Rupee a bit stronger
Mumbai: The rupee ended stronger by around 5 paise at 45.3525/3575 against the dollar on Friday, as compared to Thursday's close at 45.4050.

Dealers said the domestic currency was strengthening mainly due to lack of demand for the greenbacks. Dollar supplies, on the other hand, have been consistent.
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LIC may not set up PFM
New Delhi: Life Insurance Corporation of India (LIC) may lose its favoured status in taking the lead in setting up the public sector pension fund manager (PFM). Senior officials of the Ministry of Finance said though LIC's name had figures in earlier discussions for constituting the PFM, it is now unlikely that the life insurance giant would be entrusted the task. "LIC would not be given the responsibility of setting up the public sector entity in the pension sector."

They said that LIC's main job in the pension sector would remain as an annuity provider (actually payout of pension sums). "LIC would remain in the back-end of the pension structure as an annuity provider, with the front end of PFMs being given to other entities," officials said.
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Canara Bank Q3 net up to Rs 373 crore
Bangalore: Canara Bank has reported an operating profit of Rs 685.38 crore for the third quarter this year, down from Rs 998.43 crore from the previous quarter of the same period (Q2). Despite this reduction, the bank has reported a net profit of Rs 372.69 crore for Q3, up from the Q2 figure of Rs 325.35 crore. R V Shastri, chairman and managing director, said the bank is targeting a 25 per cent increase in net profits for the current fiscal.

The bank has reported the increase despite lower income in Q3 at Rs 2201.80 crore as against Rs 2521.85 crore in Q2. During the same period, however, interest income was higher. Interest income from both advances and investment in Q3 was Rs 1,698.77 crore as against Rs 1,688.96 crore. Gross income was lower by other income, which include fee-based revenues and trading profits. This income in Q3 was Rs 503.03 crore as against Rs 832.89 crore in Q2.
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Karur Vysya Bank Q3 net rises 10%
Chennai: Karur Vysya Bank reported a 10 per cent growth in net profits for the third quarter at Rs 44.54 crore compared to Rs 40.21 crore for the corresponding period in the previous fiscal. The marginal growth in profits was possible because of a write back of provisions to the tune of Rs 14.62 crore during the quarter.

Interest income was up 19 per cent to Rs152 crore, but total income for the quarter dropped 12 per cent to Rs157.06 crore. There was a sharp drop in other income at Rs 5.09 crore compared to Rs 52.31 crore for the corresponding 3 month period ended December 2002.
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SIB net profit rises 19%
Kochi: The net profit of the Thrissur-based South Indian Bank rose by 18.5 per cent to touch Rs 64.8 crore (Rs 54.7 crore) during the first nine months of the current fiscal. It is significant that the net profit has been arrived at after making a hefty provision of Rs 91.62 crore against NPAs under the new 90-day asset impairment norms, the bank's chairman, A. Sethumadhavan, said.

The gross profit had grown by 22.7 per cent to Rs 197.5 crore (Rs 161.23 crore). The total business had grown by 18 per cent to touch Rs 11,136 crore (Rs 9,440 crore) for the period ended December 2003. While the total income increased to Rs 673.53 crore (Rs 615.11 crore), the total expenditure grew to Rs 475.78 crore (Rs 453.88 crore).
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Bank of Rajasthan Q3 net profit up 67%
Mumbai: Bank of Rajasthan has recorded a 66.93 per cent rise in net for the third quarter ended December 2003 at Rs 30.65 crore compared to Rs 18.36 crore in the corresponding previous period. Total income grew to Rs 178.67 crore (Rs 152.53 crore). This is inclusive of interest earned at Rs 133.05 crore (Rs 116.75 crore) and other income at Rs 45.61 crore (Rs 35.77 crore).

Total expenditure rose to Rs 125.15 crore (Rs 107.64 crore), inclusive of interest expended at Rs 78.93 crore (Rs 70.42 crore) and operating expenses of Rs 16.75 crore (Rs 12.90 crore). Net profit for the nine months ended December 2003 grew to Rs 91.17 crore (Rs 46.63 crore).
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SBT nine-month profit rises 70%
Thiruvananthapuram: State Bank of Travancore (SBT) has posted a 70-per cent increase in net profit during the nine-month period ended December 31, 2003, over the same period the previous year. While the operating profit rose by 71 per cent to Rs 548.76 crore during the period, the net profit went up to Rs 170.67 crore from Rs 100.40 crore, according to a statement from the bank.

Other income increased by 77.5 per cent from Rs 207.62 crore as at the end of December 2002 to Rs 368.52 crore. The net interest income also registered a rise of 33.14 per cent to touch Rs 492.14 crore. The capital adequacy ratio of the bank improved from 11.30 per cent to 11.65 per cent during the course of the nine-month period. The earnings per share stood at Rs 341.34 (non-annualised) compared to Rs 200.80 as at the end of December last year.
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