SBI, UBI, Indian Bank post steep fall in profit

The fall in profit or posting of net loss is due to higher provisioning towards bad loans or non-perfoming assets (NPA)

 

Led by State Bank of India (SBI), three government-owned banks on Thursday declared steep fall in their net profits and two other banks reported net loss for the third quarter of the current fiscal.
 
The fall in profit or posting of net loss is due to higher provisioning towards bad loans or non-perfoming assets (NPA).
 
As a result, on the stock bourses, banking stocks witnessed fall in their prices and in the process wiped out investors' wealth by several crores.
 
The Nifty Bank index on Thursday went down to 14,028.55 points after opening at 14,518.65 points.
 
The Nifty PSU Bank index touched down to 1,983.90 points after opening at 2,045.30 points.
 
India's largest bank SBI declared a net profit of Rs.1,115.34 crore for the quarter ended December 31, 2015 as compared to Rs.2,910.06 crore for the quarter ended December 31, 2014.
 
The bank had provided Rs.8,483 crore (loan loss alone Rs.7,645 crore) during the period under review as against Rs.6,477 crore (loan loss Rs.4,810 crore) provided during the corresponding period of previous year.
 
The bank's total income has increased from Rs.43,783.97 crore for the quarter ended December 31, 2014 to Rs.46,731.01 crore for the quarter ended December 31, 2015.
 
According to SBI, its gross NPA stood at 5.10 percent at the end of third quarter as against 4.90 percent for the period ended December 31, 2014.
 
On its part, Union Bank of India (UBI) declared a lower net profit of Rs.78.54 crore for the third quarter as against Rs.302.42 crore for the corresponding period of the previous year.
 
The bank's total income also came down from Rs.8,921 crore in last fiscal's third quarter to Rs.8,802.06 crore for the quarter ended December 31, 2015.
 
According to UBI, it has recognized deferred tax assets amounting to Rs.332.04 crore which was hitherto recognised as at the year-end, in accordance with the applicable Accounting Standards.
 
Similarly city-based Indian Bank also reported a steep fall in its net profit. The bank has posted a net profit of Rs.42.30 crore for the quarter ended December 31, 2015 as compared to Rs.277.52 crore for the quarter ended December 31, 2014.
 
Indian Bank's total income has increased from Rs.4,321.46 crore for the quarter ended December 31, 2014 to Rs.4,438.40 crore for the quarter ended December 31, 2015.
 
On the other hand, Bank of India and Oriental Bank of Commerce declared net losses for the period under review.
 
Bank of India posted a net loss of Rs.1,505.58 crore as compared to net profit of Rs. 173.38 crore for the quarter ended December 31, 2014.
 
The bank's total income has decreased from Rs.11,947.45 crore for the quarter ended December 31, 2014 to Rs.11,086.95 crore for the quarter ended December 31, 2015.
 
Oriental Bank of Commerce declared a net loss of Rs.424.69 crore as compared to net profit of Rs.19.56 crore for the quarter ended December 31, 2014.
 
The bank's total income has decreased from Rs. 5,458.79 crore for the quarter ended December 31, 2014 to Rs. 5,350.48 crore for the quarter ended December 31, 2015.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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Four Indian Americans selected to US National Academy of Engineering

Along with the new members, the total US membership goes up to 2,275

 

Four Indian American engineers are among 80 new members selected to the prestigious US National Academy of Engineering (NAE) for their valuable contributions to the society.
 
Anil K. Jain, Dr Arati Prabhakar, Ganesh Thakur and Dr K.R. Sridhar were formally inducted during a ceremony at the NAE's annual meeting in Washington, DC, on Tuesday, NAE president C.D. (Dan) Mote Jr announced in a statement. 
 
Jain, a distinguished professor in the department of computer science and engineering at the Michigan State University in East Lansing, was elected for his contributions to the engineering and practice of biometrics.
 
A B.Tech graduate from the Indian Institute of Technology-Kanpur, his research interests include pattern recognition, computer vision and biometric recognition. 
 
Jain has also been a consultant to the Indian government's Aadhaar programme that provides a 12-digit unique ID number to the residents of India based on their fingerprint and iris data.
 
Prabhakar, director of the US Defense Advanced Research Projects Agency (DARPA) in Virginia, was chosen for national leadership to advance semiconductor and information technologies.
 
