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8/7/2019 Allahabad Bank on Friday posted net profit of Rs 415
http://slidepdf.com/reader/full/allahabad-bank-on-friday-posted-net-profit-of-rs-415 1/10
Allahabad Bank on Friday posted net profit of Rs 415.80 crore for the quarter ending
December 31, up 20% from Rs 345 crore in the corresponding quarter last fiscal. CMD J P
Dua said the bank had crossed Rs 2 lakh crore in total business and that it was on course to
achieve the target of Rs 2, 20,000 crore by end of the fiscal.
Year-on-year, deposits grew 28.44% from Rs 94,164 crore on December 31, 2009 to Rs1,20,948 crore on December 31, 2010. Dua said, “We have repriced all our assets and
liabilities. We are out of short-term business for assets and are out of bulk deposits. We are
concentrating on retail term deposits and our network of 2,400 branches to grow the
business.” Bank’s net interest margin surged to 3.44%, “an all-time high” for the bank.
up 28.4% at Rs 1,068.9 crore
Bank of Baroda (BoB) has clocked a 28.39% jump in its net profit at Rs 1,068.88 crore in Q3
FY11, as against Rs 832.49 crore in the corresponding period the previous year.
The bank’s total income increased 31.13%at Rs 6,342.30 crore in the December quarter, as
against Rs 4,836.62 crore in the year-ago period. Bank’s total income grew 31.13% due to
strong core operations. The bank’s total net interest income grew 43.16% at Rs 2,292.26-
crore in the quarter as compared to Rs 1,601.23 crore in the corresponding period last year.
Its operating profit increased 46.35% at Rs 1,851.20 crore in the quarter from Rs 1,264.95
crore. The lender’s gross NPAs increased to Rs 2,770.25 crore in the quarter from 2,260.27
crore.
IOB Q3 profit soars 127.8%to Rs 232 cr
Indian Overseas Bank (IOB) has reported a 127.79% growth in its net profit at Rs 231.66
crore for...
the third quarter as against Rs 101.70 crore in the same quarter last fiscal. While total
income of the bank rose by 22.07% to Rs 3,452.86 crore from Rs 2,828.66 crore, total
business grew by 21.29% to Rs 2,25,191 crore from Rs 1,85,656 crore. Interest income
increased by 21% to Rs 3,101.64 crore.
Oriental Bank Q3 net increases by 41%
Oriental bank of Commerce (OBC) reported a 41% growth in net profit at Rs 408.25 crore for the third quarter ended December 31, 2010. The bank had a net profit of Rs 289.43 crore in
the corresponding quarter last year. During the quarter, the bank’s interest income rose to
Rs 3,032.76 crore, from Rs 2,671.59 crore, up by 13.52%. Total income of OBC increased to
Rs 3,264.17 crore.
UCO Bank profit rises 22.4%
8/7/2019 Allahabad Bank on Friday posted net profit of Rs 415
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Public sector UCO Bank is confident about maintaining a 3% interest margin even if deposit
rates...
goes up. The net interest margin of the bank in the third quarter was 3.11%
UCO Bank reported a 22.35% rise in net profit at Rs 301 crore on a total income of Rs 3,108crore for the quarter ended December 2010, against a net profit of Rs 246 crore during the
same period last fiscal. The bank’s total income grew by 19.13% compared to the income
during the corresponding period in 2009-2010.
The bank recorded 16.05% rise in deposits and 20.43% rise in advances in the third
quarter....
8/7/2019 Allahabad Bank on Friday posted net profit of Rs 415
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Jan 5
Allahabad bank is planning to raise money by the fiscal end to fundits growth plans. The bank, which has just crossed Rs 2 lakh crorebusiness, has targeted a business of Rs 2.20 lakh crore by end of the
fiscal.
“Our CAR is more than 13% at present but we will need more capitalas the business grows,” the bank’s chairman and managing director JP Dua said.
The bank already has headroom of about Rs 2,600 crore and maylook at options including tier- II bonds and innovative perpetualbonds. It already has approval of shareholders for raising Rs 1,400crore. “Whether we raise it in one shot depends on the pricing,” Duasaid. Meanwhile, it has asked for Rs 1,000 crore from the governmentand is hopeful of getting that by end of the fiscal.
Allahabad Bank has set an internal target of doubling its business innext three years. “The...
thrust will be on CASA which is around 34% at present. We will alsogrow on retail term deposits,” Dua said.
Allahabad Bank has been able to grow its business by an average of 26% during the last nine months. While deposit has grown by 25%and credit grew by 28% during the period. “We have decided to openone and a half million savings and current bank accounts. We havealready opened 10.5 lakh savings and current accounts,” Dua said.
