Mumbai, (Ajay Rawal) : Public sector lender Bank of India ‘s net profit rose tad higher than expected 71.5% year-on-year to Rs 887.4 crore in the first quarter of FY13. Analysts had a forecast of Rs 867 crore.

The Bank CMD Mr Alok K Misra told mediapersons here today that,” The bank disappointed the street on every count barring net profit and provisions. Net interest income increased less than expected 11% to Rs 2,044 crore in the quarter as against analysts’ estimate of Rs 2,430 crore. Gross non-performing assets (NPAs) went up by 22 basis points quarter-on-quarter to 2.56% and net NPAs too rose by 22 basis points to 1.69% during the same period.

He further stated, “Provisions were lower during June quarter at Rs 472.2 crore as compared to Rs 567.2 crore in the previous quarter. Capital adequacy ratio declined by 53 basis points to 11.42% versus 11.95% QoQ.” 

Total income has gone up 17.23% to Rs 85.50 billion for the quarter ended June 30, 2012 from Rs 72.94 billion in the year ago period.

Interest earned during the quarter ended June 30, 2012 was at Rs 77.09 billion as compared to Rs 66.34 billion for the quarter ended June 30, 2011, representing an increase of 16.21%.

Net NPA was at 44.13 billion for the quarter ended June 30, 2012, as compared to Rs 26.90 billion for the quarter ended June 30, 2011, representing an increase of 64.09%.

Capital Adequacy Ratio (CAR) under Basel II of the bank is at 11.42% as on June 30, 2012 as compared to 11.57% as on June 30, 2011.

Photo Caption

Shri Ajai Kumar, Chairman and Managing Director, Corporation Bank announcing the Performance Highlights for the Quarter Ended 30^th June 2012 in the presence of Shri Ashwani Kumar, Executive Director of the Bank.

Mumbai, (Ajay Rawal) : The Net profit of the Corporatino Bank for the Quarter [Q1] ended June 12 increased to Rs 370.26 crore as against  351.45 crore for Q1 of previous fiscal recording an increase of Rs 18.81crore [+5.35%].
Shri Ajai Kumar, Chairman and Managing Director, Corporation Bank,told mediapersons here today, “  Operating Profit:The operating profit of the Bank for the Quarter [Q1] ended June’12 was at Rs 669.86 crore as against RS 553.19 crore for Q1 of previous fiscal recording an increase of Rs 116.67 crore [+21.09%].  Earnings per share was at Rs 100 for the quarter ended 30.06.2012 as against R 94.90 for Q1 of FY 2011(annualized). Book Value per Share rose to Rs 583.69 as compared to R 505.59 as at June 2011. Return on Equity was at 17.50% and ROA works out to 0.97%. (both annualized).Total Business of the Bank as on 30.06.12 stood at  Rs 232,649 crore as compared to Rs 196,686 crore as at June 2011. The total business increased by Rs 35,963
crore with a growth rate of 18.28% on y-o-y basis. Business per employee has gone up from Rs 15.15 crore as at 30.06.2011 to Rs 16.68 crore as at 30.06.2012.Business per Branch has improved from Rs 144.41 crore as at 30.06.2011 to Rs 149.70 crore as at 30.06.2012.Deposits of the Bank increased to Rs 134,103 crore as at 30.06.12 from
Rs 117,782 crore as on 30.06.11 recording a growth of 13.86% on y-o-y basis. The y-o-y growth in Advances was 24.89% from Rs 78,904 crore as on June11 to Rs 98,546 crore as at 30.06.12. The Credit Deposit ratio stood at 73.49%. Agricultural advances of
Rs 7,212 crore as at compared to Rs 5,961 30.06.11 showing y-o-y.SME advances of the Bank stood at Rs 14,664 crore as at the end of June 12 as against Rs 11,925 crore as at June 11, showing y-o-y growth of 23%. Yield on Advances: Yield on advances
increased to 11.62% p.a. for the quarter ended June 12 as compared to 11.15% as
at June 11.
He further stated, ” During Q1 of current financial year, the total income stood at Rs 3,978.23 crore in comparison with Rs 3,244.79 crore in Q1 of previous fiscal showing an increase of Rs 733.44 crore [+22.60%].On comparison with Q1 of 2011-12, the interest income increased by Rs 672.30 crore from Rs 2,978.32 crore to reach `3,650.62 crore [+22.57%] during Q1 of 2012-13. Similarly, the Non-interest income reached to Rs 327.61 crore as at 30.06.2012 as compared to Rs 266.47 crore during Q1 of previous financial year recording a growth of +22.95%. The Net interest Income [NII] for Q1 of 2012-13 was at Rs 808.43 croreas compared to Rs 707.56 crore during Q1 of previous financial year recording a growth of +14.26%. The fee based income for Q1 of 2012-13 was at Rs 206.66 crore as compared to Rs 186.26 crore during Q1 of previous financial year recording a growth of +10.95%.”

