HDFC Bank Q3 net profit rises to Rs1,429.66 crore

Gross NPAs declined at 1.03% in the December 2011 quarter versus 1.11% in a year ago period

Private sector lender, HDFC Bank said that its net profit rose to Rs1,429.66 crore for the December 2011 quarter, compared to Rs1,199.35 crore for the corresponding period last year backed by a rise in total income to Rs8,622.64 crore from Rs7,929.38 crore.

Gross non-performing assets (NPAs) declined at 1.03% in the quarter ended December FY12 versus 1.11% in a year ago period. Gross NPAs stood at Rs2,020 crore against Rs1,895 crore quarter-on-quarter.

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Bharti AXA General’s premium collection zoomed 47% to Rs776 cr in 2011

Bharti AXA General sold over 6.5 lakh policies in 2011 and settled over 1.2 lakh claims compared to 4.86 lakh and 74,006 respectively in 2010

Private insurer Bharti AXA General Insurance reported a growth of 47% growth in premium collection in 2011 at Rs776 crore compared to 2010. The company's Gross Written Premium (GWP) for 2010 stood at Rs528 crore, Bharti AXA General said in a statement.

The company sold over 6.5 lakh policies in 2011 and settled over 1.2 lakh claims compared to 4.86 lakh and 74,006 respectively in 2010. Top six cities—Delhi and NCR, Mumbai, Ahmedabad, Hyderabad, Bangalore and Kolkata—contributed 56% of the overall retail business.

As a zone, the western region led the pack with 36% contribution to the company's GWP followed by the north with 35%. Tier II cities contribution to the overall retail business was 21% and Tier III locations contributed 23%. The motor vertical was the largest contributor with 70% to the overall company business, followed by health and personal accident at 18% and commercial lines at 12%.

Bharti AXA General Insurance offers 58 products catering to small and large customers in rural to semi-urban to urban, private individuals to commercial and from small enterprises to large industries.

The private insurance company is a joint venture between Bharti Enterprises, a leading Indian business group and AXA, a world leader in financial protection.

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Axis MF floats Capital Protection Oriented Fund-Series 4

Axis MF new issue closes on 2nd February

Axis Mutual Fund has launched Axis Capital Protection Oriented Fund-Series 4, a close-ended income scheme.

The investment objective of the scheme is to protect the capital by investing in a portfolio of debt & money market instruments that are maturing on or before the maturity of the Scheme. The scheme also aims to provide capital appreciation through exposure in equity & equity related instruments. The tenure of the scheme is three years.

The new issue closes on 2nd February. The minimum investment amount is Rs5,000.

Crisil MIP Blended Index is the benchmark index. R Sivakumar and Sudhansh Asthana are the fund managers.

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