IDBI Bank cuts retail term deposit rates

IDBI Bank has reduced its retail term deposit rates (deposits up to an amount less than Rs 1 crore) in two short-term maturity buckets.

The bank’s retail deposit rates in two short-term buckets — 91 days to less than six months were cut by 50 basis points (bps) to 7.25 per cent and in six months to 269 days bucket by 15 bps to 8.5 per cent, the bank said in a statement.

A basis point is one hundredth of a percentage points. The revised interest rates would come into effect from May 13, 2013.

The reduction is considered in response to the signals emanating from RBI’s Monetary Policy for 2013-14, announced on May 3, 2013, the bank said.

Interest rates to senior citizens

Further, additional interest rates payable to senior citizens over the normal interest rates were rationalised to a uniform 50 bps across all retail term deposits having a maturity of six months up to 20 years, including for tax-saving deposits.

Accordingly, the offer rate on retail deposits less than six months will be identical for normal and senior citizens.

Source: thehindubusinessline

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LIC’s new premium mop-up declines 6.5% in FY13

Having witnessed a drop in new premium collections in 2012-13, state-owned Life Insurance Corporation of India aims to grow its business by 15 per cent this fiscal.

According to Sushobhan Sarker, Managing Director, LIC, the growth in new premium collections would be achieved by increasing insurance penetration in underserved areas.

In 2012-13, LIC registered a 6.5 per cent drop in new premium collection at Rs 76,245 crore compared with Rs 81,514 crore in the corresponding period last year.

Over all, new premium collection by 23 life insurance companies in the country fell by 6.3 per cent to Rs 1,07,010 crore during the year, compared with Rs 1,14,232 crore in the year ago period.

Sarker attributed the fall to the slowdown in economic growth and regulatory changes.

“The drop in new business was primarily on account of a lower growth in the economy and a series of regulatory changes in the industry. However, this year we expect 15 per cent growth in new premium collections,” Sarker told newspersons on the sidelines of an insurance seminar organised by the Bengal Chamber of Commerce and Industry here on Friday.

Ponzi schemes – Impact

According to Sudhin Roy Chowdhury, Member (Life), IRDA, the high penetration of Ponzi schemes has had an impact on the first premium income of many insurance companies.

“In the last one-two years we have been getting some feedbacks from agents who were not able to mobilise investments due to the operation of Ponzi schemes in certain areas,” Chowdhury said.

Responding to a query on some insurance agents selling such schemes, he said, “We have not come across any such instances or complaints pertaining to agents selling such products.

However, I feel there needs to be a separate law for life and general insurance agents, preventing them from selling such schemes.”

shobha.roy@thehindu.co.in

Source: thehindubusinessline

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SBI signs pact with Korea bank to support SMEs

State Bank of India has signed a memorandum of understanding with Industrial Bank of Korea to support the business activities of Korean small and medium enterprises entering or already operating in India.

The MoU would assist the Korean companies in meeting their financial requirements from SBI.

Currently, there are 480 Korean SMEs operating in India. Industrial Bank of Korea currently does not have any branch presence in India.

SBI is also setting up a representative office in Seoul. The MoU will help SBI get more Korean business not only for domestic branches, but also in that country.

The MoU was signed last week by Hemant Contractor, Managing Director & Group Executive on behalf of State Bank of India and Jun-Hee Cho, Chairman and Chief Executive Officer of Industrial Bank of Korea.

srivats.kr@thehindu.co.in

Source: thehindubusinessline

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IRDA norms on microinsurance in 2-3 months

The Insurance Regulatory and Development Authority (IRDA) hopes to bring out the final guidelines for microinsurance sector in two to three months.

According to Sudhin Roy Chowdhury, Member (Life), IRDA, the guidelines will focus on the issues of product design and distribution.

“We are looking at microinsurance from a different point of view. We want companies to design products wherein customers can get slightly higher returns than the premium deposited at maturity,” Chowdhury said at an insurance seminar organised by the Bengal Chamber of Commerce and Industry here on Friday.

The guidelines would also focus on the distribution channels that can be adopted by insurers to help penetration of the product in remote areas, he added.

Source: thehindubusinessline

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Central Bank posts Rs 169-crore profit in Q4 on stable loan growth

Central Bank of India swung back into the black with a net profit of Rs 169 crore in the January-March quarter on the back of lower bad loans and stable loan growth.

