Dena Bank profit up 13% at Rs. 76.5 cr in Q3

State—run Dena Bank today posted 12.9 per cent growth in net profit to Rs. 76.5 crore for the third quarter ended December 31, 2014, despite surge in bad loans.The bank’s net profit in the same quarter last year stood at Rs. 67.8 crore.Total income has increased to Rs. 2,867.32 crore for the quarter from Rs. 2,662.80 crore for the quarter ended December 31, 2013, Dena Bank Chairman and Managing Director, Ashwani Kumar said here.Gross NPAs as a percentage to total advances rose significantly to 5.61 per cent from 2.96 per cent in the same quarter...

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Punjab & Sind Bank profit down 42% at Rs. 58 cr in Q3

State-run Punjab & Sind Bank today posted a 42 per cent decline in net profit to Rs. 58 crore in the third quarter ended December 31, 2014.The lender had earned a net profit of Rs. 100.1 crore in the October—December quarter of 2013—14.Total income during the quarter increased to Rs. 2,266.34 crore as against Rs. 2,172.19 crore a year ago, Punjab & Sind Bank said in a filing to the BSE.However, operating profit of the bank declined to Rs. 161.29 crore as against Rs. 190 crore in the year—ago period.Gross NPAs as a percentage to total...

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IDBI Bank Q3 net flat at Rs. 102.79 cr

Public sector IDBI Bank today reported a marginal decline in net profit at Rs. 102.79 crore for the October-December quarter of 2014-15.The bank had a net profit of Rs. 103.96 crore in the third quarter of the 2013-14 fiscal.Total income of the bank rose to Rs. 7,935.99 crore during the three-month period, from Rs. 7,149.88 crore in the corresponding period a year ago, the bank said in a statement.The net non-performing assets (NPA) of the bank rose to 3.05 per cent of total advances, as against 2.93 per cent at the end of December 2013. The...

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Dena Bank Q3 net profit up 13%

Public sector lender Dena Bank reported a 13 per cent rise in net profit for the October to December period at Rs. 77 crore as against Rs. 68 crore in the year-ago period, helped by stronger non-interest income, lower provisions and stable loan growth. Sequentially, the profit increased 48 per cent from September quarter’s profit of Rs. 52 crore.However, bad loans and net interest income worsened during the quarter.During the quarter, net interest income declined by 8 per cent to Rs. 608 crore from Rs. 661 crore in the same quarter last year.On...

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Muthoot Fincorp’s first BC outlet

The first ‘business correspondent’ outlet born out of the tie up between YES Bank and Muthoot Fincorp has opened at North Paravur near here. Thomas Muthoot, Executive Director of Muthoot Fincorp, said that initially the NBFC would roll out two YES Bank products — YES Leap and YES Money. Under Leap, financial services such as credit savings and insurance will be offered to self-help groups through Muthoot’s branches. YES Money is a domestic remittance service. Source : Thehindubusinesslin...

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Corp Bank extends bond issue date

Corporation Bank has extended the last date for issue of additional tier-I bonds of Rs.500 crore on private placement basis. The issue, which opened on January 20, was supposed to close on February 5. The deemed date of allotment was fixed for February 6. The bank informed the BSE that the period has since been extended to February 7, and the deemed date of allotment has accordingly been extended to February 9. Source : Thehindubusinesslin...

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UCO Bank net dips to Rs. 304 cr

Kolkata-based PSU lender UCO Bank saw a 3.50 per cent dip in net profit to Rs. 304 crore for the period ending October to December 2014. It had reported a net profit of Rs. 315 crore in the year-ago-period.A jump in other income ( Rs. 660 crore) – because of treasury operations – compensated its losses in the corporate lending segment, Arun Kaul, Chairman and Managing Director, UCO Bank said.Treasury and retail banking reported profit (before tax) to the tune of Rs. 728 crore and Rs. 146 crore: while corporate and wholesale banking segment...

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SKS Microfinance completes securitisation worth Rs. 83 cr

SKS Microfinance Ltd has completed the fourth securitisation transaction in current financial year worth Rs. 83.32 crore.With this, the total sum of securitisations completed during FY15 was Rs. 775.13 crore, the company informed Bombay Stock Exchange on Thursday.The entire pool qualifies for priority sector treatment as per the Reserve Bank of India's priority sector lending guidelines.The pool has been rated AA (SO) by a rating agency, signifying a `high degree of safety regarding timely servicing of financial obligations’, it added. Source...

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Exim Bank sells $500 m debt in overseas market at 2.87% coupon

The Exim Bank has raised $500 million in overseas debt by selling fixed rate unsecured senior notes at a coupon of 2.868 per cent for the 5.5-year dollar money.The notes, which got an over-subscription of four times at $2 billion, are priced at 155 bps over the 5-year US treasury bill at a price of 99.404 to yield 2.868 per cent, Barclays, one of the merchant bankers to the deal, said here today, adding this is the lowest priced notes from the country since 2007.The current issue is part of the Bank’s $6 billion medium term notes and will be...

