Treasury income, muted net interest income growth result in the fall.

ICICI Bank net drops 26%

Business Standard

ICICI Bank Managing Director and CEO Chanda Kochhar speaks to Business Standard after announcing the bank&rsquo;s third-quarter results.

'There is 22 per cent rise in core profit'

Backed by robust growth margin and fee-based income, Kotak Mahindra Bank on Thursday reported a 153 per cent rise in consolidated net profit at Rs 331.4 crore for the quarter ended December 2009 compared to Rs 130.9 crore a year ago.

Kotak Mahindra Bank net soars 153%

Mahindra &amp; Mahindra Financial Services has reported a 111 per cent increase in its consolidated net profit to Rs 97 crore for the quarter ended December 2009 compared with Rs 46 crore in the same period last year. Total income of the non-banking financial company grew by 13 per cent to Rs 409 crore during the reporting period.

M&M Fin net profit jumps 111%

Bangalore-based private sector lender ING Vysya Bank on Thursday reported a 16 per cent rise in net profit to Rs 60.6 crore for the third quarter ended December 2009 compared with the year-ago period. Its operating profit was up 37 per cent to Rs 145.8 crore.

ING Vysya net up 16 per cent

The government has turned down the suggestion of the India Infrastructure Finance Co (IIFCL) to use its refinance facility for other lending. The Rs 10,000-crore facility was announced last year to support private partnership projects in the infrastructure sector. After seeing a lukewarm response to the facility, IIFCL had proposed that the funds lying idle could be utilised elsewhere.

Govt no to IIFCL alternative fund use request

If you think your money in savings bank account will be automatically converted into fixed deposits (FDs), think again. It may just happen that while you are thinking the idle cash may earn 6-6.5 per cent a year, the prevailing fixed-deposit rate for one-year funds, it may actually continue to fetch only 3.5 per cent.

FDs fall out of favour with banks

State-run Punjab &amp; Sind Bank (PSB) has decided to float its initial public offer (IPO) in June, as it seeks to raise Rs 500 crore from the public.

Punjab & Sind Bank's Rs 500-crore IPO in June

Mumbai, Jan 22 (PTI) The rupee today depreciated by another 23 paise to 46.27 against the US dollar in early trade, extending its slide for the fourth straight day, in line with other weakening Asian currencies.

Rupee down 23 paise at 46.27 a dollar in early trade

Press Trust of India

The US-based foreign institutional investor T Rowe Price, which recently acquired 26 per cent stake in UTI AMC, will manage the proposed overseas fund of the leading mutual fund.

T Rowe to manage proposed overseas fund of UTI MF

State-run Union Bank of India (UBI) today said it has raised Rs 500 crore through the issue of non- convertible bonds in the market.

Union Bank raises Rs 500 cr through bonds

The Reserve Bank of India (RBI) is likely to squeeze supply of money in the system by asking banks to keep more amount with them, but will refrain from signalling a hike in interest rates, says Moody's.

RBI may not signal interest rate hike: Moody's

Kotak Mahindra Bank will open 16 new branches next fiscal, with six of them coming up in South India, a top official today said.

Kotak Mahindra Bank to open 16 new branches in FY11

But, will help Indian funds get more deals.

US bank curbs may hit fund-raising by PEs

On the back of a 50 per cent fall in treasury income, state-run Allahabad Bank has reported a 6.5 per cent fall in net profit to Rs 345. 36 crore for the third quarter of the current financial year against Rs 369.46 crore reported in the same period last year.

Allahabad Bank net dips 6.5%

Public sector Corporation Bank on Friday reported an 18.92 per cent rise in net profit to Rs 304.99 crore for the third quarter ended December 2009 compared to Rs 256.47 crore in the corresponding quarter last year.

Corporation Bank net up

A committee appointed by financial regulators has recommended an overhaul of regulatory norms governing credit rating agencies (CRAs) and sought a host of disclosures from them to make the system more transparent.

Panel seeks strict regulation of rating agencies

Even though the national economy is slowly picking up, banks are still seeing increased defaults in the wake of high unemployment levels.

US sees 9 banks bail in 2010; five go belly up in 1 day

US President Barack Obama phoned Senate allies as two key senators predicted that embattled Federal Reserve Chairman Ben Bernanke will be confirmed for a second term.

Senators assure Bernanke will win 2nd term

Zooming inflation, a build-up of inflationary pressures and cues from global markets could impel the Reserve Bank of India (RBI) to further tighten its monetary policy stance by hiking the cash reserve ratio (CRR) and policy rates, bankers said.

Inflation may prompt RBI to up CRR, policy rates

The Bajaj Group is gearing up to enter the banking business and considering applying for a licence through its financial services arm--Bajaj Finserv, a top company official said.

Bajaj Finserv eyes banking biz

Finance News: Latest investing news and finance headlines straight from Business Standard.

Page 2738 - Finance News