Key Ratios
Cost to Income Ratio: The Cost to Income ratio improved to 41.04% for the
quarter ended June 2012 as compared to 43.21%during the Q1 of previous year. The
employee cost to income ratio was at 21.04% and other operating cost to income ratio
was at 20.00% as at 30.06.2012.
Net Interest Margin: The Interest Spread to average interest bearing assets as at
30.06.2012 was at 2.29%.
The Net Profit per employee was at `10.62 lakhs and the Net Profit per Branch
was at `95.31 lakhs as at 30.06.2012. (annualized).
The Bank’s network has spread across 6223 functional Units spread across 26 States
and 3 Union territories. The Bank has 2 representative offices at Dubai & HongKong.
1554 Branches, 1279 ATMs &3390 Branchless Banking Units as at 30.06.2012
During the quarter, the Bank opened 54 Branches across the country.
New Initiatives
Corporation Bank, with a view to catering to the SME segment in a big way,
declared open exclusive SME Loan centres in Eight Cities across the country.
Corporation Bank has facilitated Online Opening of Deposits to its Retail and
Corporate Customers through CorpNet – Internet Banking Platform.
Corporation Bank has undertaken Financial Inclusion program for Self Help Groups
(SHGs) in Belguam & Tumkur Districts in Karnataka State under which 80000 SHGs
will be formed.

MUMBAI: (Ajay Rawal) Public sector leading bank, Bank of Baroda today reported 10.26 per cent rise in net profit at Rs 11.39 crore for the first quarter ended June 30.

The Bank CMD Mr M D Mallya told mediapersons here today, “Total income of the bank during the reporting quarter rose to Rs 93.28 crore, from Rs 72.73 crore over the same period a year ago. While operating expenses of the bank grew to Rs 13.15 crore from Rs 11.76 crore a year earlier, tax expenses came down to Rs 2.08 crore from Rs 3.94 crore a year ago.
He further stated, “The bank had assets worth Rs 4,542.54 crore as on June 30, 2012, up from Rs 3,698.31 in the corresponding period a year ago.The Bank’s total business expanded by 22.6 per cent on y o y to Rs 6,68,552 crore in Q1, FY13 . Out of this,total deposits incrased by 22.3 per cent (y o y) to Rs 3,82,739 crore, whereas total advances increased by 23.0 per cent(y o y) to Rs 2,85,813 crore in Q 1 FY 13. Domestic CASA deposits share stood at the decent level 32.23 per cent in terms of Total Deposits and 33.72 per cent in terms of Core Deposits despite continuation of elevated returns on term desposits.The Bank’s Retail Credit increased by 6.43 (y o y) to Rs 32,922 crore and formed 16.5 per cent of the Gross Domestic Credit of the Bank as June 30,2012.While the Bank’s Farm Credit grew by 19.7 per cent ( y o y) to Rs 27,774 crore, its Credit to MSME sector grew by 21.1 per cent (y o y) to Rs 34,346 crore.”
Shares of the bank were being quoted at Rs 670 a piece on the BSE during late afternoon trade, up 3.14 per cent from the previous close.

~ Premieres August 6, 2012 on Sony Entertainment Television ~

Mumbai, (Ajay Rawal) : Love marriage Vs Arranged marriage is a point of view on which India has always agreed to disagree. Everybody has a point of view on the subject and Sony Entertainment Television (SET) with their latest fiction show ‘Love Marriage Ya Arranged Marriage’ takes this argument forward and looks at this concept through the story of two best friends, the principle protagonists who are polar opposites in their attitudes and belief and have a definite point of view on the subject.