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UCO Bank to raise about Rs. 400 cr by selling shares to LIC

State-owned UCO Bank today said it will sell 6.08 crore share to LIC on preferential basis which may fetch about Rs. 400 crore to the bank.The board of the bank at its meeting has approved a proposal for issue of 6.08 crore shares of Rs. 10 each to Life Insurance Corporation of India (LIC) on preferential basis at a price to be determined in accordance with SEBI regulation, UCO Bank said in a statement.LIC currently holds 8.69 per cent stake in UCO Bank.Following the fresh investment, stake of LIC would further go up by more than 5 per cent.At...

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IOB posts net loss of Rs. 516 cr in Q3 on higher provisioning

Indian Overseas Bank (IOB) today reported a net loss of Rs. 516.03 crore for the quarter ended December 2014 due to higher provisioning for bad loans.The Chennai-based lender had earned a net profit of Rs. 75.07 crore in the October-December quarter of 2013-14.IOB is the first public sector lender to post a loss during the quarter among banks which have announced their results.The net loss is due to increased provisioning for domestic and overseas advances and also due to the bank’s conscious decision to contain its credit growth, IOB said...

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Allahabad Bank net profit halves to Rs. 164 cr

Net profit of public sector lender Allahabad Bank halved to nearly 164 crore for the third quarter (October-December) of this fiscal. It had reported a net profit of 325 crore during the corresponding quarter last year.A slow growth in total income, operating profit along with increase in provisioning and tax expenses impacted the bottomline.Operating profit saw a mere six per cent growth, while total income during the period grew 1.5 per cent to Rs. 5,387 crore.Provisions for bad loans increased by nearly 15.6 percent year-on-year to Rs. 644...

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Government may increase lock-in period for PPF; to offer higher interest rate for 20-year tenure

The government is likely to increase the lock-in period for Public Provident Fund (PPF) by at least two years, reports ET Now.According to ET Now sources in the Finance Ministry, those who invest in PPF will be able to withdraw after 8 years, as against the current 6-year lock-in period. The government is also likely to increase the tenure of PPF from 15 years to 20 years."While it will be up to the saver to opt for either a 15-year or a 20-year saving period, the government will look to lure people with a higher interest rate for the 20-year...

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RBI's Rajan for raising savings limit beyond Rs 1.5 lakh for tax benefits

Days ahead of the Budget, Reserve Bank Governor Raghuram Rajan today pitched for increasing the tax exemption limit on financial investments by individuals from Rs 1.5 lakh a year.Acknowledging that there was a Rs 50,000 increase in the limit in the last budget to Rs 1.5 lakh a year, he said benefits of this instrument have been lost over time as the limit was anchored at Rs 1 lakh for a long time."Remember the government increased the limit for tax benefit in savings by Rs 50,000 in the last budget. The question is -- is there room for more...

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Canara Bank net profit vaults 60% to Rs. 656 cr

State-run Canara Bank today reported 60.2 per cent increase in net profit at Rs. 655.92 crore for the quarter ended December despite an increase in bad loans.The Bangalore-based lender had posted a net profit of Rs. 409.35 crore for the October-December quarter of 2013—14 fiscal.The bank’s total income increased to Rs. 12,227.86 crore for the quarter under review from Rs. 10,935.29 crore in the year-ago period, Canara Bank said in a filing to the BSE.As far as asset quality of the bank is concerned, gross NPAs as a percentage of total advances...

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Yes bank, UAE Exchange launch travel prepaid card

Global remittance provider UAE Exchange India tied up with private lender Yes Bank to launch ‘Go Cash’ prepaid travel."It is a multicurrency card which can be easily used at ATMs/POS & for online purchase around the globe," UAE Exchange said in a statement.The maximum or minimum limit to the amount that can be carried on the card and the number of different currencies were not specified in the statement.GO CASH pre-paid Travel card enables exchange rate lock facility, security and accessibility at minimum time with worldwide acceptance...

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Syndicate Bank plans to raise Rs. 2,100 cr

Syndicate Bank is planning to raise Rs. 2,100 crore capital soon, according to its Executive Director, T K Srivastav.Speaking to BusinessLine on the sidelines of a meeting with micro, small and medium enterprises (MSME) customers organised by the bank here on Tuesday, the official said that the proposed capital would be raised by way of tier I capital and bonds."`We are in the process of completing necessary approvals and the mobilisation of capital or part of it could happen before "the end of March this year,''’ he added.On the likely impact...

