IOB's higher operating profit in Q3

Indian Overseas Bank has achieved an operating profit of Rs. 106.52 crores in the quarter ended December 31, 2000 against Rs. 72.64 crores in the corresponding period in 1999-2000. Total income has risen to Rs. 787.90 crores from Rs. 708.87 crores. Of which interest income was higher at Rs. 712.96 crores against Rs. 640.48 crores. Other income accounted for Rs. 74.94 crores (Rs. 68.39 crores). After adjusting provision and contingencies to the extent of Rs. 65.77 crores against Rs. 2.07 crores, the net profit was lower at Rs. 40.75 crores against Rs. 70.57 crores.

For the nine months ended December 31, 2000, the bank had made a provision of Rs. 89.77 crores against only Rs. 5.06 crores in the corresponding period in the previous year. The higher allocation relates to non-performing assets, depreciation on investments. Even after making this higher provision, the net profit was higher at Rs. 165.33 crores against Rs. 128.82 crores. Total income has risen to Rs. 2,278.11 crores from Rs. 2,014.02 crores. Interest earned during the period was higher at Rs. 2,071.14 crores against Rs.1,834.92 crores. Other income accounted for Rs. 206.97 crores against Rs. 179.10 crores. The earnings per share on higher equity capital of Rs. 444.80 crores work out to Rs. 3.72 per share. The EPS in the corresponding period on equity of Rs. 333.60 crores was Rs. 3.86.

Global deposits have surpassed the Rs. 25,000 crore mark to Rs. 25,207 crores. Net advances aggregated to Rs. 12.667 crores. Gross non-performing assets have declined to 12.77 per cent from 13.2 per cent and net NPA to 7.46 per cent from 7.60 per cent.

Bank of Baroda

Bank of Baroda has posted encouraging results for the third quarter of 2000-2001. The operating profit has risen to Rs. 286.79 crores from Rs. 255.85 crores. Total income is higher at Rs. 1,581.74 crores against Rs. 1.430.26 crores in the corresponding period in 1998-99. After making provision and contingencies and taxation, the pet profit has increased to Rs. 150.79 crores from Rs. 131.85 crores. For the nine months ended December 31, 2000, the total income was Rs. 4,727.78 crores against Rs. 4,238.48 crores and the operating profit Rs. 837.24 crores against Rs. 721 crores. After making provision for contingencies and taxation, the profit after tax has risen to Rs. 429 crores from Rs. 372 crores.

On business growth, bank has recorded a 14.42 per cent year-on- year rise in working funds. Global deposits of the bank reached a level of Rs. 52,812 crores.

Bank of India

Bank of India has reported an increase of 82.86 per cent in net profit at Rs. 128 crores for the third quarter ended December 31, 2000 Interest earned is up by 15.34 per cent at Rs. 1,353 crores in Q3 against Rs. 1,173 crores in the same period of last year, BoI said in a statement here. Other income accounted for Rs. 180 crores (Rs. 164 crores).

For the nine months ended December 31, 2000, the net profit was up by 55.11 per cent at Rs. 273 crores against Rs. 176 crores while interest earned was Rs. 3,910 crores (Rs. 3,502 crores). Net NPA ratio declined to 7.33 per cent from 7.83 per cent for the nine months, it added.

Lakshmi Vilas Bank

Lakshmi Vilas Bank has reported a net profit of Rs. 6.56 crores during the third quarter of the current fiscal. Total income has risen by Rs. 5.03 crores to Rs. 74.75 crores. Interest income has improved by Rs. 5.72 crores to Rs. 63.68 crores.

The net profit for the nine months ended December 31, 2000 was Rs. 17.05 crores against Rs. 15.25 crores. Total income grew to Rs. 220.75 crores from Rs. 194.79 crores. Interest income was higher by Rs. 22.59 crores at Rs. 184.68 crores. Other income also increased by Rs. 3.37 crores to Rs. 36.06 crores.

Deposits stood at Rs. 2,014.60 crores and gross advances at Rs. 1,371.36 crores, a growth of 18.1 per cent 33.6 per cent respectively.

Bank of Madura

Bank of Baroda has registered a higher net profit of Rs. 15.27 crores in the quarter ended December 31, 2000 against Rs. 8.02 crores in the corresponding period in 1999- 2000. Total income was higher at Rs. 125.57 crores against Rs. 108.60 crores. Interest income accounted for Rs. 101.69 crores (Rs. 89.46 crores). Other income amounted to Rs. 23.88 crores (Rs. 19.14 crores. The profit, before provisions, has risen to Rs. 29.43 crores from Rs. 17.09 crores. Provisions, including income tax, was Rs. 14.16 crores against Rs. 9.07 crores.

For the nine months ended December 31, 2000, total income was Rs. 372.39 crores against Rs. 326.33 crores. The profit, before provisions of Rs. 39.74 crores (Rs. 24.05 crores) was higher at Rs. 81.25 crores against Rs. 53.08 crores and the net profit at Rs. 41.51 crores against Rs. 29.03 crores.

City Union Bank

City Union Bank has achieved a total income of Rs. 157.13 crores in the nine months ended December 31, 2000 against Rs. 152.50 crores with interest income accounting for Rs. 138.64 crores against Rs. 130.27 crores in the same period in the previous year.

After allocating Rs. 20 crores (Rs. 21.08 crores) towards provisions and contingencies, Rs. 95.63 crores (Rs.97.64 crores) towards interest expenses and Rs. 24.60 crores (Rs. 21.06 crores) for operating expenses, the net profit has risen to Rs. 16.91 crores against Rs. 12.72 crores, an increase of 32.9 per cent. Net earnings work out to Rs. 7.05 against Rs. 5.30 in the same period last year.

Provisions and contingencies included provisions for non- performing assets, investments, standard assets and income tax on an estimated basis.

Send this article to Friends by E-Mail

Section  : Business
Previous : Procter & Gamble's H1 net at Rs. 44.97 cr.