Owing to higher core earnings, the Mangalore-headquartered Corporation Bank has posted a net profit of Rs 351.7 crore for the quarter ended September, as against Rs 291.6 crore reported in the same period last year, registering a rise of 20.6 per cent.

Corporation Bank net up 21%

Business Standard

State Bank of Travancore has posted a net profit of Rs 163.60 crore for the quarter-ended September, as against Rs 122.49 crore during the same period previous year, an increase of 33.55 per cent.

State Bank of Travancore net profit rises 34%

South Indian Bank on Thursday said it had clocked its highest-ever quarterly net profit of Rs 77 crore in the September quarter, as against Rs 72.56 crore in the year-ago period.

South Indian Bank posts Rs 77 cr net profit

Sa-Dhan, an association for the microfinance sector, which has a membership of 260 organisations, said that its members had agreed to reduce the interest rates. It, however, did not specify by how much the rates would be reduced.

Sa-Dhan members to cut interest rate

Companies borrowing short-term funds may have to wait a little longer before they can breathe easy. The short-term rates have been climbing steadily ever since the Reserve Bank of India began unwinding its accommodative stance on monetary policy early this year. The rise in rates could add to borrowing costs and eat into profits, analysts said.

Sharp rise in short-term rates to hurt companies

The Indian rupee depreciated by 19 paise to Rs 44.49 a dollar in early trade today, weighed down by dollar's strength against other Asian currencies.

Rupee 19 paise down against $ in early trade

Press Trust of India

State-owned Bank of India (BoI) today posted 90.7 per cent rise in net profit at Rs 616.7 crore for the second quarter ending September 30, driven by increase in net interest income.

Bank of India Q2 profit surges 91% to Rs 323 cr

The bank had a net profit of Rs 371.98 crore in the corresponding period last fiscal, Indian Bank said in a statement.

Indian Bank Q2 profit up 12% at Rs 416 cr

Bangalore-based Vijaya Bank today said it has clocked a 33.10 per cent jump in its net profit at Rs 144.31 crore for the September quarter of this fiscal.

Vijaya Bank net jumps 33% to Rs 144 cr

In the face of alleged violations in sale of universal life policies (ULPs), insurers would stop selling these products from tomorrow till November 4 in accordance with a stiff direction by the Insurance Regulatory Development Authority (Irda).

Life insurers banned from selling ULPs till Nov 4

The country's foreign exchange reserves went up by $641-million to $296.43-billion on the back of a sizable jump in foreign currency assets, making it the fifth consecutive weekly rise in the kitty.

Forex reserves up $641 mn to $296.43 bn

The government should introduce another round of nationalisation in the country even when there are talks of consolidation, the All India Bank Officers' Confederation (AIBOC) said today.

Govt should start 3rd round of bank nationalisation: AIBOC

Public sector lender Bank of Maharashtra (BoM) today posted 39.6 per cent decline in net profit at Rs 52.3 crore.

BoM Q2 net profit declines 40% at Rs 52 cr

India&rsquo;s foreign exchange reserves rose $641 million to $296.43 billion during the week ended October 15, mainly due to revaluation of currencies, according to data by the Reserve Bank of India. Foreign currency assets, which reflect movement of non-US currencies such as euro, sterling and yen held in the reserves, dropped by $582 million to $268.68 billion during the week.

Forex reserves up $641-mn

South Indian Bank (SIB) reported its highest-ever quarterly net profit of Rs 77 crore for the quarter ended September 30, 2010, as against Rs 72.56 crore for the corresponding quarter of the previous year. The net profit for the six month period increased to Rs 135.44 crore&nbsp;from Rs 132.68 crore, a bank press release said. The total business of the bank has increased by Rs 9,942 crore from Rs 33,147 crore to Rs 43,089 crore on year-on-year basis registering a growth of 29.99 per cent.

SIB Q2 net profit at Rs  77 crore

&ldquo;I am from Business Standard. Is the board meeting over or still on?&rdquo; I ask the receptionist at the headquarters of SKS Microfinance Ltd, the sole microfinance institution in the country (apart from being the largest) listed on the stock exchanges.

Macroclamps on microdisclosure at SKS board meeting

Microfinance institutions (MFIs) have agreed to restructure loans from 50 weeks to 75 or even 100 weeks for those who find it difficult to repay the same, according to Microfinance Institutions&rsquo; Network (MFIN) president, and founder of Basix, Vijay Mahajan. The interest rates, however, would be only for 50 weeks.

MFIs to increase loan tenure up to 100 weeks

Arrest blow, then HC balm for MFIs

Bank of India, the country&rsquo;s fifth-biggest public sector bank by market capitalization, reported a 91 per cent rise in net profit in the second quarter as it gave more loans and its net interest income and margins improved.

Bank of India net rises 91%

Mahindra Finance and Dewan Housing Finance Ltd (DHFL) have reported strong growth in net profit for the quarter ended September 30 on the back of good loan growth. DHFL reported more than two-fold increase in net profit to Rs 93.47 crore from Rs 37.51 crore a year ago. This was helped by Rs 35 crore capital gains.

Mahindra Fin, DHFL net up on strong loan growth

Finance Minister Pranab Mukherjee today said huge FII inflow reflected foreigners&rsquo; confidence in Indian growth story and was not a matter of concern as of now since the appreciation in the value of rupee was not abnormal.

'Rise in rupee not abnormal'

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