CORPORATE SCORECARD

DCM Shriram Consolidated has reported a post tax profit of Rs 17.92 crore in the second quarter of this financial year, an increase of 31 per cent over the PAT in the second quarter of 2003-04.

Sales during the second quarter increased by 35 per cent to Rs 445.95 crore. A release from the company said improvement in earnings is attributable to better operating margins in the plastics business and profits from the agri traded products division.

IndusInd Bank Q2 profit declines 23%

IndusInd Bank's net profit in the quarter ended September 30 dipped by 22.72 per cent to Rs 58.91 crore against Rs 76.23 crore over corresponding quarter in the previous year.

The bank transferred government securities with a book value of Rs 807.25 crore from available for sale category to held to maturity at a value of Rs 754.78 crore, said the bank. Total income in the quarter increased to Rs 357.22 crore against Rs 288.29 crore.

Its other income fell to Rs 78.53 crore against Rs 97.58 crore. Net profit on the bank in the first six month of the current fiscal rose to Rs 104.39 crore against Rs 100.87 crore. Its total income increased to Rs 694.52 crore against Rs 511.49 crore.

Net interest income of the bank for the current quarter stood at Rs 98.66 crore against Rs 64.22 crore. The banks net interest margin was at 2.61 per cent against 2.49 per cent in the corresponding quarter last fiscal.

The banks capital adequacy ratio stood at 13.17 per cent against 17.55 per cent. The bank has received permission from RBI to convert 52 branches of erstwhile Ashok Leyland Finance into bank branches. These branches would be converted into bank branches by February 2005 and permission of RBI for the remaining 80 branches is awaited.

ING Vysya Q2 net loss at Rs 29 crore

ING Vysya Bank's posted a net loss of Rs 29 crore for the quarter ended September 2004 compared with a Rs 25 crore profit during the same period last year. The loss was owing to a Rs 72 crore loss on treasury operation during the period.

For the quarter ended September 2003, the bank has made a Rs 52 crore profit on treasury operations. Total income during the period fell 39 per cent to Rs 190 crore, again owing to a negative impact of Rs 45.74 crore under other income.

Interest income, however, grew to Rs 235 crore from Rs 221 crore in the same period. In the first half of the year, the bank made a net loss Rs 49.24 crore compared with a Rs 58 crore net profit reported during H1 last fiscal.

For the half year ended September 2004, loss from treasury operations stood at Rs 130 crore compared to a Rs 117 crore profit in the same period last year. Total income during the period fell to Rs 488.79 crore from Rs 653.05 crore.

The bank's return on assets as on September 2004 was 0.91 per cent negative compared to 0.91 per cent positive in the same period last fiscal. Net NPA's at Rs 209.93 crore represented 2.90 per cent of the total advances, down from 3.21 per cent reported on September 2003.

The bank's capital adequacy ratio was down to 10.43 per cent from 11.64 per cent. During the period, deposits were up 13.57 per cent to Rs 10,473.69 crore and advances by 26 per cent to Rs 7,236.64 crore. Bart Hellemans, managing director, ING Vysya Bank, said that the impact of the treasury operations from now will be limited.

The bank as a one-time measure, has shifted securities worth Rs 707 crore (book value) from the available for sale category to the HTM category. Also it has pared down the long term securities to short-term ones thus insulating the bank from the vagaries of the securities market.

He added that the board had approved a Rs 300 crore tier-I capital infusion before the end of this fiscal. The modalities are being worked out and ING Vysya will seek the necessary regulatory clearance, he said.