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Finance & Banking

SBI net up 20.9% in March qtr

May 18, 2012 by gunapriya_ifb

Public lender State Bank of India has reported 20.9 percent increase in net profit at Rs.4,050 crore during the quarter ended March 31, 2012. The bank profit has beat market expectation due to a lower base last year and strong demand for loans.

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Indirect Tax collection surges 10.4% in April

May 18, 2012 by gunapriya_ifb

Indian Government has collected Indirect taxes of Rs.33, 045 crore in April, an increase of 10.4% over a year. The tax collection was increased during the period due to a hike in excise duty and service tax rate.  During the Union Budget 2012-13, Government has hiked excise duty and service tax by 2% each to 12%

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Moody downgrades 26 Italy banks

May 15, 2012 by gunapriya_ifb

The rating agency, Moody Investors Service has downgraded 26 Italian Banks on Monday due to an increase in bad debts. The agency has downgraded long term debt and deposit ratings of the bank by at least one notch and maximum four notches, citing country’s recession have affected financial system of the banks and negative outlook.

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Gulf states can be a huge source of FDI: Doha Bank group chief

May 15, 2012 by gunapriya_ifb

On a recent visit to India, Mr R. Seetharaman, Group CEO, Doha Bank, shared his perspective on how the Gulf states, particularly Qatar, are a promising source of foreign capital for India. Doha Bank, the leading bank in the Gulf region, has thrown its hat into the ring for starting banking operations in India. It hopes to build its business around thriving bilateral trade between the two countries, cross-border investments and the Indian diaspora living in the Gulf.

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Indian net plunges 21% to Rs.345 cr

May 11, 2012 by gunapriya_ifb

Indian bank has posted a decline of 21% in its net profit to Rs.345 crore for the quarter ended March 31, 2012 as compared to Rs.439 crore reported in the same period of the previous financial year.

The total income surged 22% to Rs.3,498 crore in the fourth quarter ended March 31, 2012 as against Rs.2,866 crore reported in the same period of the prior financial year ended March 2011.

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Canara bank net slips 8% to Rs.829 cr

May 10, 2012 by gunapriya_ifb

Canara Bank has announced that its net earnings slipped 8% to Rs.829 crore during the quarter ended March 31, 2012 as against Rs.899 crore in the same period of the prior financial year.

The total income surged 23% to Rs.9,036 crore in the March 2012 quarter from Rs.7,350 crore in the year ago period.

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RBI directs exporters to sell foreign currencies

May 10, 2012 by gunapriya_ifb

In order to offset rupee depreciation, the Reserve Bank of India has asked exporters to convert 50% of their foreign currencies into rupees. Exporters are permitted to buy foreign currencies only after utilizing all the foreign currency holdings in their accounts.

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Union Bank of India net surges 29%

May 9, 2012 by gunapriya_ifb

Union Bank of India has registered a robust growth of 29% in its net profit at Rs.773 crore during the March 2012 quarter as compared to Rs.597 crore attained in the same period of the previous financial year.

The total income grew 24.5% to Rs.6,499 crore in the quarter ended March 2012 from Rs.5,216 crore in the March, 2011. The other income rose 26% to Rs.755 crore from Rs.600 crore over a year.

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Govt collects Rs.4.93 lakh cr direct tax in 2011-12

May 9, 2012 by gunapriya_ifb

Government has collected Rs.4.93 lakh crore Direct Tax during the financial year 2011-12 as against the estimation of Rs.5.32 lakh crore.

The Minister of State for Finance SS PalaniManickam said in a written reply to the Rajya Sabha that the net direct tax collection stood at Rs.4,93,912 crore. During the period, the refunds surged 29.25% to Rs.97,158 crore from Rs.75,169 crore in the financial year 2010-11.

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Dena bank net climbed up by 62% in Q4

May 8, 2012 by gunapriya_ifb

Dena bank has recorded a robust growth of 62% in its fourth quarter net profit at Rs.255 crore as against Rs.157 crore registered in the same period of the previous financial year. The Net Interest Income of the bank soared 27% to Rs.598 crore.

For the full fiscal year ended March 31, 2012, the net profit surged 31 percent to Rs.803 crore from Rs.612 crore. Net Interest Income rose by 19 percent to Rs.2,102 crore over a year.

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