Introducing Mansi (Samaira Rao) – who will marry whoever her parents choose for her and Shivani (Rishika Mihani) – who only believes in love marriage. Produced by Sphere Origins Multivision Pvt. Ltd and written by acclaimed Bollywood writer Kamlesh Pandey the show traces the journey of these two friends who are diametrically opposite in their beliefs about marriage, yet share the same desire to have a happy and content marriage. The debate is on and as the story evolves  perhaps along with the two friends, the country will also get an answer.
Speaking on the launch, Mr. N P Singh, COO, Multi Screen Media said, “Sony Entertainment Television has been committed to bring differentiated programming and offer a diversified bouquet of entertaining shows to the audience. Our latest offering ‘Love Marriage Ya Arranged Marriage’ is a  show with an extremely relatable theme and identifiable characters.  We are sure that audience will love this show and it will strengthen our hold in the fiction domain along with our already popular shows ‘Bade Achhe Laggte Hai’, ‘Kuch Toh Log Kahenge’ and ‘Saas Bina Sasural’.”
Ms. Sneha Rajani, Senior EVP and Business Head Sony Entertainment Television said “It has always been our endeavour at SET to present the finest content to our viewers by collaborating with some of the finest creative minds of the industry. ‘Love Marriage Ya Arranged Marriage’ is produced by Sphere Origins Multivision Pvt. Ltd, acclaimed for producing differentiated content on television. This show is based in Udaipur and has a compelling story line which is relevant in our society in today’s age.”
Mr. Sunjoy Waddhwa, CMD, Sphere Origins Multivision Pvt. Ltd said, “‘Love Marriage Ya Arrranged Marriage’ is a show about two friends who share different views on marriage. The show projects two different ideologies on marriage that prevail in our society without taking either side. Through this show we are trying to convey that whether love or arranged, marriage is an everyday partnership; sometimes you need to arrange the love, at other times you have to love the arrangement.”

Speaking on the occasion Sachin also said about his love and passion for BMW car and how he purchased his first car.

The Bank CMD Ms Nupur Mitra told mediapersons here today, ” The total income during the period rose to Rs 2,278.85 crore, up from Rs 1,652.53 crore a year earlier.
Bank’s operating profit in the first quarter rose to Rs 457.92 crore, up from Rs 307.74 crore in the same period last year. Net interest income, the difference between interest earned and interest expended, grew by 37 per cent to Rs 612 crore from Rs 447 crore. The capital adequacy ratio of the Mumbai-based bank reduced to 12.35 per cent from 13.14 per cent.

She further stated, ” Gross NPA (non-performing assets) ratio, a measure of asset quality, deteriorated a bit to 1.8 per cent in the April-June period from 1.86 per cent a year ago.The Bank said that it will focus on micro-, medium and small enterprises to fuel credit growth.

Mumbai, (Ajay Rawal) : Central Bank of India  today posted 20 per cent rise in net profit at Rs 335.95 crore for the first quarter of 2012-13.The bank had net profit of Rs 280.78 crore during the April-June quarter of 2011-12.

Its total income has increased from Rs 3,657.97 crore for the quarter ended June 30, 2010 to Rs 4,840.14 crore for the quarter ended June 30, 2011.

Shri M.V. Tanksale, Chairman & Managing Director, Central Bank of India told mediapersons here today, ” Total Business of the Bank increased to Rs. 351221 crore as at June 2012 compared to Rs.311929 crore as at June 2011, registering y-o-y growth of 12.60%.  Total Deposits reached to Rs. 196977 crore in June 2012 from Rs. 185885 crore as at June, 2011 showing a y-o-y growth of 5.97 %. CASA percentage improved to 32.89% in June 2012 as against 32.58 % in June 2011. Gross Advances of the Bank grew by Rs. 28200 crore i.e. to Rs. 154244 crore in June 2012 from Rs. 126044 crore in June 2011, registering a Y-o-Y growth of 22.37 %. Agriculture Advances increased by 20.67% to Rs. 19782 crore in June, 2012 from 16394 crore in June, 2011. MSME Advances registered y-o-y growth of 19.02% to Rs. 15735 crore in June, 2012 from Rs.13221 crore of corresponding quarter. Retail Loans showed substantial growth of 35.84% on y-o-y basis to Rs. 17460 crore from Rs. 12986 crore. Housing Loan portfolio of the Bank stands at Rs. 6167 crore consisting of 35% of the total Retail Portfolio.The Total Income has registered a growth of 16.22%, from Rs. 4840 crore to Rs. 5625 crore on y-o-y basis. Total Interest Income registered a growth of 16.34% from Rs. 4558 crore to Rs. 5303 crore on y-o-y     basis. Net Interest Income of the Bank registered a growth of 3.61% from Rs. 1330 crore to 1378 crore on y-o-y basis.