The public sector lender had posted a loss of Rs 105 crore in the same quarter last fiscal. Net profit for the immediately preceding December quarter stood at Rs 180 crore.

Net interest income (difference between interest earned and expended) increased 25 per cent to Rs 153 crore.

During the quarter, contributing to the profits were lower provisions of Rs 445 crore that declined by about half from Rs 859 crore in the year-ago quarter.

Net profit in FY13 almost doubled to Rs 1,015 crore compared with Rs 533 crore in FY12.

As on March 31, 2013, the bank’s total advances rose by 16 per cent driven by robust growth in retail and agriculture loans, while corporate loan growth remaining flat during the year.

Total deposits grew 15 per cent. “We expect the deposits and advances growth to be bottom-driven at around 18 per cent in FY14,” said M.V. Tanksale, Chairman and Managing Director.

Net interest margins (NIM) annually declined to 2.67 per cent from 2.75 per cent in FY12 due to higher cost of deposits.

“NIM will be better going forwards as costs of deposits are likely to come down. NIM is expected to be in the 2.75 to 3 per cent range,” Tanksale said.

Gross non-performing loans (NPA) ratio declined marginally to Rs 4.80 per cent, while net NPA ratio declined to 2.90 per cent.

The board recommended a dividend of Rs 2.50 per share in FY13.

Shares of Central Bank closed higher by 4.25 per cent at Rs 72.30 per share on BSE on Friday.


beena.parmar@thehindu.co.in

Source: thehindubusinessline

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SKS Microfinance posts Rs 2.7-crore profit in Q4

SKS Microfinance Ltd has posted a net profit of Rs 2.7 crore in the fourth quarter ended March 31, 2013.

In the corresponding period of the previous financial year, the company incurred a loss of Rs 320 crore, SKS Micro said in a release on Wednesday.

When contacted, its Chief Financial Officer Dilli Raj told Business Line that higher disbursements at Rs 1,295 crore, a 15 per cent hike in core interest income in non-AP portfolio, among others, drove the company to profits for a second consecutive quarter.

SKS, which suffered losses for seven consecutive quarters due to the Andhra Pradesh microfinance crisis in 2010 and subsequent AP MFI Act, turned red with Rs 1.1-crore profit in the third quarter of last fiscal.

For the full year 2012-13, the loss was at Rs 297 crore. In the FY12, the loss was 136 crore. The total revenue declined to 332 crore (Rs 436 crore).

OUTLOOK

The company is expecting about Rs 55-60 crore profit in the current financial year on a disbursement target of Rs 4,500 crore (Rs 32,86 crore), Dilli Raj said.

“We are also thinking of re-entering retail insurance as some issues with the insurance regulator are closed now,’’ he said. When asked if disbursals were resumed in Andhra Pradesh post a Supreme Court ruling allowing it to do so, he refused to comment.

Foreign institutional investors, who held 13.41 per cent stake in the company at the end of 2011-12, increased their stake to 35.94 per cent as on March 31, 2013. SKS Micro scrip gained 1.03 per cent on the Bombay Stock Exchange on Wednesday to end at Rs 127.65.

naga.gunturi@thehindu.co.in

Source: thehindubusinessline

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Corporation Bank Q4 net up marginally at Rs 356 crore

Corporation Bank posted a marginal growth in net profit in the January to March quarter at Rs 356 crore on the back of higher provisioning and lower margins.

The public sector lender had posted a net profit of Rs 351 crore in the fourth quarter in FY12.

Net interest income (difference between interest income and expended) increased 12 per cent to Rs 931 crore (from Rs 834 crore in Q4FY12).

As of March 2013, the total advances increased 18 per cent to Rs 1.19 lakh crore (from Rs 1.01 lakh crore in FY12), while deposits were higher by 22 per cent at Rs 1.66 lakh crore (from Rs 1.36 lakh crore).

Total provisions during the quarter increased to Rs 567 crore from Rs 463 crore in Q4FY12. The net interest margin declined to 2.29 per cent in FY13 from 2.48 per cent in FY12.

The shares of Corporation Bank were trading higher at 5.93 per cent at Rs 399.40 per share on the Bombay Stock Exchange on higher-than-expected profit numbers.

