OBC net up 48%

Written by Bureaus | Hyderabad, Bangalore, Mumbai, Jul 30 | Updated: Jul 31 2007, 04:55am hrs
Keeping in line with the industry performance, Oriental Bank of Commerce (OBC) recorded a jump of 48.03% in the net profit at Rs 139.18 crore for the quarter ended June 30, compared to Rs 94.02 crore for the year ago period. Total income of the bank increased by 28.86% at Rs 1,680.34 crore in the first quarter of 2007-08 as compared to Rs 1,304.02 crore in the corresponding period last year, the bank said in a release. Deposit base of the bank rose 18% to Rs 64,511 crore as on June 30, from Rs 54,506 crore a year ago while its advances book grew by 24% to Rs 45,114 crore as against Rs 36,449 crore. In the same quarter, net interest margin of the bank went up to 3.06% from 2.95% a year ago.

OBCs asset quality improved further as reflected in the decline in gross non-performing assets to 3.30% as on June 30, 2007, from 5.61% in the same period a year ago. Going forward, the bank plans to exceed business level of Rs 1,29,000 crore during 2007-08 with a growth rate of over 18%, the press release said. Also, it said OBC plans to take forward its life insurance venture.

The banks capital to risk weighted ratio as on June 30, 2007 improved at 13.85% from 12.10% as on June 30, 2006.

Syndicate Bank net up 22%

Syndicate Bank posted a 22.4% growth in net profit for the first quarter of the current fiscal to Rs 221.03 crore as against Rs 180.58 crore during the corresponding period of the previous year. With growth in interest income, the total income also went up by 47.33% to Rs 1,999 crore. The banks net interest margin was 2.75%, while the net NPA ratio was 0.82%. We have done a cash recovery of Rs 115 crore in Q1 as against Rs 103 crore during the same period in the previous year, the banks chairman and managing director C P Swarnkar said here on Monday. The capital adequacy ratio of the bank at the end of June quarter was 12.62%.

Meanwhile, the bank has got the mandate to go in for a follow-on public issue and may do so in the current fiscal. The bank is also evaluating other options like raising hybrid capital, upper Tier-II capital and sub-ordinate debt, Swarnkar said. We have to look at the costing, market scenario and appetite. It all depends on the market trend, he said. The bank is expected to raise Rs 650-700 crore through a follow-on public issue and post issue, the government stake in the bank would come down to 57% from 66.34%.

BNP Paribas Net up 233%

French banking major BNP Paribas India operations posted an impressive 233% growth in net profit to Rs 63.6 crore for the year ended March against Rs 19.1 crore for year ended March 2006. Its total income grew 49% to Rs 440 crore from Rs 296.1 crore a year ago. Net interest income as on March 31, rose by 19% to Rs 130.6 crore from Rs 110.1 crore on the back of strong growth in the customer advances. Income from other sources went up 88% to Rs 137 crore from Rs 72.9 crore. The bank attributes its performance to reorganisation in business into two key business lines viz corporate & investment banking and private banking, the bank said in a release.

Andhra Bank profit up 21%

Andhra Bank has posted a net profit of Rs 141.09 crore during the quarter ended June 30, as against Rs 116.41 crore in the same period previous year, registering a growth of 21.20%. Total income of the bank including other income stood at Rs 1,101.91 crore (Rs 844.44 crore).

Operating profit during the period was Rs 223.36 crore compared to Rs 188.97 crore, an increase of 18.20%. Total business was up by 24.82% at Rs 68,466 crore (Rs 54,852 crore). Of this, Rs 40,759 crore was total deposits and Rs 27,707 crore advances. The capital adequacy ratio during the period was 12.49%. Gross non-performing assets stood at Rs 420.73 crore which is about 1.52% of gross advances, while net NPAs were Rs 51.17 crore, representing about 0.19% of net advances.