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Rupee spurts on renminmbi revaluation
Mumbai:
The rupee appreciated sharply against the dollar on news of China revaluing its currency closing at 43.2025, up from Wednesday's close of 43.52.

Forwards market: The 12-month premia closed at 1.26 per cent (1.35 per cent) and the 6-month closed at 1.51 (1.50 per cent).

G-Secs: The 7.27 per cent 8-year 2013 paper closed at Rs101.33/35 (7.05 per cent YTM), up from Wednesday's level of Rs101.12/15 (7.08 per cent YTM). The 7.38 per cent 10-year 2015 benchmark paper closed at Rs101.65 (7.15 per cent YTM) against the earlier level of Rs 101.4850 (7.17 per cent YTM).

Call rates: The inter bank rates ended at 5-5.10 per cent (5-5.05 per cent).

Reverse repo auction: Under the Liquidity Adjustment Facility, RBI received and accepted 28 bids amounting to Rs 12,170 crore.

CBLO market: 240 trades, put through in the 5.05-5.10 per cent range and amounting to Rs9.721.60 crore, were realised.
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Corporation Bank Q1 net up 17 per cent
Mangalore:
The Corporation Bank has recorded a net profit of Rs123.52 crore in the first quarter of the current financial year as against Rs105.51 crore in the corresponding period of the previous year. The bank's net profit has registered a growth of 17.07 per cent.

According to a press release here on Thursday, the bank recorded a gross profit of Rs277.02 crore (Rs227.86 crore) during the period, registering a growth of 21.58 per cent.

The total income for the three-month period increased by 17.4 per cent. It stood at Rs766.35 crore (Rs652.79 crore). The net interest income rose to Rs596.77 crore (Rs552.66 crore).

Other income stood at Rs169.58 crore (Rs100.13 crore).

During the first quarter, the net interest margin of the bank was lower at 3.47 per cent compared with 3.99 per cent in the previous financial year. This was on account of the lower yield on investments at 8.02 per cent during the period.

During the first quarter, the gross NPA was brought down to 3.61 per cent (5.01 per cent) and the net-NPA to 1.15 per cent (1.80 per cent). The provision made towards NPAs during the quarter was Rs55 crore compared with Rs29.5 crore in June 2004.

As on June 30, its capital adequacy ratio stood at 17.16 per cent.
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Yes Bank and Bajaj Allianz in bancassurance tie up
Pune:
Yes Bank and Bajaj Allianz General Insurance have entered into a bancassurance partnership, through which Yes Bank would market the general insurance products offered by Bajaj Allianz.

Bajaj Allianz officials said that this partnership would allow the company to tap the customer base of Yes Bank, while for Yes Bank it would be an additional revenue stream from its non-banking business.

For Bajaj Allianz, Yes Bank is yet another bancassurance partner, which it has added during the first half of the current calendar year along with UTI, IDBI, United Bank of India.

With this partnership, the total number of bancassurance partners with Bajaj Allianz is now 14.
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HSBC launches credit facility for SMEs
Mumbai:
The Hongkong and Shanghai Banking Corporation (HSBC) has launched an unsecured credit facility for small and medium enterprises (SMEs).

Under the new `Business Credit' loan facility, SMEs can get credit up to Rs15 lakh without any collateral and up to Rs35 lakh with a minimal security margin. Average interest rates on these loans would be 16-19 per cent, bank officials said.

Ms Margaret Leung, global head, commercial banking, HSBC, who was in India to launch the product, said that the bank considers that the SME sector will play an important role in the growth of the Indian economy and the new product will help them meet their working capital requirements.
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domain-B : Indian business : News Review : 22 July 2005 : banking and finance