Source: thehindubusinessline

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South Indian Bank Q4 net climbs 26%

The Kerala-based South Indian Bank has posted a 25 per cent growth in net profit at Rs 502.27 crore for FY’13 against Rs 401.65 crore in the previous fiscal.

Net profit for the fourth quarter increased to Rs 153.83 crore from Rs 121.95 crore, a growth of 26.13 per cent.

Dividend

The board has recommended a dividend of Re 0.70 per share against Rs 0.60 per share in the previous year.

Total business increased from Rs 64,136 crore to Rs 76,425 crore registering a growth of 19.16 per cent.

While deposits have gone up from Rs 36,501 crore to Rs 44,262 crore, a growth of 21.26 per cent, advances increased from Rs 27,635 crore to Rs 32,163 crore, a growth of 16.39 per cent.

CASA of the bank has increased from Rs 7,179 crore to Rs 8,233 crore which constitute 19.67 per cent of the total deposit.

Total income stood at Rs 4,769.22 crore during the year against Rs 3,830.50 crore in the previous year, registering a growth of 24.51 per cent.

Net interest margin

V.A. Joseph, Managing Director and CEO, said that despite subdued growth of the economy, the bank could achieve this performance due to improvement in net interest margin.

It has set a business target of Rs 92,000 crore by the end of next fiscal and proposes to open 50 branches and 200 ATMs.

The capital adequacy ratio stood at 13.91 per cent under BASEL II standards against the regulatory requirement of 9 per cent.

Source: thehindubusinessline

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HDFC net soars 17% in Q4 on strong loan demand

Housing Development Finance Corporation (HDFC) posted a 17 per cent increase in fourth-quarter standalone net profit aided by strong demand for home loans from individual customers.

In the January to March period, India’s largest private home loan provider posted a net profit of Rs 1,555 crore against Rs 1,326 crore, a year ago. Income from operations increased 16 per cent to Rs 5,561 crore.

About 81 per cent of the incremental growth in the loan book during the year came from individual loans, the company said. “Most of the loan growth came from tier-II and tier-III cities and the periphery of metro cities,” Keki Mistry, Vice-Chairman and CEO, said.

For the financial year ended March 31, 2013, HDFC’s net profit grew 18 per cent to Rs 4,848 crore on total income of Rs 21,113 crore.

In FY13, the loan book grew 21 per cent to Rs 1,70,046 crore against Rs 1,40,875 crore in the previous year.

The average size of individual loans at HDFC was Rs 21.6 lakh in FY2012-13 compared with Rs 19.5 lakh in the previous year.

Individual loan approvals and disbursements grew by 29 per cent and 33 per cent respectively during the year, the company said.

The board has recommended a dividend of Rs 12.50 per share.

On interest rates coming down, Mistry said it can happen only if the housing finance company’s borrowing cost comes down.

He said that banks have been unable to pass on repo rate cut benefits because they have not been able to bring the deposit rates down.

Liquidity crunch

“There is still liquidity crunch in the system. So banks are unable to cut deposit rates. The moment banks cut lending rates while lending to us, we can pass this on to customers,” Mistry said.

Shares of the Mumbai-based company closed at Rs 885.60, up 3.85 per cent, on the Bombay Stock Exchange on Wednesday.

satyanarayan.iyer@thehindu.co.in

Source: thehindubusinessline

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UCO Bank profit slumps 80% to Rs 50 cr in Q4

Higher provisioning, driven by a stress in asset quality, dragged down UCO Bank net profit in the fourth quarter by nearly 80 per cent. Net profit for the quarter ended March 31, 2013, stood at Rs 50 crore.

Provisioning increased by 114 per cent to Rs 977 crore (Rs 456 crore).

The bank’s board has recommended a dividend of Re 1 per share of face value of Rs 10 each.

On a sequential basis, profits declined by 51 per cent from Rs 102 crore during the quarter ended December 31, 2012.

Gross non-performing assets as a percentage to advances increased to 5.42 per cent (3.48 per cent), net NPAs increased to 3.17 per cent (1.96 per cent).

According to S. Chandrasekharan, Executive Director of UCO Bank, the drop in profits is primarily on account of a rise in provisioning. “On a quarter-on-quarter basis, our NPAs have been coming down. Moving forward the asset quality should improve,” he told Business Line.

