The net profit of Corporation Bank declined sharply to Rs.15.48 crore
during the second quarter ended September 30, 2013, from Rs.405.71
crore in the year-ago period, said S. R. Bansal, Chairman and Managing
Director of the bank.
Addressing a press conference in Mangalore on Monday he said the quarter was “tough”.
A release said the reason for the lower net profit for
the quarter was the “huge increase in provisions of Rs.368.79 crore
over Q2 of last financial year due to extraordinary requirement towards
investment depreciation and higher provision towards non-performing
assets (NPAs)”.
The bank’s net interest income was Rs.909.87 crore as against Rs.803.25 crore, a 13.27 per cent growth.
The net profit of the bank for the half-year ended September 30, 2013
dropped to Rs.393.46 crore from Rs.775.97 crore in the year-ago period.
Net interest income was Rs.1,874.61 crore as compared to Rs.1,611.68 crore, a growth of 16.31 per cent.
Mr. Bansal said to counter the lowered profit, a five-pronged action
plan would be followed. First, improvement in current accounts and
savings accounts (CASA). Second, improved quality credit focussed on
MSME, agriculture and retail credit. Third, a focus on customer
acquisition, especially the nascent customer as 15 crore new voters are
being added to the voter list this year. Fourth, the bank will reach
out and open more branches and ATMs and explore other delivery
channels, which are in demand because new customers do not want to go
to branch. Five, the bank is improving its asset quality. He said, “On
one hand, we have to do recovery of NPAs and on the other hand, we have
to strengthen our existing portfolio to contain further slippage”. The
bank has a total business of Rs.294,477 crore as on September 30, 2013.
Central Bank of India
Central Bank of India posted a net loss of Rs. 1,508.74 crore for the
July-September quarter in the current financial year against a net
profit Rs. 329.92 crore in the same quarter of the previous fiscal.
Total income of the bank has increased from Rs.
5,680.63 crore in the second quarter of last fiscal to Rs. 6,236.51
crore in Q2 of 2013-14.
Pfizer
Drug firm Pfizer reported 33 per cent rise in its standalone net profit
to Rs. 69.59 crore for the second quarter ended September 30, 2013-14
fiscal. It had posted a net profit of Rs 52.28 crore for the July-
September quarter of 2012-13 fiscal. Total income from operations of
the company rose to Rs. 298.87 crore, from Rs. 268.44 crore in the
year-ago period.
Rane Holdings
Rane Holdings has reported a net profit of Rs.12.12 crore for the
second quarter ended September 30, 2013, against Rs.12.91 crore in the
corresponding period of the previous year. Sales and operating income
grew to Rs.468.12 crore from Rs.449.15 crore. Tough auto market hits
Rane group companies’ sales during the quarter, said a company
statement.
Arvind Remedies
Arvind Remedies, producer of branded and generic
pharmaceutical products, has achieved a 30 per cent growth in net sales
at Rs. 403 crore in the half-year ended September 30, 2013, against Rs
309 crore in the same period in the previous year. The net profit for
the half-year rose by 85 per cent to Rs. 30 crore from Rs. 16 crore in
the year-ago period.
Apollo Tyres
Apollo Tyres has reported a 45 per cent rise in its net profit at
Rs.109.12 crore for the quarter ended September 30, 2013 against
Rs.75.19 crore in the year-ago period. However, net sales were down 8
per cent at Rs.2106.84 crore against Rs.2282.86 crore. On a
consolidated basis, the net profit stood at Rs.219.47 crore against
Rs.152.2 crore, while net sales increased to Rs.3,433.45 crore from
Rs.3374.82 crore.
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