He further stated that, ” Non Interest Income of the Bank registered a growth of 14.18% from Rs. 282 crore 322 crore on y-o-y basis. Operating Profit of the Bank stood at Rs. 793 crore as on June 30, 2012 as compared to 792 crore as on June 30, 2011 on y-o-y basis. Bank recorded Net Profit of Rs. 336 crore as on June 30, 2012 as compared to Rs. 281 crore as on June 30, 2011, registering y-o-y growth of 19.57%. Gross NPA to Gross Advances increased from 4.87 % to 2.29 % on y-o-y basis. Net NPA to Net Advances increased from 0.87 % to 3.22 % on y-o-y basis. Average Business per Employee increased to Rs. 947 lakh in June 2012 from Rs. 882 lakh in June 2011. Net Profit per Employee increased to Rs. 3.76 lakh in June 2012 as against Rs. 3.37 lakh in June 2011.”

Mumbai, (GNS) : L&T Infotech today announced that it has selected a software Testing suite from HP to expand its global market reach that would include clients across Europe, Africa and the USA. This suite from HP will strengthen L&T Infotech’s Testing practice by offering comprehensive services with tools that allow flexibility, increase efficiency and enhance application quality.

L&T Infotech has made significant investments in its Testing services through Test labs, alliances, methodologies, solutions and tools to offer specialized Testing services to its clients worldwide.

“Clients around the globe are looking for independent service providers with deep domain experience across multiple application environments to achieve quality and to reduce the response time to market needs,” said Mr. Uday Gharpure, Head of Global Operations, L&T Infotech, “The HPsoftware testing suite will allow us to roll out a comprehensive range of new services and deliver defect-free applications to our clients.”

“As more companies turn to IT to help them innovate and stay competitive, the quality and security of software applications becomes more critical in supporting today’s business demands,” said Mr. Amit Chatterjee, Director, HP Software and Solutions, HP India. “The powerful combination of HP Performance Center and HP Quality Centre provides a comprehensive application testing and quality management solution. This enables L&T Infotech to help customers improve IT performance with secure and reliable business applications.”

Q1 Total Sanctions up by 44%, Disbursements up by 35%,

Q1 Individual Loan Sanctions up 33%, Individual loan Disbursements up 29%

Individual Loan Portfolio up by 28%, Interest Income grow 27%

Gross NPAs down from 0.84% to 0.71%

Mumbai, (GNS) : The Board of Directors of LIC Housing Finance announced its un-audited results for the first quarter ended on June 30, 2012 following its approval by the Boardof Directors in a meeting held in Mumbai on July 24, 2012. The Company has recorded a healthy growth in business during the first quarter ended June2012.
In the Individual Loan category, the Company sanctioned Rs 4900 cr , a growth of 33 % overthe corresponding period of the previous year, whereas the disbursements in that categorywas Rs 4470 cr, a growth of 29% over the corresponding period of the previous year. Inthe Developer Loan category, the Company sanctioned Rs 408 cr, as against Rs 5 cr in thecorresponding period of the previous year, whereas the disbursements in that category was Rs 321 cr, against Rs 77 cr for the corresponding period of the previous year.
The Company’s total Income including other income for the first quarter ended June 2012 wasRs.1767 crores as against Rs.1418 crores during the same period last year, a growth of 25%.Net profit for the Q1 was Rs.227.75 crores as compared to Rs.256.50 crores in thecorresponding period last year. The drop in Net profit is primarily attributable to the declinein the Developer Loan Portfolio as compared to the previous year and a lower than expectedDeveloper Loan disbursals on account of the overall economic scenario.
Net Interest Margins for the Q1 stood at 2.18% against 2.44% for the quarter ended 31 March2012, mainly on account of lower income from Developer Loans.
The Outstanding Mortgage Portfolio as on June 30, 2012 was Rs.65644 crores as againstRs.52876 crores on June 30, 2011, thus registering a growth of 24%. The Individual Loanportfolio stood at Rs 62602 cr as against Rs 48851 cr, a growth of 28%. The Developer Loanportfolio stood at Rs 3042 cr as on June 30, 2012 as against Rs 4025 cr as on June 30, 2011,a decline of 24%.
The Gross NPAs of the Company stood at 0.71% on June 30, 2012 as against 0.84% as onJune 30, 2011. Net NPAs were 0.38% as against 0.39% for the corresponding dates.
LIC Housing Finance, Director & Chief Executive, Mr. V. K. Sharma, said “Businessenvironment has been very challenging; however, we have been able to grow our newdisbursals despite the odds and are confident of maintaining a healthy growth rate forthe rest of the year. Margins have been under strain owing to the high interest rateregime and high borrowing costs that has prevailed during the quarter and a lowerDeveloper Loan portfolio. In Q1, Developer Loan disbursals have started to improve,which is likely to help increase the margins going forward. The Asset quality of theCompany continues to be good even in this environment.”