Capital adequacy ratio improved to 14.22 per cent (12.35 percent). The bank has no immediate plans to raise capital, he said.

Shares of UCO Bank closed at 73.45, up by 0.27 per cent on the BSE on Tuesday.

shobha.roy@thehindu.co.in

Source: thehindubusinessline

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Bank of America to pay $1.7 billion to MBIA to settle mortgage dispute

Bank of America is settling a case brought by its bond insurer, MBIA, in their battle over responsibility for losses during the 2007-2009 financial crisis, the two companies said on Monday.

Bank of America will pay MBIA 1.7 billion dollars, and the bank will receive a 5-per-cent stake in the bond insurer in return, the companies said.

MBIA will drop demands that Bank of America’s Countrywide unit buy back the soured home loans that the insurer had guaranteed, Bloomberg news service reported.

New York’s superintendent of financial services, Benjamin Lawsky, said the settlement was “a very positive step forward for both Bank of America and MBIA.” The second-largest US lender and its Countrywide Financial unit cut corners to process home loans at high speeds and sold defective and fraudulent mortgages to Fannie Mae and Freddie Mac, the semi-public mortgage brokers, according to a complaint filed late last year by the US Justice Department.

In that case, the US government is seeking to recover more than $1 billion of losses it said resulted from selling “toxic” mortgages to government-sponsored enterprises.

Such lending practices sparked the 2007-2008 financial crisis when the US housing bubble burst. The bubble was created when easy credit drove up property purchases and prices. In the rush to reap the benefits of the sales boom, lenders pumped money to risky borrowers, resulting in subsequent high default rates.

Source: thehindubusinessline

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HSBC Q1 net profit more than doubles to $ 6.35 b

Asia-focused bank HSBC announced on Tuesday that net profits more than doubled to $ 6.35 billion (4.86 billion euros) in the first quarter, aided by tumbling bad debts and cost cutting.

Earnings after taxation surged 146 per cent in the three months to the end of March, from $ 2.58 billion in the same part of 2012, the lender said in a results statement.

Underlying pre-tax profits, stripping out exceptional items, soared 34 per cent to $ 7.6 billion. Revenues rose five percent to $ 17.6 billion.

“We have had a good start to the year, with growth in reported and underlying profit before tax,” said chief executive Stuart Gulliver in the earnings release.

He added: “While continuing uncertainty in the global economy has created a relatively muted environment for revenue growth, we have increased revenue in key areas including residential mortgages and commercial banking in both our home markets of Hong Kong and the UK, and in our financing and equity capital markets business.

“Loan impairment charges were lower in every region, notably in North America,” he said, adding that the group was also lifted by its “continued focus on cost management“.

Bad debts — consumer loans that have turned sour — sank 44 per cent to $ 1.17 billion in the reporting period. That compared with $ 2.09 billion last time around.

The lender, which is Europe’s biggest bank by market value, has axed more than 37,000 jobs since the end of 2010 in a huge restructuring.

Last year, meanwhile, the bank had posted a 16.5 per cent slump in annual net profits as it was hit by US money-laundering fines, mis-selling scandals, rising taxation and a vast accounting charge.

Source: thehindubusinessline

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Karnataka Bank, Kotak Mahindra deny merger

Kotak Mahindra Bank has filed a clarification to the stock exchanges denying the rumour on its takeover of Karnataka Bank.

Karnataka Bank has also issued a statement to the exchanges that it denied the news of its merger with any other bank.

The news of the merger appeared in a newspaper with the headline ‘Takeover buzz lifts Karnataka Bank’.

Source: thehindubusinessline

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Dewan Housing Finance profit jumps 48% in FY13

Dewan Housing Finance Corp (DHFL) reported a 48 per cent increase in full-year net profit aided by strong growth in disbursements, especially in tier-II and tier-III cities.

In FY 2012-13, the home loan provider posted a net profit of Rs 452 crore against Rs 306 crore, a year ago.

Total disbursements during the year increased 47 per cent to Rs 13,358 crore.

The January to March quarter figures are not strictly comparable as the previous quarter’s results did not include the performance of recently amalgamated First Blue Home Finance Ltd.

The average ticket size of DHFL is Rs 14.89 lakh, Prashant Chaturvedi, CFO, said.

