SBI Q3 net profit rises 30% to Rs. 2,910 cr, NPA improves; shares surge 8%

The country’s largest bank State Bank of India bucked the trend to post a 30 per cent rise in net profit for the October to December quarter FY15 at Rs. 2,910 crore.Shares of State Bank of India ended 8 per cent higher at Rs. 307.05, up Rs. 22.65 (or 7.96 per cent) over the previous close.The profit was driven by improvement in asset quality, higher non-interest income and operating profit.Net interest income (difference between interest earned and expended) rose by 9 per cent to Rs. 13,777 crore during the quarter from Rs. 12,640 crore in...

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IRDAI slaps Rs. 10 lakh penalty on LIC of India

The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs. 10 lakh on Life Insurance Corporation (LIC) of India.In an order, the authority said the filled in proposal forms were altered by LIC without necessary authentication from the proposers. The policies were also split and more than one policy was issued under a single proposal.``Tampering with the proposal forms without the consent of the policyholders may affect the policyholders’ interest adversely,’’ it said.Similarly, LIC had also violated existing...

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Canara Bank scholarship scheme

Canara Bank has launched the Canara Vidya Jyothi scholarship scheme for the current academic year 2014-15. Under the scheme, each rural branch will extend scholarships to six girl students from standard 5 to 10 and belonging to the SC/ST category for pursing studies in a government school. The scholarship amount will range from Rs.2,500 to Rs.5,000, depending upon the class of study. K Kishore Kumar, Deputy General Manager of the bank, launched the scheme by handing over scholarships to six students of the Government VHSS at Vattiyoorkavu here...

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Dhanlaxmi Bank posts Rs. 17.10 cr profit in Q3

Old private sector lender Dhanlaxmi Bank reported a net profit of Rs. 17.10 crore for the third quarter ended December 31, 2014 despite a rise in bad loans.The bank had a net loss of Rs. 119.37 crore in the same quarter FY14.The bank's asset quality worsened as a percentage of total advances with gross NPAs worsening to 7.37 per cent from 7.05 per cent in the same quarter a year ago.However, the net NPAs came down marginally to 4.52 per cent from 4.64 per cent at the end of December 2013, Dhanlaxmi Bank said in a filing to the BSE.Gross NPA...

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Bhartiya Mahila Bank eyes Rs. 1,000 cr business this fiscal

Bhartiya Mahila Bank (BMB), Government-owned all-women bank, hopes to close the current financial year with over Rs. 1,000 crore business. “Our primary target is to expand out footprint across the country, including tier-III towns and un-banked villages. We will close the year with 80 branches,” said Usha Ananthasubramanian, Chairman and Managing Director of the bank.According to her, the 15-month-old bank currently has 45 branches, and is on track to have 80 branches by the end of the year. It has several branches in the pipeline in different...

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Corporation Bank Q3 net rises 16.2% as interest expense falls

Corporation Bank recorded a net profit of Rs.147.20 crore in the third quarter of 2014-15 as against Rs.126.69 crore in the corresponding period of the previous fiscal, registering a growth of 16.2 per cent.Addressing newspersons here on Monday, SR Bansal, Chairman and Managing Director of the bank, said some of the initiatives of the bank in brining down the cost of deposits and increasing income from ATMs have helped improve performance.Stating that the bank was able to control and reduce the cost of deposits, he said the interest expense...

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PNB: Gauri Shankar is MD & CEO

Gauri Shankar, an Executive Director of Punjab National Bank, has been given additional charge of Managing Director and CEO of the public sector bank. An order to this effect was issued by the Department of Financial Services here on Monday. Gauri Shankar has taken over this additional charge with immediate effect, according to a PNB release. Source : Thehindubusinesslin...

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