Friday, May 16, 2003
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Syndicate Bank has declared a dividend of 15 per cent, following its encouraging performance during the year ended March 31, 2003. The dividend payment in the previous year was 12 per cent. The net profit has risen to Rs. 344.13 crores from Rs. 250.55 crores. The Chairman of the bank, Michael Bastian, said the operating profit has increased to Rs. 618.79 crores from Rs. 355.24 crores. The bank, he mentioned, had come under the regular tax liability for the first time after over a decade, but for which the net profit would have been around Rs. 112 crores. Mr. Bastian said that the global business reached Rs. 47,687 crores from Rs. 44,058 crores, with savings bank deposits increasing by over Rs. 1,100 crores (a growth rate of 15 per cent). Net interest income has increased to Rs. 1,210 crores from Rs. 1,107 crores. The gross NPA ratio had come down marginally from 8.37 per cent to 8.34 per cent and net NPA from 4.63 per cent to 4.29 per cent. The capital adequacy ratio stood at 11.03 per cent. The bank, he said, had signed a memorandum of understanding with three other public sector banks to share about 1,000 ATMs and Syndicate Bank would be accounting for about 200 ATMs.
Lakshmi Vilas Bank
Lakshmi Vilas Bank has reported a 13.04 per cent rise in net profit at Rs. 34.16 crores in the 12 months ended March 31, 2003 against Rs. 30.22 crores. A. Krishnamoorthy, Chairman and Chief Executive Officer of the bank said the bank was going in for raising Tier-II capital possibly in June for mobilising Rs. 50 crores and discussions were being held with arrangers in this regard. Besides, discussions were on with rating agencies to get the instruments rated. Total income was Rs. 355.21 crores against Rs. 357.48 crores, the share of interest earned being Rs. 270.98 crores (Rs. 271.50 crores) and other income Rs. 84.23 crores (Rs. 85.97 crores). Provisions and contingencies were lower at Rs. 45.89 crores (Rs. 47.14 crores). Investments have crossed Rs. 1,000 crores. Total business of the bank has crossed the Rs. 4,500 crore-mark and has risen by 12 per cent to Rs. 4,610 crores. The bank has maintained the dividend at 50 per cent.
Lord Krishna Bank
The Kerala-based Lord Krishna Bank has made impressive strides and has notched up a net profit of over Rs. 23 crores 2002-03. The bank chairman, R M Nayak, said deposits had increased from Rs.1502 crores to Rs.1663 crores. The net advances have increased from Rs. 826 crores to Rs. 915 crores. The bank has drawn up ambitious plans for business growth in the coming year and the business levels ( deposits and advances) are expected to go up to Rs. 4,800 crores in the coming year. The bank is focusing on retail business and efforts are on to double the customer base and the business level per staff member. Itis also planning to reduce the non-performing assets level by 2 per cent (last year it stood at Rs. 47 crores) as proportionate to net advances. Orchid Chemicals Orchid Chemicals and Pharmaceuticals has reported higher turnover and profits in the 12 months ended March 31, 2003. The turnover and operating income has increased to Rs. 541.41 crores from Rs. 425.52 crores in 2001-02. Other income amounted to Rs. 1.11 crores (Rs. 75.32 lakhs). The profit, before depreciation and interest charges is higher at Rs. 109.63 crores against Rs. 92.62 crores. The net profit after taxation has spurted to Rs. 19.54 crores from Rs. 6.31 crores. The directors have recommended a dividend of 40 per cent. The performance in the quarter ended March 31, 2003 was encouraging. The company achieved a gross profit of Rs. 39.49 crores on a turnover of Rs. 194.96 crores as compared to Rs. 23.51 crores and Rs. 147.17 crores respectively in the same period in the previous year. It achieved a net profit of Rs. 10.02 crores against a loss of Rs. 4.12 crores.
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