Net interest income, the difference between interest earned and interest expended, increased 28 per cent to Rs 764 crore.

Gross non per-forming assets for the year declined to 0.68 per cent as against 0.78 per cent, a year ago.

The board has recommended a dividend of Rs 3 a share.

DHFL shares closed at Rs 173.45, down 1.84 per cent, on the Bombay Stock Exchange. The results were declared after close of market hours.

satyanarayan.iyer@thehindu.co.in

Source: thehindubusinessline

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KVB ties up for e-remittance

Karur Vysya Bank has tied up with Lulu International Exchange, Abu Dhabi and GCC Exchange House, Dubai for electronic remittance.

Under the speed remittance arrangement, the proceeds will be credited to the beneficiaries account electronically, on the same day itself.

The bank has the capability to credit the proceeds to the beneficiaries’ accounts with other banks in India, through the NEFT mode, a spokesperson of the bank said.

Source: thehindubusinessline

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Allahabad Bank Q4 net dips 68% on higher provisioning

Allahabad Bank posted 68 per cent decline in net profit at Rs 126 crore for the fourth quarter ended March 31, on account of higher provisioning for non-performing assets and a dip in core income

During the quarter, the bank added fresh slippages worth Rs 2,586 crore. Provisioning increased by 28 per cent to Rs 641 crore, of which, NPA provisions stood at Rs 513 crore.

The bank’s board has recommended a dividend of Rs 6 per share of face value of Rs 10 each.

According to Shubhalakshmi Panse, Chairman and Managing Director of Allahabad Bank, higher accretion of NPAs and the resultant rise in provisioning were the key reasons for the drop in profits.

Asset quality

During 2012-13, the bank added fresh NPAs to the tune of Rs 5,891 crore. Of this, nearly Rs 1,600 crore came from nine accounts, which have either gone for corporate debt restructuring (CDR) or were in the process of being referred to CDR.

A major share of the slippages came from sectors including iron and steel, textiles, food processing and chemical industries, Panse said at a press meet here on Tuesday.

Gross NPA as a percentage to advances increased to 3.92 per cent (1.83 per cent), while net NPA rose to 3.19 per cent (0.98 per cent). The bank would aim to bring down gross NPAs to 3.3-3.5 per cent by March 2014.

Core Income

The drop in net interest income was primarily on account of lower yields on advances due to a base rate cut, interest reversals on bad loans and reduced interest earned on restructured accounts, Panse said.

Higher provisions and reduction in profits also dragged down the net interest margin (NIM) to 2.30 per cent (3.23 per cent).

Deposits grew by 12 per cent to Rs 1.78 lakh crore and advances by 17 per cent to Rs 1.31 lakh crore.

The bank aims to grow its business by over 16 per cent to 3.6 lakh crore by March 2014. The bank would also aim to achieve NIM of three per cent by the end of this fiscal, she said.

Shares of Allahabad Bank closed at Rs 126.50, down by 4.78 per cent on the BSE on Tuesday.

shobha.roy@thehindu.co.in

Source: thehindubusinessline

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SBI rules out immediate cut in lending rates

State Bank of India (SBI) ruled out any immediate cut in lending rates even as the Reserve Bank had reduced policy rate by 0.25 per cent earlier this week.

“With repo rate (short-term lending rate) cut, we don’t get savings because our total repo borrowing is 20,000 crore,” SBI Chairman Pratip Chaudhuri said here.

“So if you (RBI) reduce rate by 25 basis points, the saving is 50 crore. Total advance is 5 lakh crore which comes to 1 bps,” he said.

Had there been a cut in CRR, it would have would have provides room for cut, he said. The bank will continue with the same lending and deposit rate as of now, he added.

Earlier this week, RBI lowered the short-term lending (repo) rate to 7.25 per cent from 7.50 per cent, lowest since May 2011 while retaining the CRR for banks unchanged at 4 per cent.

Country’s largest lender SBI last reduced its lending rate in January by cutting it by 0.05 per cent.

Following the marginal reduction, SBI’s base rate, or the minimum rate of lending, came down to 9.70 per cent from 9.75 per cent.

Source: thehindubusinessline

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IRDA probing money laundering allegations against insurers

Insurance regulator IRDA said it is examining the allegations of money laundering levelled against LIC, Reliance Life, Tata AIA and Birla Sunlife and action will be taken against the guilty at the earliest.

