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IOB net up 5 per cent at Rs.183.19 crore
Mumbai: Indian Overseas Bank (IOB) has reported a net profit of Rs183.19 crore in the first quarter of 2005-06, up by 4.92 per cent compared with Rs174.59 crore in the corresponding period of the previous year.

Total income in the first quarter of the year was Rs1,206.84 crore (Rs1,229.14 crore), lower by 1.81 per cent over the previous year.

Despite the decline in total income, the bank saw an increase in income from its core lending operations. Total interest income in the quarter stood at Rs1,025.40 crore (Rs970.71 crore), higher by 5.63 per cent.
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UTI MF to declare dividend on all equity schemes
Mumbai: UTI Mutual Fund is planning aggressive dividend payouts as a strategy to maintain performance in a booming market. The announcements relating to individual schemes are to be made soon.

The fund house has distributed dividends and bonus worth Rs3,000 crore since January 2003. The highest dividend was paid for the UTI Master Value Fund (100 per cent), which was declared in February this year. UTI Mutual had announced dividends for five of its equity schemes this year.

The fund house had announced 30 per cent dividend each for both its MNC Fund and Masterplus Unit Scheme 91 in the previous year.
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Kotak Bank net profit up 51 per cent at Rs.46.50 crore
New Delhi: Kotak Mahindra Bank has announced a 51 per cent increase in consolidated net profit for the first quarter ended June 30, 2005 at Rs46.50 crore, up from Rs30.70 crore in the corresponding quarter of the previous year. This is on the back of growth in securities broking business and premium income from life insurance business,

Total income during the reporting quarter increased 62 per cent to Rs455.50 crore as compared with Rs280.90 crore in June 2004, a bank statement said.

During the quarter, the consolidated fee income, including life insurance premium, increased 101 per cent to Rs196.70 crore from Rs97.90 crore in the first quarter of last year, it said.

On a standalone basis, the bank posted a lower net profit of Rs19.67 crore for the reporting quarter as compared to Rs22.06 crore in the corresponding quarter of the previous fiscal. Its total income during the quarter declined to Rs114.42 crore (Rs176.73 crore).

The deposits of the bank during the reporting quarter grew by 71 per cent to Rs4,882 crore as compared to Rs2,850 crore as on June 30, 2004 while advances during the quarter grew 89 per cent year-on-year to Rs4,356 crore.
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Postal Dept mulling plans to set up ATMs
New Delhi: The Department of Post is mulling plans for setting up its own nationwide network of ATMs for the postal savings account-holders.

According to the proposal, the account-holders will also be issued debit cards to undertake transactions through the ATM machines.

The move is at a conceptual stage and details are being worked out.

At present, the postal department has a tie up with banks like the UTI Bank to offer ATM services and Mastercard for the debit cards.
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BoB Q1 net down 46 per cent
Mumbai: Bank of Baroda has posted a net profit of Rs156.94 crore for the first quarter ended June 30, 2005, a drop of 46.44 per cent from Rs292.99 crore in the same quarter last year. This is mainly due to depreciation on investments on account of shifting securities to `Held-To-Maturity' category, according to a press release from the bank.

Total income was at Rs1,882.01 crore (Rs1,923 crore) while net interest income at Rs758.70 crore (Rs683.04 crore). Other income also fell to Rs208.77 crore (Rs394.49 crore). Net NPAs as a per cent of total advances declined to 1.47 per cent (2.90 per cent).

The capital adequacy ratio stands at 11.98 per cent (13.97 per cent) as of June 30, 2005 in spite of a sharp credit upturn.

Provisions and contingencies increased to Rs257.15 crore (Rs162.15 crore) mainly on account of de-risking investment portfolio by shifting securities from `Available For Sale' to `Held To Maturity' category.
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