State Bank of Patiala reported a net profit of Rs 362 crore for the half year ended 30th September, up 31.22 % from a year ago. The bank's aggregate business grew by 16.6 % annually to reach Rs 1,47,997 crores. Deposits recorded yearly growth of 13.55 % during the first six months of the fiscal and gross advances posted a growth of over 20.88 %. The bank has opened 16 new branches during the first half of this financial year, taking its tally to 1,071 branches. The bank is planning to open 30 new branches during the October-December, it said in a statement. The bank has decided to open 129 new automated teller machines (ATMs) this financial year.
CUB net up 3.73%, gross NPA at 1.24%
City Union Bank (CUB) has posted a 3.73% rise in its net profit to R80.42 crore for the second quarter against R77.53 crore in the same quarter last fiscal. The total income went up by 29.5% to R596.04 crore from R460.24 crore. While deposits grew 20.15% to R17,689 crore from R14,722 crore, advances rose 26.76% to R13,437 crore from R10,600 crore. The net interest margin stood at 3.33% and gross NPA was at 1.24%.
Shriram Life new low premium plan
Shriram Life Insurance Company Limited, a joint venture between Shriram group and Sanlam of South Africa, on Monday announced the launch of Shriram Life New Money Back Term Plan'. It is a non-linked, non-participating assurance plan designed to provide an affordable life cover while returning all the premiums to the policyholder at the completion of the policy term.
RCap manages Nippon funds
Taking forward its partnership with Nippon Life, Reliance Capital Group has begun managing the funds of Japanese financial services giant for investments in India. Nippon Life, which holds 26 per cent stake each in Reliance Life Insurance and Reliance Capital Asset Management Company (RCAM), has made its first investment in RCAM equity funds as part of an expanded partnership between the two groups, RCAM said in a statement. Both Reliance Life and RCAM are part of Anil Ambani-led Reliance group's financial services arm Reliance Capital. RCAM said the investment from Nippon Life Insurance (NLI) has further strengthened their partnership, but did not disclose the amount.
SBI to accept cheques as per new norms
State Bank of India said it will from January 1 accept only those cheques which conform to new standards. The step has been taken as per the direction of the RBI. SBI has asked all its branches to issue only with uniform features conforming to CTS 2010 standard cheques to their customers. All other banks including private sector and foreign banks have also started the process of phasing out of non-CTS cheques for migration to this system.