Syndicate Bank net profit falls on higher tax liabilities
Bangalore: Syndicate Bank proposes to tap the bond market for raising tier-II capital to the extent of Rs 125 crore. Syndicate Bank chairman and managing director Michael Bastin says the bank needs this capital in view of the expanding business and rising credit growth.

The bank, he said, had posted a net profit of Rs 89 crore for the third quarter of the current financial year, down from the second quarter's figure of Rs 114.60 crore. The drop was partly due to the high tax liability on the bank for the third quarter. The bank incurred a tax liability of Rs 61.16 crore.
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Oriental risk products at post offices
New Delhi: Oriental Insurance Company has signed a memorandum of understanding with the Department of Posts for distribution of its insurance products through the postal network. The MoU was signed in the presence of Minister of State for Finance Anandrao V Adsul and Minister of State for Communications and IT S U Thirunavukkarasar.

Oriental Insurance products would soon be available through the network of 1.5 lakh post offices. According to Oriental Insurance, the revenue expected from this tie-up could exceed Rs 500 crore in the first year. The Department of Posts would get a commission of about 15 per cent of the premium.
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Aviva ups capital by Rs 88 crore
New Delhi: Aviva Life Insurance has upped its paid-up capital by Rs 88 crore to Rs 243 crore recently. "The promoters of Aviva (Dabur India and Aviva Plc of UK) have infused another Rs 88 crore last week. This increases our capital to Rs 243 crore," CEO of Aviva Stuart Purdy said.

Speaking at a function to sign a tie-up with Bajaj Capital to enter insurance broking, Purdy said the move to hike capital is on account of the increase in business. He said Aviva hopes to grow by over 100 per cent to register a premium income of Rs 150 crore during the current fiscal as against Rs 70 crore in the previous year. Bajaj Capital has formed a new company, Bajaj Capital Insurance Broking Ltd, to enter insurance broking.
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Core banking gains lift UTI Bank Q3 net profit up 45%
Mumbai: Aided by an increase in net interest income through core banking business, UTI Bank has registered a 45.3 per cent jump in net profit to Rs 74.86 crore for the quarter ended December 31, 2003 up from Rs 51.50 crore in the corresponding period of the previous year.

"Our profits were mainly due to the increase in the net interest income," said Dr P J Nayak, CMD, UTI Bank. While net interest income increased by 66.6 per cent to Rs 146.14 crore (Rs 87.69 crore), other income also rose by 22.3 per cent to Rs 137.51 crore (Rs 112.53 crore). The Total income increased to Rs 528.10 crore (Rs 485.62 crore) as total expenditure declined to Rs 350.08 crore (Rs 363.89 crore).
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