IDBI Bank unveils gift card in Kerala
Thiruvananthapuram: IDBI Bank has introduced in Kerala what it calls the country's first prepaid gift card. The bank has tied up with Visa International to launch the product in time for the impending festive season, according to Mr A.S. Varughese, Branch Head, Thiruvananthapuram.

A convenient alternative to gift vouchers/gift certificates, the gift card can be used more than once at various merchant establishments, which means the recipient can shop at various outlets until the specified rupee amount has been spent. The card is available to IDBI Bank customers and others.
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ABN Amro starts working with exempted PFs
Bangalore: ABN Amro Bank has started working with some of the exempted category provident funds to help them improve the accounting and settlement processes to eventually help them realise better investment returns. ABN Amro's country head for custodial services, Chitra Shringare, said that several large corporates had sought the bank's help in managing the PFs. She, however, declined to give out any of the names. Two of these are understood to be large domestic corporate houses.

Shingare said: "Our help is only to the extent of providing them information, custodial and settlement services. We don't do any trading on their behalf." ABN Amro is the first bank that has begun working with the provident funds and the only foreign bank to do so. The exempted category PFs in the country has a corpus of about Rs 50,000 crore. Under the present guidelines, PFs can invest 25 per cent in gilts, 15 per cent in state government securities, 30 per cent in bonds issued by PSUs/PFIs and certificates of deposit of PSU banks, and 30 per cent in any of these categories (at the discretion of the manager).
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Indian Bank posts Rs 256-crore profit in H1
Chennai: Indian Bank earned an operating profit of Rs 256 crore in the half year ended September 2003, compared to Rs 192 crore in the same period of 2002, according to a press release from the bank. During the period, deposits grew by Rs 477 crore, while advances increased by Rs 187 crore. However, non-food credit grew by Rs 488 crore advances growth was modest because of the dip in food credit.

Total income increased by Rs 72.23 crore to Rs 1,505.78 crore, while total expenditure increased marginally by Rs 7.73 cror to Rs 1,249.51 crore. As a result, the operating profit increased by Rs 64.62 crore. Interest income increased by Rs 39.86 crore, whereas interest expenses declined by Rs 92.04 crore, resulting in net interest income increasing by Rs 131.90 crore.
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HDFC net profit increases 22%
Mumbai: Reduction in interest costs, increased interest spreads and a robust growth in disbursals have helped Housing Finance Development Corporation (HDFC) notch up a 21.59 per cent rise in net profit for the quarter ended September 30, 2003. Net profit for the quarter amounted to Rs 203.24 crore, up from Rs 167.15 crore reported for the corresponding quarter of the previous year. Income from operations showed a modest increase of 4.2 per cent, at Rs 773.73 crore, up from Rs 742.82 crore.

The loan funds at Rs 25,491 crore (Rs 20,918 crore as at September 2002) has increased 22 per cent in absolute terms while interest costs have declined four per cent, pointed out Keki Mistry, Managing Director, HDFC. He said he expected the company's interest costs to decline during the subsequent quarters as well, in keeping with the trend of the last two years. Interest costs for the quarter ended amounted to Rs 476.37 crore (Rs 496.64 crore). Net interest income amounted to Rs 297 crore (Rs 246.18 crore). Total expenditure amounted to Rs 521 crore (Rs 530.8 crore). Profit before tax stood at Rs 249.3 crore (Rs 209.57 crore).
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ICICI Bank, Andhra Bank to share ATMs
Mumbai: Close on the heels of a tie-up with State Bank of India for ATM sharing, ICICI Bank has now tied up with Andhra Bank. While ICICI Bank has 1,725 ATMs Andhra Bank has a network of 242 ATMs.

The agreement will soon enable the six million customers of ICICI Bank and the 10 million customers of Andhra Bank to have access to the combined ATM network of approximately 2,000 ATMs, said a press release from ICICI Bank.
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