“We will achieve the target of 1.5 million savings and current accountin next three months. That will give us a big boost as far as our resources are concerned,” he added....
8/7/2019 Allahabad Bank on Friday posted net profit of Rs 415
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3
IndusInd & LV Bank hike deposit rates
Private sector lender, IndusInd Bank, has raised interest rates for its term deposits by 25basis points. It is now offering a maximum of 9.50% for 400 days to 999 days. Similarly,
another private sector lender, Lakshmi Vilas (LV) Bank, has also raised its deposit rate by 25
basis points. It is offering a maximum of 9% for 1-3 years tenure.
Allahabad Bank to raise Rs 2,600 crore
The state-owned lender, Allahabad Bank, will be raising capital of Rs 2,600 crore under Tier-
II during the current quarter. This is apart from the capital of Rs 1000 crore, bank is
expecting from the government in the form of preferential equity under Tier-I. The bank is
expecting a credit growth of 30% for the current fiscal.
Housing Fin plans $150-cr bond sale
Housing Development Finance Corp, India’s largest mortgage lender, plans to sell at...
least $150 crore one-year bonds. The bonds will pay a 9.55% coupon.
ING Bank to sell 10-yr bonds in euros
ING Bank plans to sell 10-year senior unsecured bonds in euros. BNP Paribas SA, Deutsche
Bank and HSBC Holdings are managing the sale with ING.
Birla Sun Life’s launches new fund
Birla Sun Life Asset Management Company launched new fund offers--Capital Protection
Oriented Fund Series 3 and Series 4 offering alternative to the traditional investment options
like fixed deposits. The 36-month close-ended schemes are oriented towards protection of
the invested money by investing into high quality bonds (debt) while exploring capital growth
by investing a part of the fund in equities.
Edelweiss Insurance firm gets Irda nod
Edelweiss Tokio Life Insurance Company, a joint venture between Edelweiss Capital and
Tokio Marine, an insurance firm headquartered in Japan, has received the initial R1 approval
from Irda. This is the first step of regulatory clearances required for
carrying on the business as life insurance company in India.
8/7/2019 Allahabad Bank on Friday posted net profit of Rs 415
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M Ramsekhar is CEO of CRIS
The credit rating agency, Crisil, has appointed M Ramsekhar as CEO of its subsidiary, Crisil
Risk and Infrastructure Solutions....
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After registering a preliminary enquiry into the role of banks in 2G spectrum scam, CBI today
examined documents of some public sector banks which had given loans to some real estate
firms by side stepping laid-down procedures.
Highly-placed sources in the agency said documents of some of the banks in Delhi and
Mumbai were examined by the sleuths of CBI's Bank Securities and Fraud Cell and the
banks were asked about the files under which the loans were granted to telecom companies,
especially Uninor and STel.
Widening its probe into the 2G spectrum allocation scam, CBI has registered a PE to probe
the role of certain public sector banks, including the State Bank of India, for providing loans
to certain companies which were allocated the 2G Spectrum licenses in 2007-08.
Under the PE, which was registered against unnamed bank officials and companies, CBI canonly examine the documents and not seize them.
The allegation is that some banks had violated the laid-down norms and provided finance to
the two real estate companies which made forays into the telecom market by procuring the
spectrum auctioned during the said period, the sources said.
This is the second PE registered by CBI in connection with the 2G spectrum scam besides a
regular case against unnamed officials of the Department of Telecom and private
companies.
According to the PE, the banks sanctioned loans to the tune of Rs 11,500 crore to the two
real estate companies by allegedly ignoring risk factors, given that the Central Vigilance
Commission (CVC) had already registered a case in the 2G scam and CBI had begun its
probe.
The public sector banks had given Rs 10,000 crore to Unitech-Telenor consortium and Rs
1,538 crore to STel, based just on the licence papers issued by the Department of Telecom
(DoT).
Out of the Rs 10,000-crore loan to Uninor, a joint venture between Unitech and Telenor of
Norway, the State Bank of India sanctioned a loan of Rs 8,050 crore to the consortiumduring 2009-2010 out of which the company had picked up Rs 500 crore so far.
The other banks which gave money to Uninor were South Indian Bank, Corporation Bank,
Allahabad Bank, Canara Bank, Oriental Bank, Central Bank of India, Punjab National Bank,
Standard Chartered Bank and Yes Bank.
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STel got Rs 1538-crore loan from IDBI and IDBI Trusteeship Services Limited during the
period between July to November 2009.
In December last year, the Supreme Court had come down heavily on public sector banks
for their role in the 2G spectrum scam.
