IDBI Bank, International Cars tie-up for auto finance

IDBI Bank announced tie-up with Passenger Car Business unit of International Cars & Motors Limited (ICML) to provide auto finance to its customers.As per the scheme modalities, ICML and its dealer network will collaborate with IDBI Bank for the purpose of retail activation in order to facilitate vehicle financing business, the bank said in a statement.The Bank would extend financing facilities to eligible customers for purchasing Multi Utility Vehicle of ICML ‘Extreme’. Source: thehindubusinesslin...

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Dhanlaxmi Bank Jan-Mar quarter net at Rs 28.66 cr

Private sector lender Dhanlaxmi Bank posted net profit of Rs 28.66 crore for the last quarter ended March 31 of 2012-13.The South-India based bank had reported a net loss of Rs 86.51 crore over the same quarter (January-March) in the previous fiscal.Total income of the bank during the fourth quarter of 2012-13 was marginally higher at Rs 369.25 crore, from Rs 365.42 crore a year ago, it said in a filing to the BSE.For the full year 2012-13, the bank posted net profit of Rs 2.62 crore. The lender had made a loss of Rs 115.63 crore in 2011-12...

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RBI auctions 10-year bond worth Rs 7,000 cr

The Reserve Bank of India on Friday auctioned a new 10-year benchmark government bond worth Rs 7,000 crore at a cut-off yield of 7.16 per cent.The bond, which will matures in 2023 and carries a coupon rate of 7.16 per cent, will be the new benchmark paper in place of the existing 8.15 per cent bond, which matures in 2022. After the issue, the yield of the 7.16 per cent 2023 government bond ended at 7.16 per cent in the market.According to N. S. Venkatesh, Head of Treasury, IDBI Bank, the cut-off yield shows that the 10-year paper was very well...

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Manappuram Fin profit slips 65% in FY13

The net profit of Manappuram Finance has dropped 64.76 per cent to Rs 208.40 crore in FY13 against Rs 591.46 crore in the previous fiscal.The company attributes this to under-recovery of interest amounting to Rs 284.20 crore on a specific pool of its portfolio that was booked during the third quarter of FY12. The company has also made an additional provision of Rs 51.40 crore towards reversal of interest booked in FY12.According to a statement issued here, the company said it faced a higher incidence of defaults in this pool after it began...

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Oriental Bank cuts FD rates up to 1%

State-owned Oriental Bank of Commerce (OBC) slashed fixed deposit rates by up to 1 per cent on select maturities.The announcement comes on the heels of RBI cutting key policy rate by 0.25 per cent earlier this month.The fixed deposit rate for maturities ranging from 31-45 days has come down to 6 per cent from 7 per cent, OBC said in a statement.At the same time, term deposit of 180-269 days will earn 0.5 per cent lower interest rate at 8 per cent from earlier rate of 8.50 per cent, while interest rate on 91-179 days has come down by 0.25 per...

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HSBC focused towards making more cost savings by 2016

Asia-focused bank HSBC announced that it will make another $2-3 billion of new cost savings by 2016, extending its restructuring plans.The lender said in a statement that it will seek the additional sustainable cost savings on top of its wide-ranging restructuring process that was launched in 2011.HSBC revealed last week that it had slashed a total of $4.0 billion from its annual costs, axing about 46,000 jobs since 2011 as part of a vast restructuring.“We have transformed HSBC in the first phase of the execution of our strategy,” said chief...

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Jammu & Kashmir Bank Q4 net profit up 20% at Rs 250 cr

Jammu & Kashmir Bank registered 20 per cent rise in net profit at Rs 250 crore for its fourth quarter ended March 31, 2013.The bank had recorded a profit of Rs 208.1 crore in the same period of the previous fiscal, Jammu & Kashmir Bank said in a filing to the BSE.Total income of the bank rose to Rs 1,835.71 crore in January-March quarter as compared to Rs 1,479.81 crore in the same period during the previous fiscal.The bank proposed a dividend of 500 per cent, or Rs 50, per share for 2012-2013.For the entire fiscal, the bank’s net profit...

