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Rupee
firms up - securities weaken
Mumbai: The rupee gained substantially against the
greenback on Thursday closing the day at 43.5150, up from
Wednesday's close at 43.56/57.
Forwards market: The 12-month premium closed at
1.3 per cent (1.31) and the 6-month at 1.48 per cent (1.45).
G-Secs: The 7.37-9-year-2014 paper, which
is currently the most active paper, closed at Rs103.20
(6.87 per cent YTM). The 7.38-10 year-2015 benchmark
paper was dealt at Rs103.58 (6.88 per cent YTM), down
from Rs103.70 (6.86 per cent YTM).
Call rates: The inter bank rates remained tight
at 5.70/75 (5.75-5.5).
CBLO market: 244 trades in the rate range of 5.05
per cent to 6.00 per cent, aggregating to Rs7,259.35 crore,
were realised.
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IndusInd
Bank net down 19.67 per cent for 2004-05
Mumbai: IndusInd Bank has reported a 19.67-per cent
drop in net profit for the financial year 2004-05, mainly
due to fall in treasury income.
The bank has reported net profit for the fiscal at Rs210.15
crore as against Rs262.07 crore in the previous year.
Total income for the bank was at Rs1,385.15 crore (Rs1,331.08
crore), while net interest income was at Rs415.51 crore
(Rs316.9 crore).
The bank has recommended a dividend of Rs1.8 per share
of face value of Rs10.
For the quarter ended March 31, 2005, the bank reported
an increase of 29.08 per cent in net profit, at Rs62.91
crore against Rs48.73 crore in the corresponding quarter
last year.
Total income was at Rs373.03 crore (Rs320.35 crore), while
net interest income was at Rs123.15 crore (Rs69.35 crore).
Speaking to media persons, Mr Bhaskar Ghose, Managing
Director, said the fall in profit this year was due to
the fall in income from treasury operations. "We
took a hit of Rs 52 crore due to the depreciation of Government
securities."
Net interest margin for the year was at 2.92 per cent
against 2.62 per cent in the earlier year. Capital adequacy
ratio was 11.62 per cent (12.75 per cent). The net non-performing
asset was at 2.71 per cent (2.72 per cent).
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Infosys
to integrate Oracle applications with Finacle
Bangalore: Infosys Technologies has said that it will
integrate its Oracle E-Business Suite of applications
into its universal banking solution Finacle.
The integration will enable financial services companies
to acquire a world-class core banking solution unified
seamlessly with financial, ERP and performance management
applications - streamlining IT management and support,
said a Infosys press release.
Infosys will integrate a range of Oracle E-business Suite
applications, spanning financial and corporate performance
management, project management and business intelligence.
Targeted applications include Oracle Financials, Oracle
Procurement, Oracle Projects and Oracle Balanced Scorecard,
the release said.
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SBI
targets doubling of overseas business
Mumbai: The State Bank of India (SBI) has set a target
of around $100 million in income from its overseas operations.
Addressing the bank's annual general meeting here on Thursday,
A. K. Purwar, Chairman, said that SBI's income from its
overseas operations in 2004-05 was $50 million.
Currently, the bank has 54 overseas offices in 28 countries.
In the coming months, the bank plans to increase the number
of overseas offices to around 75.
In February 2005, SBI picked up a 51 per cent stake in
Mauritius-based Indian Ocean International Bank Ltd (IOIB).
Furthering its acquisition plans, the bank is looking
to acquire small and mid-sized banks in Asian and African
countries, Purwar said.
On SBI's bad loans, Purwar said the bank hoped to bring
the NPAs to below 2 per cent by March 2006. It will lend
aggressively to agriculture, small and medium enterprises
and retail consumers and also seek to tap opportunities
in the services industry.
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Canara
Bank to raise Rs.500 crore via bonds
Bangalore: The Canara Bank has ruled out equity issue
during the year and proposes to raise at least Rs500 crore
through issue of bonds during the current financial year
in order to augment its capital.
M.B.N. Rao, Chairman and Managing Director, has said that
this capital was required in view of the high credit growth,
which was upwards of 30 per cent during last year.
An equity issue during the year is ruled out in view of
the high capital to risk weighted assets ratio. This ratio
for Canara Bank is currently upwards of 14 per cent. The
high capital adequacy was also contributed by the recovery
efforts of the bank and balance sheet clean-up through
liquidation of non-performing assets.
So far the bank has sold about Rs100 crore of bad loans
to the Asset Reconstruction Company of India Ltd.
Rao also said that the bank, which is celebrating its
centenary year, was launching special deposit products
targeting senior citizens. This product, branded as Canrelax,
would be in the form of an annuity scheme offering the
benefits of a pension. This scheme would be in the form
of 5-year and 10-year duration deposits.
The bank this year plans to bring at least 1,000 more
branches into the computer network. Besides, the bank
also plans to expand its operations into South Africa,
West Asia and to North America. In addition, the bank
proposed to convert some of its existing operations in
Shanghai to full-fledged branches. The bank's deposit
taking company in Hong Kong is in the process of being
upgraded into a branch.
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