Lakshmi Vilas Bank FY10-11 net profit rises to Rs101 crore

The operating profit of Lakshmi Vilas Bank for FY10-11 was Rs273.86 crore, a growth of 65% from Rs166.21 crore in FY09-10

Lakshmi Vilas Bank has reported a net profit of Rs101.14 crore for financial year ended 31 March 2011, an increase of 230% compared to Rs30.67 crore for FY09-10.

The operating profit of the bank for FY10-11 was Rs273.86 crore, a growth of 65% from Rs166.21 crore in FY09-10. Other income of the bank for FY10-11 has grown 32% to Rs137.02 crore.

Total deposits rose from Rs9,075 crore in FY10-11 to Rs11,150 crore, registering y-o-y growth of 23%. Gross credit expanded from Rs6,350 crore to Rs8,188 crore registering y-o-y growth of 29%.

The capital adequacy ratio stood at 13.19% under Basel-II (12.09% under Basel-I) as on 31 March 2011.

The board has recommended a dividend of Rs2.50 per share (25%) for FY11 against Rs0.60 per share (6%) for FY10, a growth of 317%.

On Thursday, Lakshmi Vilas Bank ended 5.87% up at Rs109.15 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.31% to 18,141.40.

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Reliance Cap’s arm hikes stake in HPCL to 5%

Reliance Capital Trustee Company purchased 3.17 lakh equity shares of HPCL in an open market transaction

Reliance Capital Trustee Company, a subsidiary of Anil Dhirubhai Ambani Group’s Reliance Capital increased its stake in oil producing and marketing firm Hindustan Petroleum Corporation (HPCL) to 5.02% for over Rs12.80 crore.

According to data available on the Bombay Stock Exchange (BSE), Reliance Capital Trustee Company purchased 3.17 lakh equity shares of HPCL in an open market transaction.

Reliance Capital Trustee Co has acquired these equity shares for various schemes of Reliance Mutual Fund, it said.

Total holding of Reliance Capital Trustee Co in HPCL stood increased to 1.70 crore equity shares, representing 5.02% of the total paid up capital of the state-run oil producing and marketing firm.

Prior to this latest acquisition, Reliance Capital Trustee Co owned over 1.67 crore shares, representing 4.93% of the total paid equity of HPCL. Reliance Capital Trustee Co carried out the transaction on 6 May, it said.

Reliance Capital’s subsidiary bought HPCL equity shares through Bric Securities and SBI Cap Securities from the two leading bourses, it said.

On Thursday, HPCL ended 0.34% down at Rs356.70 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.31% to 18,141.40.

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Canara HSBC OBC launches Life Insurance Simulator

Life Insurance Simulator aims to make the customer aware of importance of financial planning

Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd today announced the launch of Life Insurance Simulator (LIS), aimed to make the customer aware of importance of financial planning.

LIS is an interactive financial need assessment software that takes the customer through a series of simple steps to assess the amount he requires for each of his needs and if his current savings and investments are adequate to fulfil them.

LIS is available in English, Hindi, Punjabi and Kannada.

“LIS has been designed with an objective to educate the customers about the importance of financial planning,” the company’s senior VP (products and marketing) Rishi Mathur said.

“It will also help them in making their financial planning more effective as it focuses on four essential life stages—family protection, child’s future requirements, wealth creation and retirement,” he said.

Canara HSBC Oriental Bank of Commerce Life Insurance Company was launched in June, 2008 and is jointly owned by Canara Bank (holding 51%), Oriental Bank of Commerce (23%) and HSBC Insurance (Asia Pacific) Holdings Ltd (26%).

The company has a capital base of Rs825 crore with assets under management of Rs2,820 crore.

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