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Chola Investment Q2 net rises 30 pc
Mumbai: The Chennai-based non-banking finance company
Cholamandalam Investment and Finance Company Ltd (CIFC)
on Tuesday said its profit after tax for the second quarter
grew 30 per cent, mainly on account of a higher asset
base, saving in interest expenditure and lower depreciation.
The
profit after tax for the quarter ended September 30, 2003,
was Rs 8.35 crore over the second quarter of the previous
year when it was Rs 6.39 crore. CIFC, part of the Rs 4,500-crore
Murugappa group, saw its asset base expanding by 18 per
cent to Rs 1,633 crore during the quarter. M. Anandan,
managing director of CIFC, told newspersons here that
now 50 per cent of the company's business came from the
North and West regions of the country.
CIFC operated from 160 offices, 125 of which are franchisees
located mainly in `B' and `C' centres across the country,
Anandan said. M.A. Alagappan, chairman of the NBFC and
vice-chairman of the Murugappa Group, said financial services
was a core part of the group's growth plans. During the
second quarter, Chola's income was Rs 56.92 crore ( Rs
56.29 crore). Anandan said that the company's annualised
cost of funds currently stood at about 7.5 per cent. Its
incremental cost of funds, however, was lower at about
6 per cent. CIFC's non-performing assets were 1.08 per
cent.
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Karnataka
Bank Q2 net up at Rs 69 cr
Mangalore: The net profit of Karnataka Bank Ltd
increased by 30 per cent in the second quarter compared
with the corresponding quarter in the previous year. The
bank registered a net profit of Rs 69.17 crore (Rs 52.97
crore). The gross income increased from Rs 492 crore to
Rs 595 crore for the same period. Operating profit rose
from Rs 109 crore to Rs 190 crore registering a growth
of 75 per cent. Total business of the bank has crossed
Rs 12,700 crore.
A press release said here on Tuesday that the bank is
aiming at a total business turnover of Rs 15,000 crore
by the end of current fiscal. It stated that the bank
has launched credit products such as "KBL Insta Cash"
and "KBL Vahana Mithra" to cater to the needs
of various segments. Recently the bank tied up with Bharat
Overseas Bank, Sangli Bank, and Ratnakar Bank to provide
inbound international money transfer services through
their branches across the country. It has entered into
an agreement with MetLife India Insurance Company Private
Ltd (MetLife India) for distributing their products.
The release said that the bank's pact with BSNL would
facilitate payment of telephone bills by BSNL subscribers
at its branches in Bangalore
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UCO
Bank in talks with Rabo Bank - H1 net up 80% at Rs 292
cr
Kolkata: UCO Bank has started a dialogue with Rabo
Bank for financing contract farming programmes as part
of its plan to explore new business opportunities. It
hopes to sanction more agricultural credit through what
may eventually be a formal tie-up with Rabo Bank. V.P.
Shetty, CMD, said a clearer picture was likely to emerge
within a couple of months. Negotiations with Rabo are
among the Kolkata-based bank's recent initiatives.
Some of the others are expansion of its capital market-related
operations (through depository services) and introduction
of tractor-financing through partnerships with tractor
manufacturers. The bank, in fact, has signed MoUs with
manufacturers like HMT, Escorts and L&TThe bank has
posted a net profit of Rs 292 crore for the half year
ended September 30, 2003, more than 80 per cent higher
than the net profit of Rs 159 crore posted during the
corresponding half-year in the past fiscal. The net profit
for 2002-03 was Rs 207 crore.
The bank, according to the CMD, made a higher provision
of Rs 198 crore during the half year, which is around
77 per cent higher than it did during the corresponding
half of the previous year. The rise in profit was due
to "improvement in several areas of performance",
Shetty said, adding that UCO recorded a 36 per cent increase
in net interest income. Gross NPA, incidentally, declined
from 9.66 per cent in September 2002 to 7.54 per cent
in September this year. "The improved profit performance
has pushed up our capital adequacy ratio to 11.36 per
cent from 9.64 per cent a year ago", he told newspersons
on Tuesday.
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Andhra
Bank H1 net rises to Rs 256 crore
Chennai: Andhra Bank has reported a net profit
of Rs 255.66 crore for the half-year ended September,
against Rs 149.73 crore in the same period last year -
a growth of 70.75 per cent.
The bank's gross profit increased to Rs 524.01 crore,
compared to Rs 322 crore in the first half of last year.
The bank's `net interest margin' had improved to 3.88
per cent during the half-year, compared to 3.58 per cent
a year ago. Total business of the bank increased to Rs
32,741 crore - Rs 21,179 crore of deposits and Rs 11,562
crore of advances. On September 30, 2002, the bank's total
business had stood at Rs 30,480 crore.
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SBM
net jumps to Rs 45 crore in Q2
Bangalore: State Bank of Mysore recorded a net
profit of Rs 44.98 crore during the quarter ended September
30, up from Rs 8.1 crore in the previous year period on
a rise in total income to Rs 338.86 crore (Rs 315.89 crore).
For the half-year ended September 30, net profit rose
186 per cent to Rs 90.29 crore, while operating profit
rose 57.22 per cent to Rs 192.81 crore during the same
period.
Announcing this, Sitarama Murty, managing director, said
the focus on increased earnings and on reducing the cost
of deposits had enabled the bank to achieve the results.
"This growth is after making provisions for VRS expenses
of Rs 14.93 crore, being amortised over five years and
Rs 1.14 crore for leave encashments - the latter not having
been provided for last year. Operating profit stood at
Rs 99.06 crore (Rs 70.91 crore), while other income was
Rs 84.99 crore (Rs 54.26 crore). During the half year,
operating income rose by 29.54 per cent to touch Rs 364.81
crore
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