Recently the commemorative coin on India’s first woman Catholic Saint Sister Alphonsa was released by the Union Finance Minister Mr P. Chidambaram. Sister Alphonsa, who spent a quiet life at a convent in Bharananganam village in Kottayam district in the early 20th century, was conferred sainthood by Pope Benedict last year. South Indian Bank (SIB), a Kerala based lender has been authorized to distribute the coins through its branches.
The Rs five coin has the engraving of the Kerala – born nun. The distribution of coin was inaugurated at SIB headquarters in Thrissur where Dr V.A. Joseph, Managing Director and Chief Executive Officer of SIB presented few pieces of coin to Archbishop Andrews Thazhath, a bank press release stated.
The Provincial of Assisi Province of Franciscan Clarist Congregation received the coins; St Alphonsa belonged to this place.
Friday, November 13, 2009
Tuesday, November 3, 2009
State Bank expects growth in loan segment and increase in margins
Country’s top lender, the State Bank of India is expecting growth in its loan segment and margins to increase as more and more corporate are showing confidence in Asia's third largest economy which will boost in credit demand.
On Saturday, the state-run lender September quarter net profit raised by 10.2 percent taking to 24.9 billion rupees ($530.2 million) on trading gains, while there was slip in loan demand and low lending rates from core operations.
However Reuter survey of analysts had forecasted net profit at 24.6 billion rupees.
While on Friday ICICI bank the closest rival said, their net profit has increased to 2.6 percent, defeating the forecast.
It is said the increasing business confidence in Asia's third-largest economy is likely to boost the corporate, housing, auto and retail loan demand which will help Indian banks to retrieve their loan growth.
SBI Chairman O P Bhatt told reporters, "Loan growth was slow until June. After that it has picked up significantly and if the rate of growth continues we should be able to meet our targets".
in July-September there was a growth of 16.4 percent in advances, covering its 30 percent flow over the past few years but more than 13 percent sector growth, stated State Bank. The State Bank along with its associates has hold over a quarter of Indian bank loans and deposits.
Bhatt stated, it is likely to attain credit growth of 22 percent in the year of March 2010.
In the September quarter, most Indian corporate has done good earnings, which reduced the risk of rising bad debt for Indian banks.
State Bank has 12,000 branches across India and abroad, and its bad debts is estimated to have risen to 2.99 percent in the fiscal second quarter as against 2.79 percent in the June quarter.
Also its provisions for bad debts had declined to 42.9 percent in July-September as against last quarter’s 45.2 percent.
According to Analysts State Bank and ICICI Bank will be affected most by the measures taken by the central bank to raise the minimum provision ratio for bad debts to 70 percent from 10 percent by September 2010.
In view of RBI’s move the bank will be required to provide at least 50 billion rupees more to meet this target, Bhat said he is waiting for details from the RBI.
Bank there was growth of 2.55 percent in net interest margin in the quarter to September as against the 2.3 percent in the previous quarter.
The bank hopes net interest margin to push up by 10 to 15 basis points in the next few quarters as it is increasing low-cost deposits and cutting high-cost term deposits
on the other hand bank’s capital adequacy ratio, a measure of its financial efficiency was at 12.47 per cent which stood at 12.14 percent a year ago.
State Bank of India will require about 360 billion rupees over the next 5 years so that it can maintain its capital adequacy ratio of 12 percent, said Chief Financial Officer S.S. Ranjan.
Bhat informed the process of acquisition of State Bank of Indore is on track and the board has given its approval to the share swap ratio, but he refused to reveal the details.
State Bank sources said it is looking at overseas acquisition opportunities in order to strengthen its portfolio.
Bhat referring to the global credit crisis stated, "We are looking at it but in the current climate it is difficult. If you make a mistake it won't be good for us in the context of what has happened across the world".
State bank is getting tenth of its profits from its overseas operations.
In July-September shares of State Bank prized at $31.5 billion rose by 26 percent, beating a 20 percent rise in the sector index and an 18 percent gain on the benchmark index.
On Saturday, the state-run lender September quarter net profit raised by 10.2 percent taking to 24.9 billion rupees ($530.2 million) on trading gains, while there was slip in loan demand and low lending rates from core operations.
However Reuter survey of analysts had forecasted net profit at 24.6 billion rupees.
While on Friday ICICI bank the closest rival said, their net profit has increased to 2.6 percent, defeating the forecast.
It is said the increasing business confidence in Asia's third-largest economy is likely to boost the corporate, housing, auto and retail loan demand which will help Indian banks to retrieve their loan growth.
SBI Chairman O P Bhatt told reporters, "Loan growth was slow until June. After that it has picked up significantly and if the rate of growth continues we should be able to meet our targets".
in July-September there was a growth of 16.4 percent in advances, covering its 30 percent flow over the past few years but more than 13 percent sector growth, stated State Bank. The State Bank along with its associates has hold over a quarter of Indian bank loans and deposits.
Bhatt stated, it is likely to attain credit growth of 22 percent in the year of March 2010.
In the September quarter, most Indian corporate has done good earnings, which reduced the risk of rising bad debt for Indian banks.
State Bank has 12,000 branches across India and abroad, and its bad debts is estimated to have risen to 2.99 percent in the fiscal second quarter as against 2.79 percent in the June quarter.
Also its provisions for bad debts had declined to 42.9 percent in July-September as against last quarter’s 45.2 percent.
According to Analysts State Bank and ICICI Bank will be affected most by the measures taken by the central bank to raise the minimum provision ratio for bad debts to 70 percent from 10 percent by September 2010.
In view of RBI’s move the bank will be required to provide at least 50 billion rupees more to meet this target, Bhat said he is waiting for details from the RBI.
Bank there was growth of 2.55 percent in net interest margin in the quarter to September as against the 2.3 percent in the previous quarter.
The bank hopes net interest margin to push up by 10 to 15 basis points in the next few quarters as it is increasing low-cost deposits and cutting high-cost term deposits
on the other hand bank’s capital adequacy ratio, a measure of its financial efficiency was at 12.47 per cent which stood at 12.14 percent a year ago.
State Bank of India will require about 360 billion rupees over the next 5 years so that it can maintain its capital adequacy ratio of 12 percent, said Chief Financial Officer S.S. Ranjan.
Bhat informed the process of acquisition of State Bank of Indore is on track and the board has given its approval to the share swap ratio, but he refused to reveal the details.
State Bank sources said it is looking at overseas acquisition opportunities in order to strengthen its portfolio.
Bhat referring to the global credit crisis stated, "We are looking at it but in the current climate it is difficult. If you make a mistake it won't be good for us in the context of what has happened across the world".
State bank is getting tenth of its profits from its overseas operations.
In July-September shares of State Bank prized at $31.5 billion rose by 26 percent, beating a 20 percent rise in the sector index and an 18 percent gain on the benchmark index.
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