Corporation Bank Q1 profit declines 12%

An increase in provisions for non-performing assets (NPAs) brought down Corporation Bank’s net profit by 11.75 per cent during the first quarter of 2015-16.Addressing presspersons here on Friday, SR Bansal, Chairman and Managing Director, said the bank registered a net profit of Rs.204.26 crore in the quarter againstRs.231.47 crore in the corresponding quarter of the previous fiscal.The net provisions for NPAs stood at Rs.604.23 crore against Rs.466.08 crore, an increase of 29.64 per cent.Bansal said that the provision coverage ratio with respect...

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Jan Dhan: number of zero-balance a/cs has come down

The percentage of zero-balance accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) is coming down in Corporation Bank, according to SR Bansal, Chairman and Managing Director of the bank.Addressing presspersons in Mangaluru on Friday, he said that the percentage of zero balance accounts has come down from 31.89 per cent in the fourth quarter of 2014-15 to 27.76 per cent in the first quarter of 2015-16.The bank had opened 22,99,720 accounts under the scheme. The balance in these accounts stood at Rs.535.78 crore as on June 30.He...

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IndusInd Bank allots shares worth Rs. 753 crore

Private lender IndusInd Bank has approved an allotment of nearly 88 lakh equity shares valued at around Rs. 753 crore to IndusInd International Holdings Ltd and others.The Finance Committee of the bank approved the allotment of equity shares at a meeting today, IndusInd Bank said in a BSE filing.“IndusInd Bank...today approved allotment of 87,81,360 equity shares of face value of Rs. 10 each to IndusInd International Holdings Ltd and its subsidiary, Induslnd Ltd, promoters of the bank, on a preferential basis,” the statement said.The shares...

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IRDAI to notify corporate agency norms in 3 weeks

The Insurance Regulatory and Development Authority of India (IRDAI) will notify the final corporate agency norms under bancassurance in three weeks from now, according to its Chairman T S Vijayan.Speaking to newspersons after formally launching the sale of insurance policies of HDFC Life through common service centres here on Thursday, he said the gazette notification will give some time for transition and the new norms will be effective April 1, 2016.In its draft norms issued earlier, the regulator has proposed to allow banks to tie up with...

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ICICI Bank eyes Rs. 3,000 cr from dollar bond issue

ICICI Bank, India’s largest private sector bank, will raise up to $500 million (over Rs. 3,000 crore) by selling five-year dollar bonds to overseas investors.The issue opened earlier on Wednesday and will be closing by late evening, after which the final pricing will be known.The initial pricing guidance for the issue is 180 basis points above the five-year US treasury yield. On Tuesday, five-year US treasury notes closed at a yield of 1.625 per cent. One basis point is 0.01 percentage point.This year, it is ICICI Bank’s first dollar bond and...

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UCO Bank pays Rs 156.67 cr dividend

Kolkata-based UCO Bank has paid a dividend of Rs 156.67 crore to the Centre for the year 2014-15. Last fiscal, it had declared a dividend of 20 per cent. A cheque in this regard was handed over to the Union Finance Minister, Arun Jaitley by the bank’s CMD, Arun Kaul. The Centre holds 72.83 per cent in UCO Bank. Source : Thehindubusinesslin...

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Canara Bank net declines 41% to Rs. 478 cr

State-run lender Canara Bank today reported 40.65 per cent decline in net profit at Rs. 478.84 crore in the first quarter ended June 30, 2015 as it parked a higher share towards contingencies for bad loans.The Bengaluru-headquartered bank’s net profit in the corresponding quarter of the previous fiscal stood at Rs. 806.86 crore, Canara Bank said in a filing to the BSE.The bank’s share for provisions and contingencies rose over 72 per cent during the first quarter of 2015-16 to Rs. 1,359.73 crore from Rs. 788.14 crore in the same period...

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Andhra Bank to auction Deccan Chronicle's property in Bengaluru on Sept 10

Andhra Bank will auction Deccan Chronicle Holdings Ltd's (DCHL) immovable property in Bengaluru on September 10, 2015 through e-auction to recover the loan dues.According to a sale and e-auction notice issued by the bank, DCHL had availed itself of the credit facilities to the tune of about Rs 200 crore from Andhra Bank’s Sultan Bazar Branch and had defaulted to pay.Andhra Bank had taken possession of two properties of Deccan Chronicle Holdings worth Rs 160 crore located in Chennai and Bengaluru under the provisions of Securitisation and Reconstruction...

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United Bank net drops 21% on higher provisioning

Dragged down by higher provisioning, the Kolkata-based United Bank of India (UBI) has reported an over 21 per cent dip in net profit to Rs. 52 crore for the quarter ended June 30, 2015. Net profit in the corresponding quarter last fiscal stood at Rs. 66 crore.Provisioning increased by over 16 per cent to Rs. 494 crore for the quarter under review (Rs 425 crore in the year-ago-period). Total income too dipped 3.5 per cent to Rs. 2,897 crore.Gross non-performing assets per cent improved to 9.57 per cent in the first three months of the current...

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HSBC India plans to launch ‘green bonds’ this year

HSBC India is planning to launch ‘green bonds’ this year to enable fund raising for investments in projects with environmental benefits, the private sector bank’s Chairman Naina Lal Kidwai said today.“HSBC is the world’s fourth largest issuer of green bonds. We are big player. We are working to get this in India.We are working with key authorities on this issue. Most probably we will launch this year,” Kidwai told reporters on the sidelines of a FICCI event.She did not divulge the size of green bonds saying that the discussions on the new product...

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IDBI Bank opens first self service mini branch kiosk

IDBI Bank has launched its first self service Mini Branch Kiosk at its Cuffe Parade, Mumbai Branch.The kiosk will address the customer’s request of personalised cheque leaves dispensation and issue of Demand Draft & Pay Order on 24X7 basis. It also has the functionalities of ATM, the bank said in a statement.Speaking on the occasion, B K Batra, DMD, indicated that the bank will install more such 24x7 banking facilities so that its customer can do banking at their own convenience and time. Source : Thehindubusinesslin...

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