1.The net profit of SBI has fallen marginally by 2.53 % to Rs 1,184.49 crs (Rs 1,215.36 crs) for the second quarter ended Sep 30. The slight decline in profits follows higher tax provisions. Also, the bank did not enjoy the benefit of interest on income-tax refund at Rs 712 crs, available last year. For the first quarter ended June 30, the bank saw a 34.7% dip in net profit to Rs 798.57 crs (Rs 12,299.23 crs). Provisions have been placed at Rs 1,288.07 crs (Rs 767.56 crs).Net Interest Margin stands at 3.32% (3.13%). Deposits increased by 10.77% and cost of deposits declined to 4.51% (4.64%).
2.Growth in net interest income and operating profit have helped BOB to post a 11.31% rise in net profit at Rs 288.36 crs (Rs 259.07 crs) for the quarter ended Sep 30. Total income has increased to Rs 2,507.66 crs (Rs 2,003.59 crs). Other income has grown following a 19.4% rise in fee-based income, profit on exchange transactions and NPA recovery. The bank has cut its net NPAs to 0.77% (1.13%)
3.Development Credit Bank (DCB) is to double its balance sheet size by March 2008.
4.RBI is expected to announce a slew of measures to bring vibrancy into the debt market as part of its mid-term review of the annual monetary policy.
5.Morgan Stanley and Fidelity picked up over a 10% stake in Development Credit Bank which made its debut on the bourses recently.
6.Andhra Bank posted 10.19% rise in net profit at Rs 146.77 crs for the quarter ended Sep 2006 against Rs 132.89 crs recorded during the corresponding period of the previous financial.
7.Allahabad Bank has posted a 24% rise in net profit at Rs 210 crs in the quarter ended Sep 30, 2006, compared with Rs 168 crs in the corresponding period last year.
8.BoB is open to sharing a majority stake in its asset management company with an undisclosed foreign partner for starting a joint venture in its AMC.
9.SBI Cards plans to launch cards in association with players in the healthcare industry such as pharmacy chains and hospitals. The first-of-its-kind credit cards would be launched in early 2007. Health is a sunrise segment. It expects card spends in this segment to go up. It will look at partners to tie up within the entire chain from pharmacy to clinics to pathology labs to hospitals. SBI Cards, a joint venture of SBI and GE Money, overtook Citibank to emerge as the second largest issuer of credit cards in September. SBI Cards had a credit card base of over 30 lakh at the end of September 30, 2006, against Citibank’s around 29 lakh. ICICI Bank, the country’s second largest bank, is way ahead of both with a card base of over 50 lakh.
10.RBI is likely to defer the deadline for implementation of revised capital adequacy guidelines (Basel II) by six months to a year. The central bank is close to issuing the final guidelines. In the draft Basel II guidelines issued over a year back, the RBI had suggested March 31, 2007 as the date for banks to shift to Basel II capital adequacy norms. The central bank may also prefer a phased implementation of the
11.In what is seen as further tightening of the norms for non-banking finance companies, RBI has said that in case of change of management and control of an NBFC a public notice should be given by both parties - the acquirer as well as the acquiree.
12.UTI Bank has stirred a hornet's nest with a recent letter to UTI Mutual Fund regarding its plans to register the UTI Bank brand name after 13 years of existence. The bank was allowed to use the UTI name but had never formally registered it.
13.The aggregate interest cost of 419 major companies rose to Rs 2,488 crs in July-September 2006, a 23.1% increase over the same period's level of Rs 2,021 crs in the previous fiscal.
14.Karnataka Bank has posted a net profit of Rs. 59.61 crs for the second quarter ended September 30, 2006, as compared to Rs. 41.81 crs in the same period last year, registering an increase of 43%.
15.Seeking to boost its commercial relationship with
