Tags:
Journalism of Courage
State Bank of India,Indias largest commercial bank,has posted a flat,but better-than-expected,net profit of Rs 2,479 crore during the October-December period as compared with Rs 2,478 crore a year earlier. A rise in yields on government bonds in the quarter,in contrast to a sharp fall in yields a year earlier,has hit banks treasury income.
ICICI Bank,the second largest lender,last week posted a 13.4 per cent fall in quarterly profit due to the drop in treasury income,but it said credit quality was improving as conservative lending policies and a strong rebound in activity slowed the rise in loan defaults.
SBI said chairman OP Bhatt said the bank would not be impacted even if the Reserve Bank of India (RBI) ups its cash reserve ratio (CRR) by 25-50 basis points in its monetary policy review on January 29 as it has a surplus liquidity of Rs 75,000 crore for the third quarter.
The public sector bank said its treasury income for Q3 FY 10 has fallen by Rs 234-crore while there has been an increase in non-performing assets (NPAs). Net interest margins (NIM) for the quarter stood at 2.82 per cent as compared to 2.42 per cent in the September quarter. Net interest income (NII) increased by 9.69 per cent in the third quarter of 2009-10 Total interest income marginally rose to Rs 17,780 crore from Rs 17,080 crore. Deposits of the bank went up by Rs 78,063 crore despite shedding of bulk deposits of Rs 72,802 crore,resulting in a YOY growth of 11.26% to Rs 7,70,985 crore in December 2009. Gross advances were up by Rs 97,581 crore,a growth of 19.15% to Rs 6,07,154 crore in December 2009. Gross NPAs (or bad loans) rose by Rs 14,85 crore to Rs 18,861 crore.
HCL Tech net plunges 20.5 pc on forex loss
The fourth largest software exporter HCL Technologies today posted a 20.5-percentage points decline in its second quarter net profit at Rs 297 crore on a year-on-year basis due to other income,direct costs and forex losses. There was a one-time other income of Rs 120 crore in the Q2 of last fiscal. The decline in the net profit is on account of this,company CFO Anil Chanana said today announcing the October-December 2009 results.
M&M posts Q3 profit at Rs 413.7 cr on low base
Helped by a healthy growth in both automotive and farm equipment segments and a low base level,auto major Mahindra & Mahindra today reported a profit of Rs 413.70 crore for the third quarter. While the lower base for the third quarter last year has an impact on profits… the financial results of the company for the quarter are nevertheless outstanding largely due to a strong sales performance by both Automotive and Farm Equipment sectors, it said.
Hero Honda profit up
78 pc on good sales
The countrys largest two-wheeler maker Hero Honda today reported a huge 78.34 per cent jump in its third quarter net profit at Rs 535.77 crore on the back of a quarterly sales volume of over a million units,and said it may go in for a new facility soon. It had a net profit of Rs 300.42 crore in the corresponding quarter last fiscal,Hero Honda Motors said in a statement.
