Federal Bank board approves bonus issue
Mumbai: Federal Bank is giving its eligible shareholders a bonus issue in the ratio 2:1(two shares for every one held). The main shareholders in the Alwaye-based bank are banks, mutual funds, financial institutions, insurance companies. ICICI Bank is the single-largest shareholder in the bank with a stake of 20.44 per cent, UTI 10.39 per cent; foreign institutional investors 6.66 per cent; private corporate bodies 11.70 per cent; non-resident Indians (NRIs)/ overseas corporate bodies (OCBs) 1.17 per cent and public 46.86 per cent.
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Citibank India net up 46 percent to Rs 572 crore
Mumbai: Citibank India has achieved a 46 per cent growth in net profit to Rs 572 crore for the year ended March 31, 2004, against Rs 391 crore the previous year. Going against of the practice of MNC with subsidiaries in India who are required to repatriate profits to the parent company, this year Citibank is not repatriating any profit to the head office and the entire earnings for 2003-2004 will be retained as capital in India to support its growth. The bank has a net worth of Rs.2, 695 crore.
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IOB targets Rs 8,000 crore growth in 2004-05
Kolkata: Indian Overseas Bank (IOB) is targeting Rs 8,000-crore growth in business during the financial year 2004-05.
Briefing reporters, IOB chairman and managing director S C Gupta said that total volume of business, inclusive of deposits and advances, which the bank was looking at during the current financial year was Rs 70,000 crore.
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