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HDFC Bank to raise Rs 10,000 crore this week via QIPs and ADRs: Sources

HDFC Bank, India's largest private sector lender by market capitalisation, is set to raise Rs 10,000 crore sometime this week through a combination of qualified institutional placements (QIPs) in the domestic market and a follow-on offering of American Depository Receipts (ADRs) in the US, two people familiar with the proposal told ET.A successful issue would create a record of sorts with Indian companies raising more than Rs 32,000 crore in just a week. Last week, the government raised Rs 22,500 crore by selling a 10% stake in Coal India Limited...

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Monetary Policy review: RBI leaves key rates unchanged; cuts SLR by 50 bps

As was widely expected, the Reserve Bank of India on Tuesday kept the repo rate (the interest rate at which it lends short-term funds to banks) unchanged at 7.75 per cent.Given that there have been no substantial new developments on the disinflationary process or on the fiscal outlook since January 15, it is appropriate for the Reserve Bank to await them and maintain the current interest rate stance, the RBI said in a statement.The RBI had cut the rate on January 15, outside policy review cycle, from 8 per cent to 7.75 per cent.In all likelihood,...

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Bank wage talks end in stalemate

Not satisfied with the 0.5 per cent increase in the offer made by the Indian Banks' Association, the United Forum of Bank Unions (UFBU) has decided to revive the strike programme.The All India Bank Employees Association (AIBEA) General Secretary C H Venkatachalam said that the unions have issued a strike call to its members for a four-day strike between February 25 and 28.This is expected to be followed by an indefinite strike from March 16 Source : Thehindubusinesslin...

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Muthoot Fincorp is Business Correspondent for Yes Bank

Muthoot Fincorp, the flagship company of Muthoot Pappachan Group, on Tuesday launched its Business Correspondent operations in the country with Yes Bank.The launch is pursuant to the agreement signed nearly two months ago between the two financial services providers after RBI gave its nod on allowing banks to appoint non-banking financial companies (NBFCs) as Business Correspondents.Thomas Muthoot, Executive Director of Muthoot Fincorp told reporters that with this arrangement, MFL is set to become the country’s first NBFC in the gold loan space...

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RBI receives 113 applications for niche bank licences

At final count, the Reserve Bank of India received 113 applications from aspirants to set up niche banks.To be precise, the central bank received 72 applications for starting small finance banks and 41 for payment banks. The deadline for receipt of applications was February 2, 2015.The central bank, in a statement, said the External Advisory Committees (EACs) for small finance banks and payments banks will be chaired by Usha Thorat, former Deputy Governor, Reserve Bank of India, and Dr. Nachiket Mor, Director, Central Board of the Reserve Bank,...

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PNB net inches up 2.5%

Delhi-based public sector bank, Punjab National Bank has reported a meagre 2.5 per cent growth in net profit for the three-month period ending December 31, 2014.Net profit grew to Rs. 774.56 crore as against Rs. 755.41 crore in the corresponding period of fiscal 2013-14. The bank's bad debts (technically known as non-performing assets or NPA) also surged during the quarter. Its gross NPA as a percentage of total advances went up to 5.97 per cent from 5.65 per cent. Net NPA rose to 3.82 per cent from 3.26 per cent.Net interest margin remained...

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SBI Life net profit jumps 43% to Rs. 156 cr in Dec quarter

SBI Life Insurance today announced a 43 per cent increase in net profit of Rs. 156 crore for the December quarter of FY 2014.New business premium of the company grew by 25 per cent to Rs. 1,633 crore during this period as against Rs. 1,303 crore in the same period last year. The collection of renewal premiums recorded a growth of 33 per cent at Rs. 1,958 crore from Rs. 1,472 crore over the corresponding quarter last year.Arijit Basu, Managing Director and CEO of SBI Life Insurance, said, “Our multi-channel distribution network continues to...

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Canara Bank’s Rs 1,500-cr bond issue

Canara Bank has decided to raise an additional Rs.1,500 crore through Tier I bonds. In a notice to the BSE on Monday, the bank said it plans to raise the amount through the issue of Basel-III complaint additional Tier-I perpetual bonds by way of private placement. The bank received ‘IND AA’ rating from India Ratings & Research and ‘AA Hybrid with Stable Outlook’ from ICRA for the proposed issue. Canara Bank shares ended 2.63 per cent higher at Rs.454.75 on the BSE on Monday. The bank will announce its third quarter results on Wednesday....

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Bank of Maharashtra launches mobile banking app

Bank of Maharashtra has launched its new mobile banking application – MahaMobile in a bid to make banking simpler for customers.“Designed to be intuitive and user friendly, MahaMobile App will enable the Bank’s customers to view all their deposit and loan accounts, do fund transfers, bill payments and raise a variety of service requests on their mobile anytime, anywhere,” the bank said in a statement.Any Bank of Maharashtra customer with a debit card and registered mobile number can register for this facility without visiting the branch.The...

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