SBT net profit rises 6.70%
Public lender State Bank of Travancore has posted a net profit of Rs 176.01 crore for the quarter-ended December, as against Rs 164.96 crore in the year-ago period, growth of 6.70 per cent. A higher provisioning for bad loans and revision in wages moderated the growth in net profit. At Rs 464.15 crore, the net interest income rose by 24.77 per cent. Consequently, the net interest margin increased by 11 basis points to 2.93 per cent, as against 2.82 per cent an year ago.
SBM's net drops 6.50%
Bangalore-based public lender State Bank of Mysore has registered a net profit of Rs 132.04 crore for the December quarter, a decline of 6.5 per cent owing to higher provisioning for non-performing assets. However, the total income increased by 16 per cent to Rs 1154.36 crore due to a higher interest income. At Rs 316.63 crore, the operating profit also saw a 18 per cent rise, as against Rs 266.60 crore in the year-ago period. The net interest income increased by 28 per cent to Rs 443 crore, from Rs 346 crore in the year-ago period. BS REPORTER
Bajaj Finserve net up 206%
Bajaj Finserve has posted a net profit of Rs 107 crore for the quarter-ended December, as against Rs 35 crore in the year-ago period, up 206 per cent.
Its retail finance business, run by subsidiary Bajaj Finance, contributed with a net profit of Rs 76 crore (Rs 27 crore in the year-ago period). General insurance contributed about Rs 35 crore (Rs 29 crore in the year-ago period).
The total income rose to Rs 532 crore from Rs 120 crore.
Managing Director Sanjiv Bajaj said even though the interest rates had hardened in the reporting quarter, the company was able to protect margins. In the earlier quarters it had managed to raise funds at lower rates to meet business requirement for two-three years. It also was able to pass on the rising cost to customers. BS REPORTER
SBI Life net profit at Rs 84 crore
SBI Life posted a flat growth of Rs 84 crore during the third quarter, as against Rs 82 crore during the year-ago period.
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From Rs 2,012 crore in the year-ago period, the new business premium fell by 24 per cent to Rs 1,525 crore.
The gross written premium, including new as well as renewal premium, rose by 9.77 per cent to Rs 2,941 crore.
The regulatory change post September has affected the life insurance industry. “This quarter, all the products were new and we invested time in training our staff and spreading awareness. There was a time lag in training the staff and actual sales,” said MD and CEO M N Rao.