The Chennai-based non-banking finance company, Shriram City Union Finance Ltd reported a 29 per cent growth in net profit at Rs 125.73 crore for the fourth quarter of the financial year 2012-2013.

The company posted profit of Rs 97.63 crore in the corresponding quarter of the previous year.

Income from operations was up by 36% at Rs 825.95 crore as compared to Rs 607.52 crore last year. The net interest income was at Rs 461.13 crore against...

Housing finance company, LIC Housing Finance is planning to set up a separate arm for its home loan business in the North-East.

The operations of the company which will be in the nature of a special purpose vehicle (SPV) will be limited to the acquisition and financing of specific assets in the North-East.

A SPV is normally a bankruptcy-remote entity where its insolvency will have marginal or no impact on the parent company, or other group entities.

According to...

India's largest public sector lender, State Bank of India's overseas margin were under pressure, said Mr. Pratip Chaudhuri, Chairman of SBI.

However, non performing asset (NPA) levels of the bank in the fourth quarter of the financial year remained low compared to third quarter.

"In overseas business, our margins are under pressure. We would like to review what our ROE (return on equity) is in overseas business and what is our ROE in domestic business. Generally my...

Large corporates will likely face funding problems this financial year as banks have turned cautious on lending to them as banks are seeing increased stress on loans extended to the corporate sectors, mainly gems, jewellery, roads and power.

Higher provisioning for large corporate loans had affected the profitability of many banks in the fourth quarter of last fiscal and this is why banks are being cautious on lending to them. "From now onwards, we will only...

The private sector lender, Karnataka Bank posted 41.45 per cent growth at Rs 348.08 crore in the financial year 2012-13, despite of 18.96 per cent decline in net profit during the fourth quarter.

The bank posted a net profit of Rs 67.39 crore in the fourth quarter of 2012-13 against Rs 83.16 crore in the corresponding quarter of the previous year.

Mr. Jayarama Bhat, Managing Director and Chief Executive Officer of the bank said that the decline to...

The public sector lender, United Bank of India has posted a decline in its net profit by 79 per cent to Rs 31 crore in the quarter ended March 31, 2013 because of higher provisioning for bad loans.

"The drop in net profit is on account of a rise in provisioning. Had we made lesser provisions then the profits would have looked better, but our aim was to strengthen the balance-sheet," said Mrs. Archana Bhargava, Chairperson and...

The largest gold finance company, Muthoot Finance in terms of loan portfolio posted a dip in its net profit by 6 per cent at Rs 220 crore for the fourth quarter of the financial year 2012-13 against Rs 235 crore last year on higher tax.

"Growth was impacted not only due to regulatory uncertainties but also because we had decided to grow at a slower pace. But the main reason for the dip in net income was...

The public sector lender, Bank of India's net profit down by 21 per cent to Rs 757 crore in the fourth quarter of FY13 which ended on March 31, 2013.

The bank's profitability was weighed down due to higher provisioning and lower margins. There is decline in net profit despite of a prudential write-back of Rs 192 crore on account of taxation.

Net interest Margin declined marginally to Rs 2476 crore. Provisioning towards bad loans doubled to...

The public sector lender, Vijaya Bank has lowered its interest rates on housing loans.

The bank, in a press release said that it will increase retail lending and give emphasis on home loan portfolio; bank has launched a ‘Summer Bonanza Special Campaign' running up to June 2013.

The rate of interest on home loans has been cut up to the extent of 75 basis points in certain slabs.

The Processing and documentation charges have been fully waived off from the...

The public sector lender, Dena Bank's net profit declines by over 50 per cent to Rs 126 crore in the fourth quarter of the current financial year. Higher provisioning for bad loans lowered the net profit.

During the fourth quarter, an interest reversal of Rs 62 crore led net interest income to decline by six per cent to Rs 562 crore, while other income was up by 12 per cent.

High cost of funds and low...

The public sector lender, Union Bank of India recorded a marginal rise in the net profit at Rs 789 crore for the fourth quarter of the financial year 2012-13. Lower margin and higher provisioning caused sluggish increase in net profit.

