IFCI posts decline in losses in Q1
New Delhi: IFCI Ltd, a financial institution based here, has registered a considerable decline in its losses during the first quarter of the current fiscal. The unaudited results of the company suggest that for the April-June period, its loss before provisions and tax stood at Rs 36 crore against Rs 170.9 crore in the corresponding period of the previous fiscal.

The loss after provisioning was Rs 86.2 crore, against Rs 170.98 crore incurred in the first quarter of 2002-03. The total income dipped to Rs 402.9 crore from Rs 457.38 crore. The basic/diluted earnings per share, which stood at -Rs 3.47 in April-June 2002, now was -Rs 1.53. Its cost of borrowings came down to Rs 419.2 crore from Rs 606.5 crore owing to the debt restructuring package approved by major stakeholders in November-December last year.
Back to News Review index page  

ING Vysya bonds get AA+ rating
Mumbai: Crisil has assigned an AA+ rating to the Rs 200-crore bonds programme of ING Vysya Bank. The rating agency says this rating reflects the significant comfort derived from the fact the the bank is under management control of the single largest shareholder — ING Group NV of Netherlands — as well as from its importance to the latter's business in India. The rating also factors in the bank's adequate capital position, improving resources and earnings profile and average asset quality.

ING Vysya Bank had an asset base of Rs 11,597 crore as on 31 March 2003, and reported a profit after tax (PAT) of Rs 86.35 crore for the fiscal 2002-03. It has registered a PAT of Rs 33.09 crore in the first quarter of fiscal year 2003-04, which represents an increase of 48.6 per cent over its PAT levels in the first quarter of fiscal year 2002-03.
Back to News Review index page  

Kotak Mahindra Bank Q1 net up 65%
Mumbai: Kotak Mahindra Bank has posted a growth of 65 per cent in its net profit to Rs 19.34 crore for the first quarter ended 30 June of the fiscal 2003-04 as compared to Rs 11.72 crore for the corresponding quarter of the previous fiscal. The total income of the bank has recorded an increase of 49.63 per cent to Rs 79.98 crore for the quarter under review, as against Rs 53.45 crore in the corresponding quarter a year ago.

The bank's profit before tax was at Rs 30.09 crore this quarter as against Rs 18.22 crore in the corresponding previous quarter. The bank on Thursday announced its first full quarter results, post-conversion into a bank. The consolidated profit after tax of the group for the quarter was up by 192 per cent at Rs 29.02 crore as against Rs 9.94 crore in the corresponding quarter during the previous year. Consolidated total income at Rs 213.84 crore for the quarter ended 30 June 2003, was higher by 50 per cent than the corresponding quarter of the previous year at Rs 142.65 crore.
Back to News Review index page  

SBI, ANZ Investment to lend IPCL $100 million
Mumbai: State Bank of India (SBI) and ANZ Investment Bank have finished the syndication of a $100-million term-loan facility for Reliance group company, Indian Petrochemicals Corporation Ltd (IPCL). The two lead arrangers were joined in the facility by a group of eight banks at the general syndication.
Reliance Industries Ltd (RIL) president (finance) Alok Agarwal says: "This is IPCL's maiden borrowing in the international market following its privatisation and we are delighted with the response received from banks. The transaction demonstrates not only IPCL's fundamental operating and financial strengths but also the high level of confidence placed by the bank market in Reliance group."
Back to News Review index page  

Union Bank OBU to disburse $50-m loans
Mumbai: Union Bank of India is planning to disburse loans of $50 million at globally competitive rates during the first year of operations of its offshore business unit (OBU), which was inaugurated at the SEEPZ special economic zone on Thursday. The bank has also introduced a gold loan scheme for the benefit of the gold jewellery exporters in the overseas branch of the bank set up at the same premises.

"The OBU has been set up with an initial capital of $10 million and it is targeted to disburse loans amounting to $50 million during the current fiscal through the OBU," says bank chairman and managing director V Leeladhar.
Back to News Review index page  

CII worried about rising rupee
New Delhi: The Confederation of Indian Industry (CII) has today expressed concern over the steady appreciation of the rupee vis-à-vis all competitor currencies since July 2002. It has pitched for intervention of the Reserve Bank of India (RBI) in the currency market to limit further appreciation of the Indian unit. A delegation, headed by CII president Anand Mahindra, met RBI governor Bimal Jalan to express its views in this regard.

In a press note, CII said: "It is certainly not making a case of fixed exchange rates." Mahindra added: "Despite healthy growth indicators such as good monsoon and moderate inflation, there is a cause for concern. It has to do with the way in which the rupee is appreciating compared with all its competitors, especially China."
Back to News Review index page  

Kotak Q1 net profit at Rs 19.34 crore
Mumbai: Kotak Mahindra Bank has reported a net profit of Rs 19.34 crore in the quarter ended June 2003. The bank was operating as a non-banking finance company (NBFC) till 21 March 2003 and, therefore, this is the first quarter for the bank. Though the results are not strictly comparable, the erstwhile NBFC Kotak Mahindra Finance (KMFL) had reported a net profit of Rs 11.71 crore in the corresponding period of the previous fiscal.

The bank reported a total income of Rs 79.97 crore as against Rs 53.44 crore in the corresponding period in the previous year. The interest income increased to Rs 56.74 crore from Rs 39.90 crore while other income increased to Rs 23.23 crore from Rs 13.54 crore in the first quarter of the previous fiscal.
Back to News Review index page