SBI Life Insurance on Thursday said it has clocked a profit of Rs 82 crore in the third quarter this fiscal, while for the first nine months ended December 2009, the insurer posted a net profit of Rs 199 crore. Total premium collection in the first nine months stood at Rs 6,087 crore, up 32% , according to a company release. New business premium grew 19% to Rs 4,392 crore during the period. Reflecting its superior efficiency in its business operations, the company maintained the lowest expense to GWP (gross written premium) ratio in industry of 7.99, the release said.
Dena Bank PAT drops 4%
Dena Bank has registered a 4.1% dip in its net profit to Rs 134.52 crore for the December 2009 quarter from Rs 140.36 crore recorded in the corresponding period of the previous fiscal. Total income increased 5.08% to Rs 1,149.04 crore (Rs 1093 crore). While deposits grew 30.68% to Rs 47,844 crore, advances increased 20.39% to Rs 30,924 crore during the period. Currently, CASA deposits comprises of 23.81% of total deposits. While we are looking at maintaining the deposit growth at 31%, the credit growth is likely to grow by 20% by the end of the fiscal. We are planning to raise Rs 1,300 crore over a period of three years from now, said DL Rawal, CMD of Dena Bank.
YES Bank raises $225 million
YES Bank on Thursday said it has raised $225 million (Rs 1,033.87 crore) through a qualified institutional placement. The bank is issuing 3.8 crore shares at Rs 269.5 crore per share through the issue, according to a bank release. With this, the overall capital adequacy of the bank currently stands at 20% while Tier I Capital Adequacy is at 13%. The issue was significantly oversubscribed on strong demand from Foreign Institutional Investors (FII) and domestic mutual funds, the bank said.