Rupee slides to 5-month low
Mumbai: In tandem with the stock market and currencies around the world, the Indian rupee also took a dive, slipping to a five-month low on Monday. The rupee ended at 45.55 compared to the previous close of 45.0405.

Previously, the rupee had touched a low of 45.43 on December 20, 2005.

Forwards: The forward premium for one year opened at 1.02 per cent and ended at 1.05 per cent.

G-Secs: The benchmark 10-year paper yields rose by 0.05 per cent to 7.60 per cent.
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Andhra Bank's first overseas office to open in Dubai
Hyderabad: Andhra Bank has announced the opening of its first overseas representative office at Karama in Dubai. According to a bank press release, the representative office has been established to offer better services to millions of expatriate Indians working the United Arab Emirates (UAE).

The Dubai office would guide and coordinate opening of accounts by these expatriates at the place of their choice in India. The bank has rupee drawing arrangements with five reputed exchange companies so as to ensure immediate credit into the accounts in more than 800 designated branches in India, the release said.
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Kotak Bank Q4 net up 50 pc to Rs.34.7-cr
Mumbai: Kotak Mahindra Bank has reported 50 per cent year-on-year rise in net profit in the fourth quarter, ended March 2006, to Rs34.7 crore. The profit has accrued from higher operating profits from corporate banking.

The corporate banking division has reported operating profits almost thirteen times higher at Rs12.25 crore, from Rs96.42 lakh a year earlier. For the whole of 2005-06, net profit was up 39.27 per cent to Rs118.23 crore, from Rs84.89 crore a year earlier. Total income for the year increased to Rs936.95 crore, from Rs552.73 crore a year earlier.

The net interest margin of the private sector bank, which completed three years as a commercial bank, was at a high of 4.4 per cent.

Kotak Bank shares closed 0.39 per cent higher in a bearish market, at Rs363.95 per share, after a high of Rs384.90 and a low of Rs332.50, on the BSE.

The bank's capital adequacy ratio at the end of March 31, 2006 was 11.27 per cent, which subsequently increased to about 15 per cent following a GDR issue. The bank's advances portfolio grew by 58 per cent to Rs6,348.50 crore as on March 31, 2006, while deposits increased by 53 per cent to Rs6,565.9 crore during the year.

Total revenues during January-March 2006 increased to Rs293.44 crore from Rs171.53 crore a year earlier. Net interest income increased by 61 per cent to Rs108.2 crore during the quarter from Rs67.3 crore a year earlier.

On a consolidated basis, Kotak Bank group's net profit in the fourth quarter of 2005-06 was Rs130.8 crore, up 104 per cent from Rs64.3 crore a year earlier, excluding the profit on sale of 3.2 per cent effective economic interest in Hutchison Essar Ltd.

For 2005-06, Kotak Bank group's net profit was Rs729.7 crore, including Rs387.3 crore profit on sale of Hutchison stake. The net profit in 2004-05 was Rs170.9 crore.
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Syndicate Bank net up 33 pc at Rs.536-cr
Bangalore: Syndicate Bank has reported 33 per cent increase in net profit for the financial year 2005-06 to Rs536 crore. For FY05, the bank had reported a net profit of Rs403 crore.

The chairman and managing director, C.P. Swarnkar, said the bank's performance was "above the industry average''. However, the bank reported a 96 per cent drop in the fourth quarter profit, posting a net profit of only Rs10 crore as against Rs280 crore during the corresponding period of the last financial year. The drop was largely on account of provisions of Rs142 crore made for non-performing assets and Rs40 crore for standard assets.

For FY06, the operating profit was Rs1,038 crore against Rs1,020 crore in FY05. The almost flat operating profit stemmed largely from a fall in treasury profit to Rs133 crore from Rs246 crore. With NPA recovery of Rs432 crore during the year, other income exclusive of treasury operations, rose to Rs459 crore from Rs344 crore.

Interest income in FY06 was Rs4,050 crore up from Rs3,758 crore. Gross income during the period was Rs4,642 crore up from Rs4,348 crore. The bank's gross expenditure in FY06 was Rs3,605 crore, up slightly from the previous year's Rs3,328 crore. Investment portfolio in FY06 dropped to Rs 17,269 crore from Rs 20,371 crore the previous year.

For the current financial year, the bank has projected advances of Rs55,000 crore and deposits of Rs65,000 crore.
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