Rupee
firm - bond yields move up
Mumbai: The rupee opened stronger on month-end
dollar demand later in the day, and closed the session
at 43.72. The rupee had ended the previous session at
43.72/72.5 levels.
Forwards Market: The six-month forward opened at
2.25 per cent and closed at 2.12 per cent. The 12-month
forward also closed easier at 1.79 per cent (1.89 per
cent).
G-Secs: The debt market gained 4-50 paise across
maturities. The benchmark 7.38 per cent paper dealt
up to 6.6986 per cent as against the previous close of
6.70 per cent.
Call Money: Closed steady at 4.75 per cent levels
as compared to the previous close of 4.70-4.80 per cent.
CBLO Market: 155 trades were put through in the
rate range of 4.30 per cent-4.75 per cent, accounting
for volumes of Rs5,904.75 crore.
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Bank
of Rajasthan to make preferential issue of Rs.150 crore
Mumbai: The Bank of Rajasthan is looking to raise
around Rs150 crore through a preferential issue by March.
This amounts to an equity stake of 14.75 per cent stake,
which will be divided equally among the investors of the
preferential issue.
The bank is in talks with a few financial institutions
in this regard. The bank has said that the funds will
be used for expansion of business and the opening of new
branches etc. The bank has also joined Cash Tree, an ATM
network set up by six public sector banks.
With this arrangement, customers of Bank of Rajasthan
will be able to access a network of over 3,300 ATMs, including
53 owned ATMs.
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Banks
- Q3 results IDBI
Q3 net up 34 per cent
New Delhi: IDBI Ltd has recorded a net profit of
Rs62.13 crore for the quarter ended December 2004, which
is a 33.5 per cent rise over Rs46.55 crore during the
corresponding previous period. Profit before tax stood
at Rs58.16 crore (Rs52.41 crore).
Total income during the quarter amounted to Rs1,259.08
crore (Rs1,664.32 crore), while total expenditure (excluding
provisions and contingencies) was marginally lower at
Rs1,194.77 crore (Rs1,222.96 crore).
Aggregate assets increased by two per cent year-on-year,
from Rs62,998 crore as of December 2003 to Rs64,199 crore
as of December 2004, including outstanding business assets
of Rs60,389 crore.
The new earnings per share (EPS) (non-annualised) for
the quarter works out to Rs0.95 against Rs0.71 for the
corresponding previous quarter. Capital adequacy stood
at 19.2 per cent.
According to a release, the first financial year of the
bank will end on March 31, 2005 (six months) since the
erstwhile IDBI had an extended accounting period to 18
months last year up to September 30, 2004.
During the quarter under review, aggregate sanctions and
disbursements under all products, including funded interest
term loan (FITL), were Rs5,442 crore and Rs1,580 crore
respectively.
The bank has said that the third-quarter results pertain
to IDBI Ltd as a standalone entity without taking into
consideration the impact of the merger proposal.
South
Indian Bank Q3 net dips 16 per cent
Kochi: The Thrissur-based South Indian Bank has
reported a decline of 16 per cent in its net profit to
Rs23.19 crore (Rs27.67 crore) during the third quarter
of the current fiscal.
The bank recorded an operating profit of Rs68.44 crore
(Rs73.93 crore) during the same period. There has been
a pick-up in advances by 36.9 per cent with retail lending
portfolio contributing a fair share.
Net interest income grew 31.09 per cent from Rs148.58
crore to Rs194.77 crore, even as the growth in operating
profit could be restricted to 16 per cent from Rs120.20
crore to Rs139.39 crore.
The total business of the bank grew 13.3 per cent, from
Rs11,136 crore to Rs12,614 crore.
LIC Housing Finance Q3 net down seven per cent
Mumbai: LIC Housing Finance Ltd has reported a
7 per cent decline in net profit for the third quarter
ended December 31, 2004, despite a 24 per cent increase
in profit before tax for the same period.
Net profit for the quarter amounted to Rs42 crore, as
against Rs45.23 crore in the corresponding year-ago quarter.
This is due to deferred tax items, which added Rs10.94
crore to the year-ago financials, said the company.
Profit before tax amounted to Rs61.68 crore, (Rs49.79
crore). Income from operations amounted to Rs268.42 crore,
(Rs252.83 crore); other income was higher, at Rs7.36 crore
(Rs2.9 crore).
Gross profit amounted to Rs62.56 crore, (Rs50.38 crore).
Oriental Bank net falls in Q3
New Delhi: Oriental Bank of Commerce posted a net
profit of Rs 128.15 crore for the quarter ended December
2004 compared with Rs 152.22 crore for the year-ago quarter.
Total income for the quarter was at Rs 1,062.68 crore
as against Rs 988.45 crore previously.
For the nine months ended December 2004, the bank posted
a net profit of Rs 532.56 crore (Rs 457.39 crore).
The bank's operating profit stood at Rs 890.55 crore,
down from Rs 1,146.96 crore.
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