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HDFC has come out with its first quarter results which the market dint really like it , its down by 4 or 5 percetn today ,Its first quarter net profit was just up by 25.5% at Rs 468.11 crore versus Rs 372.81 crore,YoY same quarter.Its standalone revenues are up by 26.91% at Rs 2,313.48 crore versus Rs 1,826.95 crore, YoY same quarter.Its other income of Rs 3.44 crore versus Rs 5.14 crore that doesn’t really help in boosting the profit.
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Repo Rate and CRR Hiked again - Bank shares Fall
- Filed under: Bank, Economic Data, Inflation, economy growth
- Date: Jun 25,2008
RBI came out with the news that its going to raise the repo rate by 50 basis point and also the CRR by 50 basis points yesterday after the market hours , this is one of the many key factors that will help in controlling the inflation and other economic data that is worrying the indian economy.This CRR hike will take effect in two stages. First, a 25 basis point hike on 5 July 2008, and another 25 basis point hike on 19 July 2008. By 19 July 2008, CRR will stand at 8.75%. This would almost suck 16000 crores from the banking system if the full 50 basis point is implemented .
So Repo Rate stands at 8.5 percent
CRR Rate stands at 8.75 percent
Religare Bank - To Enter Banking Foray
- Filed under: Bank
- Date: Jun 18,2008
Religare Enterprises saw some intrest today its up by 2 percent or 9 rs , after the company informed the market that news referring item appearing in leading financial daily titled “Religare plans banking foray”,is true , but there is no concreate info on this matter and told that it will infomr when there is a sure propasal for the same .
Bank of rajasthan in a press release to the market announced that it has declared a dividend of 5 percent and also declared the bonus in the ratio of 1:5 shares for all the shareholders on the day of record date, The record date for the same will be son announced here.
ICICI Bank Ltd has announced the following results for the quarter & year ended March 31, 2008:
Quarter ended March 31, 2008
The Bank has posted a net profit of Rs 11498.40 million for the quarter ended March 31, 2008 as compared to Rs 8251.20 million for the quarter ended March 31, 2007. Total Income has increased from Rs 84955.20 million for the quarter ended March 31, 2007 to Rs 103909.20 million for the quarter ended March 31, 2008.
Year ended March 31, 2008
The Bank has posted a net profit of Rs 41577.30 million for the year ended March 31, 2008 as compared to Rs 31102.20 million for the year ended March 31, 2007. Total Income has increased from Rs 289234.60 million for the year ended March 31, 2007 to Rs 395991.10 million for the year ended March 31, 2008.
Notes
It’s net profit was up 39.37% from Rs 825.1 crore to Rs 1150 crore.
Its provisions was up 8.18% from Rs 876.34 crore to Rs 948 crore.
Citigroup reports 5.1 billion dollar
- Filed under: Bank, World Market
- Date: Apr 19,2008
Citigroup reported the results for the first quarter of 2008 , no idea why the stock went up with such a bad performance in 1st quarter, Here is some details of what they gave as results
Result update
>$5.1billion net loss,
>$15 billion in new write-downs and costs as well as a 48% drop in revenue.
>9,000 jobs would be cut, for a total of 13,200 since the past quarter.
| Yes Bank declared its 2008 march Quarter number Net profit rose 108.74% to Rs 64.50 crore in the qtr end Mar 2008 as against Rs 30.90 crore during the Prev Qtr Mar 2007.Total operating income rose 91.98% to Rs 388.48 crore in the qtr end Mar 2008 as against Rs 202.35 crore during the Prev Qtr Mar 2007. |  |
Its FY08 net profit rose by 111.97% at Rs 200.02 crore as against Rs 94.36 crore.
AEGON Religare Life Insurance - Religare enters Life Insurance Space
- Filed under: Bank, Stock Brokers
- Date: Apr 2,2008
| Religare Enterprises Ltd has informed the market that AEGON Religare Life Insurance Company Ltd , which has formed as a joint venture between AEGON, one of the world’s largest life insurance and pension Companies and Religare itself .Theyhave also received the initial approval - R1 license, from the Insurance Regulatory & Development Authority (IRDA) to operate in the Life Insurance space. So there is two more process to get registered itself. |  |
Fed cuts rates by 3/4 of a point to 2.25 percent
- Filed under: Bank, Interest Rates
- Date: Mar 19,2008
The Fed cut its federal funds rate, an overnight bank lending rate, to 2.25%.They where expecting 1 but 3/4 was still ok , this is almost sixth time they are doing.
Goldman Sachs and Lehman Brothers Earnings beats Estimates
- Filed under: Bank, World Market
- Date: Mar 18,2008
US market seems to be in very jolly mood after getting better than expected earnings from two leading bankers.
>Goldman Sachs has reported profit after tax of USD 1.51 billion as against USD 3.2 billion, down 53%. Its Q1 net revenues stood at USD 8.34 billion. It has recorded net loss of USD 135 million on ICBC Investment.Goldman Sachs says they will write-off USD 1 billion on Subprime.
>Lehman Brothers has reported Q1 net profit of USD 489 million versus USD 1.15 billion. Revenues stood at USD 3.51 billion versus USD 5.05 billion.
J.P.Morgan Chase to Buy Bear Stearns
- Filed under: Bank, World Market
- Date: Mar 17,2008
| Another big move over weekend this again may be to save the global market and asian market , After Bear stearns had run out of liquidity J.P.Morgan and Fed came to its rescue and provided liquidity now , J.P.Morgan has decided to go ahead and buy Bear Stearns for 2 dollar a share in a stock swap deal.Ok this will be not true until its offcially announced. |  |
Fed Cuts Discount Rate by .25 percent
- Filed under: Bank, Interest Rates, World Market
- Date: Mar 17,2008
On Sunday mayu be they wanted to save the world market so Fed decided to cut the rate on direct loans to commercial banks by a quarter-point , so its reduced to 3.25 from 3.50 percent .And also increased the term of discount-window loans to 90 days from 30 days.
Indian Finance Minister Mr P.Chidambaram while asked about when will be the Banks compensated for the Farm Loan Waiver scheme , he has told that the Commercial, Regional , Rural and Co-operative banks will be paid fully in cash over a period of 4 years starting july 2008.
The compensation Period is as follows .
>After 30th june 2008, govt will provide 25,000 cr in cash .
>So the balance of remaining to be paid over three financial years -
>15,000 crores in 2009,
>12,000 crores in 2010 and
> 8000 crores in 2011.
I’m really not sure how come this can be done after 2008 as we will not be sure who will be in the center and if someone else is there what will happen to this scheme of compensation.But im thinking banks would see some movement tomorrow.
So the rate of inflation has gone upto 5.11 per cent for the week ending March 1, This is like the top for 9 months , And for this the finance minister has told that the inflation rise is because of rise in the prices of some food articles, certain manufactured products and aviation turbine fuel.So one can do the match here the interest rates will not come down any sooner.
Websites of Banks in India
- Filed under: Bank
- Date: Mar 12,2008