OBC posts Rs 99 cr quarterly loss

State-run lender Oriental Bank of Commerce on Wednesday said it has incurred a net loss of Rs 99.44 crore for the fourth quarter...

State-run lender Oriental Bank of Commerce (OBC) on Wednesday said it has incurred a net loss of Rs 99.44 crore for the fourth quarter of 2007-08 due to larger provisioning for losses of Global Trust Bank, which it acquired in 2004. The Delhi-based lender expects its total business to grow by 25 per cent in the current fiscal.

The fourth quarter number is down on account of advancing of write-off of amortised GTB losses for 2008-09 to the tune of Rs 242 crore, OBC chairman and managing director Alok K Misra said. OBC had acquired GTB in 2004 and been making provisioning of Rs 246 crore every year for losses, aggregating Rs 1,250 crore, that the private sector bank brought. However, total income has increased to Rs 2,071.01 crore for the three-month period from Rs 1,577.29 crore in the same period last year.

Container Corp Q4 profit rises 20%

Mumbai: State-run Container Corp of India on Wednesday announced a standalone net profit of Rs 202.98 crore for the fourth quarter ended March 31, 2008, a 19.93 per cent growth over the corresponding period a year ago.

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The company had a standalone net profit of Rs 169.24 crore in fourth quarter last financial year, Container Corp said. The standalone total income rose to Rs 953.10 crore in the latest quarter, from Rs 841.92 crore in the year-ago period. The public sector company announced a standalone net profit of Rs 757.09 crore for the year ended March 31, 2008, up from Rs 703.82 crore in the corresponding period a year ago.

Indian Bank net up 2.70 %

Mumbai: State-run Indian Bank on Wednesday announced a stand-alone net profit of Rs 241.67 crore for the fourth quarter ended March 31, 2008, a 2.70 per cent growth over the corresponding period a year-ago. The company had a stand-alone net profit of Rs 235.30 crore for the fourth quarter last financial year, Indian Bank said.

The total income increased to Rs 1,672.85 crore in the last quarter of the previous fiscal from Rs 1,563.59 crore in the year-ago period. For the fiscal ended March 31, 2008, the net profit stood at Rs 1,008.74 crore, up from Rs 759.77 crore in the previous financial year. The total income for the fiscal rose to Rs 6,218.67 crore from Rs 5,017.86 crore a year-ago.

Crisil net profit zooms 74%

Mumbai: Credit rating agency Crisil on Wednesday posted a net profit of Rs 31.48 crore in the first quarter ending March 31, up 74 per cent from the corresponding period last year. The company had last year announced a profit of Rs 18.09 crore, the company said in a release.

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The total income of the rating agency stood at Rs 90.18 crore in the quarter ended March 31 against Rs 44.58 crore in the corresponding quarter a year ago. The agency has attributed the revenue growth to the increased demand for rating across sectors and by bank loan ratings.

Also, the rating agency said, strong growth was a result of subscription renewals and new clients.Meanwhile, Crisil launched its new voluntary and pro-bono services for strengthening Indian capital markets through greater transparency for investors. The service, called Complexity Levels, will classify financial instruments and products based on their complexity.