Provisions during Q4 rose 27 per cent to Rs 656 crore as against Rs 517 crore in the corresponding quarter of the previous fiscal.

Net interest margin declined to 2.89 per cent. "Higher cost of deposits and reduction...

Country's largest private sector lender, Housing Development Finance Corporation (HDFC) recorded growth in net profit by 17 per cent in the fourth quarter which ended on March 31, 2013. The net profit was aided by strong demand for loans from individual customers.

In the fourth quarter, HDFC posted a net profit of Rs 1555 crore against Rs 1326 in the corresponding quarter of the previous year.

Income from the operations increased by 16 per cent to Rs...

An education loan finance company, Avanse Education Loans enters in Delhi Market to offer loans that will cover full education cost at a special interest of 12.25 per cent.

"Avanse will sanction education loans in a maximum of 4 days and will cover 100 per cent cost of education including living, travelling and other expenses. The scheme is also accompanied with a special interest rate that starts from 12.25 per cent," the company said in a statement.

The...

The housing finance company, Dewan Housing Finance Corp (DHFL) posted increase in net profit by 48 per cent in financial year 2012-13. The strong growth in disbursements, especially in tier-II and tier-III cities aided increase in net profit.

In FY 2012-13, DHFL reported a net profit of Rs 452 crore against Rs 306 crore for the previous financial year.
Total loan disbursement during the year increased 47 per cent to Rs 12,358 crore.

The average ticket size...

The public sector lender, State Bank of Bikaner and Jaipur posted a 28 per cent dip in net profit for the fourth quarter which ended on March 31, 2013 at Rs 178.24 crore against Rs 247.88 crore in the corresponding quarter of the previous fiscal.

The bottom-line performance was weighed down due to 31.50 per cent increase in provisioning, largely due to weakening quality of assets and higher non-performing assets (NPA).

However, for FY 2011-12, SBBJ recorded 11.99...

Financing company, Muthoot Capital Services Ltd has recorded growth in net profit by 40 per cent in the financial year 2012-13 at Rs. 21.76 crore against previous year's net profit of Rs. 15.51 crore.

The total revenue of the company reached Rs 107.22 crore as compared with Rs 67.35 crore in the previous year, registering a growth of 59 per cent. The total loan disbursements also increased by 49 per cent to Rs 431.16 crore against Rs...

The home loan provider, LIC Housing Finance is seeing a trend with its home loan scheme for women, ‘Bhagyalakshmi'. In the January-March quarter, around 40 per cent of the loans sanctioned by the company were to women, said a top official.

According to Mr. V. K. Sharma, MD and CEO of LIC Housing Finance said that of the Rs 7,842 crore home loans sanctioned in the quarter, women borrowers, numbering 13,700, accounted for Rs 3,154 crore.

"In the...

The public sector lender, Indian Overseas Bank is thrusting on making recoveries from bad loans in FY 2014, said a top official of the bank.

According to Chairman and Managing Director of IOB, Mr. M Narendra, the bank has set a target to recover Rs 2500 crore from bad loans in Financial year 2014, against Rs 1700 crore recovered in FY12.

"We have vested our branch managers with power to enter into one-time settlement with borrowers, whose loan...

The public sector lender, Punjab National Bank has waived off the processing fee on home loans till June 30, 2013.

This was announced by Mr. R K Chatterjee, Head of Punjab National Bank- Andhra Pradesh Circle at a builders' conclave organized by the bank here.

"We are offering personalized service and quick disbursement of advances through retail asset branches with special focus on housing loans and car loans," Mr. R K Chatterjee said.

Housing finance company, Sundaram BNP Paribas Home Finance's net profit has jumped by 35 per cent for 2012-13 compared with that of the previous year.

The Sundaram Finance subsidiary has posted a net profit of Rs 126 crore against Rs 94 crore on disbursements of Rs 2,572.38 crore against Rs 1948.12 crore for the year, according to a press release from the company. The growth in disbursements also jumped up by 32 per cent.

Mr. Srinivas Acharya,...