increasing trucking and automobile financing requirements in rural and semi-rural areas — a segment constituting an important part of the broader small and medium enterprise market and a critical part of the cargo transportation infrastructure in the country.

IFC is extending this loan to SFL for six years against loans of 2-3 years that are easily available locally.
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IDBI net up 36 pc in Q1
Mumbai: Industrial development bank of India (IDBI) has declared a 36 per cent increase in net profit at Rs 51 crore in the first quarter of April-June 2003 against Rs 38 crore in the corresponding period last year.

Income from operations stood at Rs 1,575 crore (Rs 1,665 crore). Total borrowings/withdrawals (both in rupees and foreign currency) stood at Rs 2,776 crore (Rs 1,942 crore). The rupee borrowings aggregating Rs 2,397 crore comprised mobilisation through Omni Bonds (Rs 1,056 crore), Public Bonds under Flexibonds (Rs 486 crore), Fixed Deposits (Rs 269 crore), Certificates of Deposit (Rs 7 crore), Short-Term Deposits (Rs 199 crore) and Commercial Paper (Rs 380 crore). Foreign Currency borrowings/drawals during the period amounted to Rs 379 crore as against Rs 368 crore raised during April-June 2002.

The cost of incremental rupee borrowing during April-June at 6.88 per cent was substantially lower by 242 basis points compared to 9.3 per cent in the year-ago period.
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Bank of Baroda Q1 net up 34 pc
Mumbai: Bank of Baroda has declared a 33.71 per cent rise in net profit for the first quarter ended June 30 at Rs 244.47 crore compared to Rs 182.84 crore in the corresponding previous period.

Total income has risen to Rs 1,796.97 crore (Rs 1,694.13 crore), while interest earned was up at Rs 1,586.88 crore (Rs 1,505.84 crore).

Other income, including profit from sale of investments, was Rs 210.09 crore (Rs 188.29 crore) while total income from treasury operations amounted to Rs 828.21 crore, accounting for 46.09 per cent of total global income for the first quarter, according to a release from the bank.

Total expenditure aggregated to Rs 1,332.06 crore (Rs 1,376.89 crore).

The bank's total NPAs have come down to Rs 4,032.32 crore (Rs 4,576.73 crore). Net NPAs have also come down to Rs 1,242.26 crore (Rs 1,737.69 crore).

Global advances amounted to Rs 33,062 crore (Rs 31,747.27 crore), while global deposits to Rs 65.398 crore, the release said.
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Canara Bank net up 82 pc
Bangalore: Canara Bank has declared an increase of 81.91 percent in its net profit to Rs 255.85 crore for the April-June quarter of 2003-04 from Rs 140.65 crore for the corresponding period a year ago.

The bank says its profits have received a boost by the Rs 210.45-crore net income from treasury operations.

Total income in the period for the bank was at Rs 2,063.22 crore, up 8.73 per cent from Rs 1,897.57 crore a year ago. The bank had made provisions for Rs 148 crore towards bad debts in the last quarter, 64.44 per cent more than Rs 90 crore it had provided for a year earlier.

Operating profit also increased 45.93 per cent in the April-June quarter to Rs 497.1 crore (Rs 340.65 crore).

Retail lending continued to drive advances as it spurted 19.07 per cent to Rs 718 crore from Rs 603 crore. Retail lending accounted for 32.2 per cent of the total credit growth in the last quarter.

Outstanding retail advances as on June-end aggregated to Rs 5,777 crore, 60 per cent higher than Rs 3,617 crore a year ago and this constituted 14.43 per cent of the bank's net credit.

Outstanding retail advances included Rs 1,765 crore under direct housing, Rs 1,848 crore under retail trade, Rs 1,747 crore under personal segments and Rs 417 crore under education loan.
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