Deccan Bank reports net profit of Rs.17.5 crore
Hyderabad: Deccan Grameena Bank (DGB) has reported a net profit of Rs17.45 crore with reserves and surplus of Rs89.57 crore and a paid-up equity of Rs4 crore. The bank that has evolved out of merger of four regional rural banks (RRBs) sponsored by the State Bank of Hyderabad (SBH) aims to nearly double its business volumes in the next two years.

The bank has set a target of achieving Rs2,000 crore of business during the current fiscal and Rs3,000 crore by March 2008. For fiscal 2005-06, the bank has reported a business turnover of Rs1,628 crore consisting of Rs1,011 crore of deposits and Rs617 crore of advances.

The board of the bank has approved a growth plan involving the setting up of 20 branches during the current fiscal as against just one branch in the last 20 years, recruiting 110 clerical staff and taking up technology initiatives at an investment of Rs3 crore.

The bank currently has a network of 166 branches in four districts of Adilabad, Karimnagar, Nizamabad and Ranga Reddy with staff strength of 690.
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IOC to raise Rs.8,500-cr from bond market
Kolkata: After raising Rs860 crore by selling part of the special oil bonds, Indian Oil Corporation (IOC) is entering the secondary bond market to mobilise up to Rs8,500 crore.

Part of the allocation has been in the name of IBP, IOC's erstwhile subsidiary, which was merged with it recently. IOC and IBP hold the bonds in the form of credit to their respective constituent subsidiary general accounts (CSGL) maintained with Stock Holding Corporation of India (SHCIL).

IOC would line up seven securities of three maturities for raising the fund. The securities are 7.33 per cent '09, 7.07 pert cent '09, 7 per cent '12, 7.47 per cent '12, 7.44 per cent '12, 7.61 per cent '15 and 7.59 per cent '15.

AK Capital Services, Centrum Finance, Darashaw and ICICI Securities are the lead arrangers for this issue.
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