Beginning her career as a Congressional Fellow, Dr Prabhakar has served on the National Academies' Science Technology and Economic Policy Board. In addition, she chaired the Efficiency and Renewables Advisory Committee for the US Department of Energy. 
 
As the founding director of DARPA's Microelectronics Technology Office, she led a team of programme managers whose efforts spanned areas such as optoelectronics, infrared imaging and nanoelectronics.
 
Thakur, who is the president of Thakur Services Inc. in Houston, Texas, was named a member for leadership in the implementation of integrated reservoir management techniques.
 
Sridhar, the principal co-founder and chief executive officer of Bloom Energy Corporation in California, was selected for the "contributions to transport phenomena and thermal packaging of electrochemical systems and generation of clean, reliable and affordable power".
 
Prior to founding Bloom Energy, Sridhar was director of the Space Technologies Laboratory (STL) at the University of Arizona where he was also a professor of aerospace and mechanical engineering. 
 
Under his leadership, STL won several nationally competitive contracts to conduct research and development for Mars exploration and flight experiments to Mars. 
 
His work for the NASA Mars programme to convert Martian atmospheric gases to oxygen for propulsion and life support was recognised by Fortune magazine which cited him as "one of the top five futurists inventing tomorrow, today." 
 
Along with the new members, the total US membership goes up to 2,275.
 
Election to the institution "is among the highest professional distinctions accorded to an engineer," the statement read. 
 
Founded in 1964, the NAE is a non-profit institution that provides engineering leadership in service to the nation. 
 
Its mission is to advance the well being of the nation by promoting a vibrant engineering profession and by marshalling the expertise and insights of eminent engineers to provide independent advice to the federal government on matters involving engineering and technology.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 
 

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Shahrukh Khan pays penalty amounting to Rs1,93,784.00 to BMC
Shahrukh Khan who had constructed an illegal ramp outside his posh bungalow 'Mannat' had to pay the cost of demolition amounting to Rs1,93,784.00, revealed information provided by BMC to RTI activist, Anil Galgali
 
Actors who portray inspiring roles as heroes in films, generally play villainous roles in real life. Shahrukh Khan who had constructed an illegal ramp outside his posh bungalow 'Mannat' had to pay the cost of demolition amounting to Rs1,93,784.00, revealed information provided by BMC (Bombay Municipal Corporation) to RTI activist, Anil Galgali.
 
RTI activist Anil Galgali had sought information from the  Municipal administration about the action taken on the illegally constructed RCC ramp outside his bungalow by Shahrukh Khan. He sought information about the cost incurred and payment received, if any. In its reply, the BMC's The Assistant Engineer (Inspection) of Bandra H West ward informed Galgali that, after the order of the Municipal Commissioner a 7-day notice was issued on 6th February 2015 to Mannat. On termination of the notice period, the demolition of the RCC ramp was undertaken by the ward office of 14th and  15th February 2015. It was alleged that Shahrukh Khan, whose bungalow falls on the junction of HK Bhabha Road and Mount Mary Road (near the Bandra Bandstand) had occupied the portion of land belonging to setback, which was supposed to be handed over to municipal corporation by illegally constructing an RCC ramp. Further, the municipal corporation had issued an demand notice of Rs1,93,784.00 towards cost incurred on the demolition of the ramp, giving 7 days for making the payment or face due actions under the MMC Act. Shahrukh Khan made the payment vide a cheque issued on Citibank dated 11 March 2015 amounting to Rs1,93,784.00 to close the issue.
 
In a case similar to Shahrukh Khan, industrialist Mukesh Ambani too had occupied the land meant for setback, under the guise of security, in the past. Due to persistent follow up by Anil Galgali for four years, Mukesh Ambani himself had to remove the encroachment to avoid due action in the matter.

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COMMENTS

D S Ranga Rao

1 year ago

Thanks and congratulations to Mr. Galgali and MLF for making public the real life stories of reel lifers and business tycoons.

Sanjeev Dhabre

1 year ago

Full article for Shahrukh and just 4 lines for Mukesh Ambani, do you fear writing full article against Mukhesh Ambani?

Ritesh Bhanushali

1 year ago

play "villainous" roles in real life. just for illegal ramp ? Then what you call people who HIT and RUN & Kill a Black buck??

Arunkumar A Vijayan

1 year ago

Nice article.
Great work by Mr. Anil Galgali.

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