Rupee firms up further
Mumbai: The rupee closed at 46.21/22, stronger by six paise from Monday's close of 46.27/28.
Forwards Market: The six-month premia closed at 2.39 per cent (2.37 per cent) and the twelve-month ended at 1.95 per cent (1.89 per cent).
G-Secs: The yield to maturity on the ten-year benchmark 7.37 percent 2014 moved higher to close at 5.94 per cent.
Call Rates: Were in the range of 4.00-4.25 percent.
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Oriental Bank confident about amalgamation
Hyderabad: The Oriental Bank of Commerce (OBC), which is acquiring Global Trust Bank (GTB) has said that the bank had already done its own exercise on the GTB financials and only after the gaining required confidence to recover GTB's NPAs did it submit a detailed proposal to RBI a month back seeking to acquire and turn around GTB. According to OBC it would shortly indicate to the RBI the name of a third party auditing firm to begin due diligence exercise at the earliest.

He said the bank expects to complete the due diligence process of GTB in the next five to six weeks. OBC expects to complete the merger process in another five to six weeks thereafter. At present, OBC has a network of over 1,000 branches spread across the country with a total business of Rs.56,000 crore as at the end of March 2004. It is the first and only bank in the Indian banking industry to attain zero net NPAs. The bank said that it expects a gap of Rs.800 crore in the balance sheet after amalgamation.
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ICRA puts Oriental Bank bonds under watch
New Delhi: ICRA has placed the 'LAAA' rating assigned to the Tier-II bonds of Oriental Bank of Commerce (OBC) under rating watch. The move comes in the wake of the proposed merger of Global Trust Bank (GTB) with OBC. The rating agency has said that it is in the process of evaluating the impact of the merger and would announce its final view on the outstanding rating soon.
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BoB Q1 net up 20 per cent
Mumbai: The Bank of Baroda has recorded a 19.85-per cent increase in net profit at Rs 292.99 crore in the first quarter of the fiscal ended June 30, 2004, against a net profit of Rs 244.47 crore in the corresponding period the previous year. Net interest income after adjusting for the extraordinary income, has increased to Rs.674.00 crore from Rs.589.00 crore. Gross NPAs were at Rs.4, 111.30 crore (Rs.4, 032.32 crore). Net NPAs were at Rs.1, 056.25 crore (Rs.1, 242.26 crore). Provisions for NPAs were lower by 64.46 per cent to Rs 71.20 crore from Rs 200.31 crore in the first quarter of the previous year.

The total business mix of the bank grew to Rs 1,10,787.52 crore from Rs 9,8450.07 crore. Retail lending of the bank rose by 57.36 per cent to Rs 4, 688.08 crore from Rs 2, 979.17 crore. It is 14.76 per cent of the total domestic advances. The capital adequacy ratio went up to 13.97 per cent from 13.91 per cent as on 31.03.2004.
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SBI Q1 net up 17.55 per cent
Mumbai: The State Bank of India has recorded a 17.55 per cent growth in net-profit for the first quarter ended June 30, 2004, at Rs 1,058.40 crore as against a net profit of Rs 900.36 crore in the corresponding period in the previous year. The bank has adopted RBI prescribed norms for accounting of certain categories this year, whereby its profit statement gives a different impression.

In a statement to the exchange the bank said, "In line with the guidelines prescribed by RBI and being followed by all other banks domestically, the basis of valuation of investments in AFS and HFT categories has been changed during the current year, wherein investments are valued after netting off classification-wise depreciation and appreciation, computed scrip-wise, and providing for net depreciation in each classification while ignoring net appreciation." "The earlier system, discontinued with effect from April 1, 2004, was to provide depreciation scrip-wise while ignoring appreciation. Had the earlier system been continued, provision would have been higher by Rs 2,242.76 crore and profit before tax would have been lower by the same amount."
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Vijaya Bank Q1 net up 20 per cent
Bangalore: The State-owned Vijaya Bank reported a net profit of Rs.97.55 crore for the first quarter of the current fiscal, up 20.58 per cent from Rs.80.90 crore a year ago. Total income of the bank went up 1.3 per cent to Rs.610.50 crore from Rs.602.68 crore a year ago. Capital adequacy ratio at the end of the June quarter was 14.54 per cent and the bank has made additional provision of Rs.18.21 crore towards bad loans on an estimated basis following change in provisioning norms.
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