“The insurance companies concerned have been asked to file a report on the allegations. The matter is under examination and appropriate action will be taken at the earliest,” Insurance Regulatory and Development Authority (IRDA) said in a release.

In its expose earlier in the day, Cobrapost has named as many as 23 public and private sector banks and insurance companies for allegedly “running a nation-wide money laundering racket, blatantly violating laws of the land.”

The four insurance companies which figure in the list are alleged to have violated the ‘Know Your Customer’ and ‘Anti Money Laundering’ Guidelines.

Responding to Cobrapost allegations, LIC said that it has effective system for compliance of all statutory and regulatory norms, but added that “in case of violation is noticed at any level necessary action will be taken by the Corporation“.

Reliance Life too denied the allegations saying that it adheres to strict internal controls, processes and best practices and is in full compliance with KYC norms and regulatory framework.

It further said: “As part of its ongoing compliance efforts, Reliance Life will continue to examine any specific instances that come to light for appropriate remedial action, if any.”

Taking a serious note of the expose, Tata AIA said: “We have initiated an internal inquiry into this incident and will take appropriate necessary action... Lapses in judgement and deviations from the rules are dealt with strictly.”

No response could be obtained from Birla Sunlife.

Source: thehindubusinessline

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Muthoot Capital FY net up 40%

Muthoot Capital Services Ltd has posted a 40 per cent growth in its net profit in FY13 touching Rs 21.76 crore against Rs 15.51 crore in the previous year.

The total revenue reached Rs 107.22 crore compared with Rs 67.35 crore in the previous year, registering a growth of 59 per cent. The total loan disbursements also jumped 49 per cent to Rs 431.16 crore (Rs 288.45 crore).

The board has recommended a dividend of Rs 4 for a share (40 per cent).

The profit for the quarter ended March 31 recorded a growth of three per cent to Rs 6.58 crore against Rs 6.39 crore in the corresponding quarter last year. The total revenues in the quarter increased 38 per cent to Rs 32.61 crore, compared to Rs 23.69 crore in the corresponding quarter. Speaking to reporters here on Monday, Thomas George Muthoot, Managing Director, said the company plans to start tractor financing and used car financing during the year. “We are also planning to extend our reach to Rajasthan, Punjab and Madhya Pradesh during the year,” he said.

While the company’s monthly average loan disbursal during 2012-13 stood at Rs 36 crore, the disbursal reached Rs 60 crore in March, R. Manomohanan, CEO, said.

sajeevkumar.v@thehindu.co.in

Source: thehindubusinessline

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South Indian Bank Q4 net up 26%

South Indian Bank has reported a 26 per cent rise in net profit at Rs 153.83 crore for the fourth quarter of 2012-13 fiscal.

The net profit stood at Rs 121.95 crore during the same quarter (January-March) of the previous fiscal. Total income rose to 1,286.37 crore from Rs 1,076.36 crore, the bank said in a filing to the BSE.

For 2012-13 fiscal, the net profit stood at Rs 502.27 crore against Rs 401.65 crore last fiscal and the income stood at Rs 4,769.22 crore compared with Rs 3,830.50 crore.

During Q4, the net non-performing asset (NPAs) or bad loans rose to 0.78 per cent from 0.28 per cent. Gross NPAs during the quarter increased to 1.36 per cent from 0.97 per cent.

Source: thehindubusinessline

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IOB focuses on bad loan recovery

Indian Overseas Bank will step up its thrust on making recoveries from bad loans in FY2014, said a top official. The public sector bank has set a target to recover Rs 2,500 crore from bad loans in FY2014, against Rs 1,700 crore recovered in FY2013, according to Chairman and Managing Director M. Narendra. “We have vested our branch managers with power to enter into one-time settlement with borrowers, whose loan outstanding is up to Rs 5 lakh. Further, we are organising camps (loan recovery) and resorting to Lok Adalats to make recoveries,” said Narendra. In the case of bad loans with an outstanding of Rs 1 crore or more, each general manager at the head-office has been assigned the responsibility of recovery in three to four regions. The bank’s bad loans increased Rs 2,688 crore in FY2013 to Rs 6,608 crore as at March-end 2013.

Source: thehindubusinessline

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