IOB Q2 net up 75% to Rs 154.62 crore
New Delhi: Indian Overseas Bank (IOB) has recorded a net profit of Rs 154.62 crore for the quarter ended September 30, 2003, a 75 per cent growth over Rs 87.97 crore achieved during the previous corresponding period. The second quarter's operating profit stood at Rs 350 crore as against Rs 201 crore previously. For the half-year, IOB's net profit has shown a 82 per cent rise at Rs 293 crore over the previous year's Rs 160.93 crore. The operating profit for the half-year stood at Rs 622.61 crore (Rs 359.76 crore).

Speaking at a press conference here on Tuesday, the chairman and managing director, IOB, S.C. Gupta, said the bank's total business crossed Rs 58,000 crore during the half-year ended September 30. Total deposits increased from Rs 36,699 crore on March 2003 to Rs 38,809 crore on September 30. Advances grew from Rs 18,431 crore to Rs 19,804 crore. Gupta pointed out that during the six-month period, the bank registered a growth of 8.88 per cent in domestic non-food credit compared to 2.70 per cent registered by the banking system.
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Corporation Bank to finance Hero Cycles, DeLaval products
Mangalore: Corporation Bank has signed two MoUs with Hero Cycles Ltd and DeLaval Pvt Ltd for financing their products to the customers. A press release by the deputy general manager, B.R. Bhat, said here on Tuesday that the MoUs make Corporation Bank the "favoured bank" of Hero Cycles and DeLaval for financing their products.

Cycles would be financed to farmers, labourers, traders, businessmen, salaried persons, self-help groups and NGOs such as farmers' clubs under the `Corp Cycle Loan Yojana'. The bank's general manager, A. Mohan Rao, signed both the MoUs on behalf of the bank. Bharat Goel, associate vice-president (Finance) and company secretary, Hero Cycles, and Hemant Ogale, managing director of DeLaval, signed MoUs on behalf of their respective companies.
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Tata AIG to offer financial planning course for agents
Mumbai: Tata AIG Life Insurance Company Ltd has signed a Memorandum of Understanding (MoU) with the Association of Financial Planners (AFP), India, to offer a Certificate Financial Planning course to all those who are part of the insurers' distribution channels.The Association of Financial Planners, India, is affiliated to the Financial Planning Standards Board (FPSB), Inc of the US, said a press release.
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SBI signs agreement with New India Assurance
Mumbai: State Bank of India and New India Assurance Co Ltd have tied up for the distribution of the latter's general insurance policies through the bank's branch network. As per a memorandum of understanding signed by the two parties, SBI will become the corporate agent of New India after completing the formalities prescribed by IRDA and will sell the companies policies through 9,000 of its branches, said a press release.

The tie-up will enable SBI to leverage its branch network general insurance products while New India can gain access to SBI's huge network and customer base, it said.
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BoB opens first offshore banking unit in Mumbai
Mumbai: Bank of Baroda has set up its first offshore banking unit (OBU) at Seepz here. This takes the total number of its OBUs to three. The new OBU would be primarily engaged in wholesale foreign currency resource raising and deployment with a focus on the requirements of units located at the special economic zones (SEZs), said a senior bank official.

The branch will provide foreign currency finance to 100 per cent EOU units located in the zones, Indian corporates and businesses at internationally competitive rates.
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