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For Sambhu, a native of the little known and barren hamlet of Kantu in Jharkhand, forget
having a bank account, even the thought of it could never dare strike him till the day it
actually happened.
Thanks to the unique identification (UID) number scheme, today Sambhu, a daily wager, is
armed with a UID number and henceforth will draw his earnings from Bank of India.
Though needless to say that Sambhu is not alone to be benefiting from this drive, its
uniqueness in Jharkhand lies in that it integrates five services: Public Distribution System
(PDS); NREGA payment; old age, widow and handicapped pension schemes; state stipend
scheme and mid-day meal.
“All these schemes cover the underprivileged. UID numbers are being given to BPL card
holders, NREGA workers, handicapped, widows, old age people, poor students, on a priority
basis,” said AP Singh, Jharkhand’s IT secretary who is responsible for developing new
modules to bring the five services under the UID ambit.
A visit to Lehna village under Ratu block reveals the excited state of being among the
villagers who are queuing up to get their eyeballs pictured and fingers imprinted.
“It took years of effort to get a voter ID card and that too came with an error in the name,
which very often puts me into trouble,” said Milisa Minz,an anganwadi sevika, after enrolling
herself under the UID. “The UID,” she said, “has a much more systemic and realistic
approach.”
“I’m told that I shall get my new number in a month and I believe I will get it since many in our
nearby village have got the same in less than a month after getting enrolled,” Minz said.
Jyotshna Singh, Ratu’s Block Development Officer (BDO), under whose jurisdiction come
villages like Lehna and Kantu, said, “Out of the block’s population of 1,26,000, 25,169 people
have got their UID numbers so far and 60% have been enrolled.
The BDO office started empaneling agencies from September 24 onwards, five days before
the scheme was officially launched in Maharashtra, “so we are quite ahead of others ingiving the UID as well as enrollment,” Singh said.
The state government has given high priority to UID, and chief minister Arjun Munda wants
the state’s entire BPL population to get their UID numbers by June-July with five services
integrated into it, Chittaranjan Kumar, Ranchi’s additional collector, also the nodal officer for
UID in the state, said.
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But AP Singh says six months was a very tight time line because PDS, one of the major
component of the integrated UID would have to be realigned.
“Linking NREGA, the pension and the stipend schemes with the UID will not be a problem
since there is an existing data base and banks are playing an important part in opening new
accounts and facilitating money transfer from concerned departments to the UID holders’bank account,” Singh said. But linking PDS and mid-day meal with UID would mean all the
ration shops (35,000) and primary schools in the state would have to be provided with
machines enabling biometric signature, against which people would draw their ration and
children their mid-day meal, Singh said, adding that tenders for roping in contractors to place
such machines would soon be floated.
“However, this would not be a huge order — not exceeding Rs 50-60 crore — and the state
will spend the entire amount since integrating the rural development programmes with UID
are not within the scheme of UIDAI,” Singh said.
But SK Sathpati, Jharkhand’s rural development secretary, who is overseeing the UID
implementation in the rural areas, said UIDAI would bear the entire cost of integrating
NREGA with the UID number scheme and that Jharkhand was pioneering the process.
“This integration will actually extend banking services to all the 4,223 panchayats in the state
with all the 259 blocks coming under core banking. This means Jharkhand will soon become
a state with the entire population having access to banking services and the state becoming
an important market for the banking sector,” Sathpati said.
Jharkhand's 140 blocks are under the coverage of core banking facilities and the state has
tied up with the State Bank of India, Bank of India, Allahabad Bank, Union Bank of India,
ICICI Bank and Axis Bank to have branches open in the blocks which don’t have a bank
branch yet. Once the branches are open, all panchayats will have a Common Service Center
(CSC), which will coordinate with the banks and NREGA workers, so instead of queuing up
in the bank branches at the block, people can withdraw against a biometric signature from
the CSCs, Sathpati said.
He said while Zoom Developers of Mumbai and UTL of Ranchi have been roped in to set up
CSCs, a global tender would be floated in 15 days to appoint a consultant to streamline the
entire mechanism. Currently, NREGA covers 38 lakh households in the state, Sathpati said.
After having rolled out in five districts – Ranchi, Dhanbad, Deoghar, Lohardaga and
Hazaribagh, UID would be rolled out in another 16 districts from February 20. However, the
menace of naxals at Chatra, Latehar and Simdega prevails and no agency has come
forward to implement UID in these districts even after two tenders were floated. “We have
floated a third modified tender for the three districts, to be opened on February 4. Let's see
the response now,” Sathpati said.