1. DCB Ltd made its debut on the stock markets today. DCB was listed at Rs 35.35, a premium of 35.96% over the issue price of Rs 26 on the BSE. DCB offered 7.15-crs equity shares aggregating Rs 186 crs. The issue was oversubscribed 35.68 times. It will strengthen the capital base of the bank and also help meet the capital adequacy norms under Basel II.
2.Commission earned on selling other companies' products (or third-party distribution business) is emerging as a new revenue source for many banks. The commission or fee is earned mainly through selling insurance products (both life and general) and mutual funds. HDFC Bank, earned about Rs 200 crs through sale of insurance products and mutual funds.
3. 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%).
4. 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%)
5. Development Credit Bank (DCB) is to double its balance sheet size by March 2008.
6. 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.
7.Morgan Stanley and Fidelity picked up over a 10% stake in Development Credit Bank which made its debut on the bourses recently.
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.
2.Commission earned on selling other companies' products (or third-party distribution business) is emerging as a new revenue source for many banks. The commission or fee is earned mainly through selling insurance products (both life and general) and mutual funds. HDFC Bank, earned about Rs 200 crs through sale of insurance products and mutual funds.
3. 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%).
4. 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%)
5. Development Credit Bank (DCB) is to double its balance sheet size by March 2008.
6. 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.
7.Morgan Stanley and Fidelity picked up over a 10% stake in Development Credit Bank which made its debut on the bourses recently.
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.
