HDFC Bank, the country’s second largest private sector lender, has reported a 20.5% jump in net profit to INR 2,870 crore in the three months to September, helped by robust performance in the retail loans segment and a rise in other income. The overall set of numbers was also driven by net interest income and operating profit as also stable asset quality despite higher provisions and tax expenses. However, the recent aggressive rate posturing has hurt the Aditya Puri led bank’s margins, which have slipped to its lowest range of 4.1%. This is the tenth consecutive quarter that the country’s most valuable lender has been reporting sub-30% growth in net profit.
YES BANK CUTS INTEREST RATE ON SAVINGS A/C TO 6%
Private sector lender YES Bank cut interest rates by 1 percent on savings account recently to 6 percent. The interest rate for resident and non-resident savings accounts has been revised from 7 percent to 6 percent with effect from November 1, YES Bank said in a statement. The bank had raised the interest rate on savings deposit to 7 percent in 2011. The rate is paid on savings bank account which is calculated on a daily basis. Kotak Mahindra Bank is also offering 6 percent interest to their savings account holders while all the public sector banks are currently paying 4 percent interest on the same. YES Bank today leverages its 700 plus branch network, over 1300 ATMs, a wide range of offerings and a strong digital presence with growing emphasis on retail banking customers, it said.
RCF LIKELY TO GET NAVARATNA STATUS THIS YEAR
State-owned Rashtriya Chemicals and Fertilisers is likely to get the ‘Navaratna‘ status this year, a move that will provide it greater financial autonomy. Replying to shareholders’ queries at the 37th Annual General Meeting, the RCF Chairman and Managing Director RG Rajan said: “The company is expected to get the Navaratna status by the end of December, 2014”. According to the latest list of the Department of Public Enterprises, there are 17 PSUs which are accorded the ‘Navaratna’ status, including Bharat Electronics Ltd and Engineers India Ltd. According to the DPE guidelines, Navaratna PSUs can decide on their own on investment of 30 percent of their net worth in projects in India or abroad.
BHEL PAYS 31% FINAL DIVIDEND FOR FISCAL 2014-15
Bharat Heavy Electricals Limited (BHEL) has paid a final equity dividend of 31% for fiscal 2014-15. In value terms, the total dividend paid for fiscal 2014-15 amounts to INR 284 Crore, which is 58% of the paid-up capital (including an interim dividend of 27%). With this, the company has maintained its impeccable track record of rewarding investors by paying dividends uninterruptedly since 1976-77. A cheque of INR 95.7 Crore towards the final dividend for the year 2014-15 on the equity (63.06%) held by the Government of India, was presented here to Mr. Anant Geete, Hon’ble Union Minister for Heavy Industries and Public Enterprises by Mr. B. Prasada Rao, Chairman and Managing Director, BHEL, in the presence of Dr. R.S. Katoch, Secretary, Department of Heavy Industry.