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Karnataka Bank net up 41.4% in FY13 as recoveries improve

Despite a 18.96 per cent decline in net profit during the fourth quarter, Karnataka Bank’s profit in fiscal 2012-13 grew 41.45 per cent.The bank recorded a net profit of Rs 67.39 crore in the fourth quarter of 2012-13 against Rs 83.16 crore in the year-ago period.P. Jayarama Bhat, Managing Director and Chief Executive Officer of the bank, attributed the decline to higher provisioning in the fourth quarter.The provision coverage ratio has gone up from 47.18 per cent to 55.36 per cent, he said.The provision for income-tax came to around Rs 31...

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Bank of Baroda Q4 net down 32% as NPAs rise

Bank of Baroda’s fourth-quarter net profit dropped by about a third as it set aside more money to cover potential loan losses.For the January-March quarter, the public sector bank’s net profit decreased to Rs 1,029 crore from Rs 1,519 crore, a year ago.The bank set aside Rs 1,598 crore to cover potential loan losses in the quarter, up from Rs 844 crore it set aside in the same period last year.Slippages during the reporting quarter increased 79 per cent to Rs 7,983 crore from Rs 4,465 crore in the corresponding quarter last year. BAD DEBTS The...

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BoI net drops 21% as bad loan provisioning doubles

Higher provisioning and lower margins weighed on Bank of India’s profitability in the fourth quarter ended March 31, 2013.The public sector bank’s net profit fell 21 per cent in the reporting period to Rs 757 crore. The decline in profit came despite a prudential write-back of Rs 192 crore on account of taxation.Net interest income (difference between interest earned and expended) declined marginally to Rs 2,476 crore.Provisions towards bad loans more than doubled to Rs 1,089 crore during the quarter.Net interest margin fell to 2.46 per cent....

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Ratnakar Bank opens branch in Chennai

Maharastra-headquartered private sector Ratnakar Bank Ltd opened its branch in the city as part of its expansion plan.The bank has a strong presence in Karnataka, Goa and was growing in other regions like Gujarat, NCR, Madhya Pradesh, Haryna, Uttar Pradesh, Andhra Pradesh, Rajsthan and Union territory of Daman and Diu, bank’s CEO and Managing Director Vishwavir Ahuja said.He said the bank plans to achieve a pan India footprint.The bank’s business volume was around Rs 15,000 crore as on March 31, 2013, he added. Source: thehindubusinesslin...

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Syndicate Bank hopes to reduce bad loans by 20% this year

Syndicate Bank has drawn up a strategy to bring down non-performing assets. “We are implementing stressed tiny assets recovery programmes, besides offering one-time settlements by conducting ‘Synd Adalats’ every quarter to reduce NPAs by 20 per cent this year,” the bank’s Executive Director M. Anjaneya Prasad told newspersons here on Monday.The Bangalore-based bank’s gross and net NPA levels fell in the financial year ended March 31, 2013, compared to the previous year.They came down from 2.35 per cent to 1.99 per cent and 0.96 per cent to...

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Vijaya Bank cuts housing loan rates

Vijaya Bank has reduced rate of interest on housing loans.The bank, in a release, said to increase retail lending and give thrust to home loan portfolio, bank has launched a ‘Summer Bonanza Special Campaign’ running up to June 2013.The rate of interest on home loans has been reduced up to the extent of 75 basis points in certain slabs.The Processing and documentation charges have been fully waived. Maximum repayment period is increased from 25 years to 30 years.For loan amount less than Rs 75 lakh, rate of interest linked to base rate (floating)...

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Allahabad Bank to trim NPAs

Public sector lender Allahabad Bank aims to bring down its gross non-performing assets (NPAs) level to around 3.2 per cent from the last fiscal’s level of 3.92 per cent on the back of sustained effort on recovery, a top bank official has said.“As far as asset quality is concerned, we aim to bring down our gross NPAs to around 3.2 per cent by end of this fiscal from 3.92 per cent in FY13,” chairman and managing director Shubhalakshmi Panse told PTI over the weekend.She also said the bank is monitoring bad accounts on a daily basis along with...

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Corp Bank plans rural expos to boost agri credit

To boost its agriculture credit portfolio, Corporation Bank will conduct rural expos across the country during May.Addressing presspersons here on Saturday, Ajai Kumar, Chairman and Managing Director of the bank, said that the bank wants to create village-level awareness on various products and services through such expos.Each zone of the bank will be conducting a minimum of 10 rural expos. The bank has 31 zones. It is proposed to conduct more than 300 such rural expos across the country, he said.With rural expos, the bank expects to generate...

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