1.Syndicate Bank reported a 33.5% increase in net profit for the financial year 2006-07 at Rs 716 crs. The bank's board has recommended a final dividend of 13% for the financial year 2006-07. This would take the total dividend for the year to 28% inclusive of the interim dividend of 15%. The profits were driven by the 40% gallop in advances. Advances were Rs 52,839 crs against Rs 37,660 crs the previous year. The increase in advances with the rise in yield on assets by 56 bps over FY06 helped the bank report a top line of Rs 6,659 crs against Rs 4,612 crs. Interest income, as a result, rose to Rs 6,040 crs (Rs 4,050 crs).
2. Driven by a strong growth in net interest income, Kotak Mahindra Bank's net profit increased by about 7.55 to Rs 37.3 crs in the fourth quarter ended March 31, 2007, from Rs 34.7 crs in the corresponding year-ago quarter. The profit growth would have been higher but for higher provisions amounting to Rs 31.7 crs in the fourth quarter. Operating profit was more than 50% higher at Rs 95.9 crs (Rs 62 crs). The net interest income increased to Rs 204.7 crs (Rs 116.9 crs) while other income rose to Rs 87.5 crs (Rs 76.5 crs). Net interest margin for the quarter was around 4.5%. Total income increased to Rs 521.07 crs (Rs 293.45 crs).
3. RBI has asked non-banking financial institutions (NBFCs) not to grant any loan, or non-fund based facility to its directors, their relatives or to any firm in which any of its directors have interest to obviate conflict of interest in lending operations. This forms part of the corporate governance guidelines issued by the RBI to NBFCs.
4. Standard Chartered Bank is seeing a jump in the transactions taking place through the electronic mode. In 2004, around 45% of the transactions took place through the electronic mode while around 56% were done manually. In 2006, the number has jumped with 67% of the transactions taking place electronically and just 33% being put through the manual route. While the volume of transactions has doubled, the staff or headcount required for them has halved.
5. Buoyed by a strong growth in net interest income and fee-based income, Union Bank of India has posted a 57.24 % increase in net profit at Rs 228 crs for the fourth quarter ended March 31, 2007, against Rs 145 crs for the corresponding quarter of the previous year. Net interest income grew 40.80% to Rs 842 crs (Rs 598 crs). The net interest margin in the quarter increased to 3.52% (2.80%). Non - interest income increased to Rs 242 crore (Rs 174 crs). Total income went up 33.85% to Rs 2,337 crs (Rs 1,746 crs).
2. Driven by a strong growth in net interest income, Kotak Mahindra Bank's net profit increased by about 7.55 to Rs 37.3 crs in the fourth quarter ended March 31, 2007, from Rs 34.7 crs in the corresponding year-ago quarter. The profit growth would have been higher but for higher provisions amounting to Rs 31.7 crs in the fourth quarter. Operating profit was more than 50% higher at Rs 95.9 crs (Rs 62 crs). The net interest income increased to Rs 204.7 crs (Rs 116.9 crs) while other income rose to Rs 87.5 crs (Rs 76.5 crs). Net interest margin for the quarter was around 4.5%. Total income increased to Rs 521.07 crs (Rs 293.45 crs).
3. RBI has asked non-banking financial institutions (NBFCs) not to grant any loan, or non-fund based facility to its directors, their relatives or to any firm in which any of its directors have interest to obviate conflict of interest in lending operations. This forms part of the corporate governance guidelines issued by the RBI to NBFCs.
4. Standard Chartered Bank is seeing a jump in the transactions taking place through the electronic mode. In 2004, around 45% of the transactions took place through the electronic mode while around 56% were done manually. In 2006, the number has jumped with 67% of the transactions taking place electronically and just 33% being put through the manual route. While the volume of transactions has doubled, the staff or headcount required for them has halved.
5. Buoyed by a strong growth in net interest income and fee-based income, Union Bank of India has posted a 57.24 % increase in net profit at Rs 228 crs for the fourth quarter ended March 31, 2007, against Rs 145 crs for the corresponding quarter of the previous year. Net interest income grew 40.80% to Rs 842 crs (Rs 598 crs). The net interest margin in the quarter increased to 3.52% (2.80%). Non - interest income increased to Rs 242 crore (Rs 174 crs). Total income went up 33.85% to Rs 2,337 crs (Rs 1,746 crs).
