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Corp Bank net up 66% at Rs 152 crore

Jan. 20: Corporation Bank has registered a 66 per cent rise in net profit at Rs 151.81 crore for the third quarter ended December 31, 2002, compared with Rs 91.45 crore reported in the same period last fiscal.

Total income also increased to Rs 693.14 crore for the period under review as against Rs 602.08 crore in the previous consecutive quarter, said Corporation Bank chairman and managing director Cherian Varghese.

For the nine months ended December 2002, net profit and total income swelled to Rs 368.72 crore (Rs 262.73 crore) and Rs 1,977.34 crore (Rs 1,744.18 crore), respectively, he added.

Jindal back in black

Jindal Iron & Steel Co Ltd (Jisco) has reported a net profit of Rs 29.86 crore for the third quarter compared with a loss of Rs 15.34 crore in the previous consecutive quarter. Net sales was up 60.53 per cent at Rs 412.41 crore against Rs 256.90 crore last fiscal.

For the nine-month period net profit was Rs 54.82 crore against a loss of Rs 45.69 crore, last year. Net sales shot up to Rs 1,019.82 crore over Rs 741.48 crore.

Canara net zooms 83%

Canara Bank today reported a 82.59 per cent growth in net profit at Rs 292 crore for the third quarter of this fiscal, up from Rs 160 crore in the corresponding period last fiscal.

For the nine-month period, the bank reported a 52.57 per cent rise in net profits at Rs 711 crore as against Rs 466 crore posted in the corresponding previous period, bank chairman and managing director R V Shastri said.

The bank’s net NPA ratio had declined from 3.89 per cent as on March 2002 to 3.84 per cent in September 2002, Shastri said. The target is to reduce it to 3.5 per cent by March this year.

SRF net up

SRF Ltd has registered Rs 6.54 crore net profit for the third quarter ended December, 2002, on net sales of Rs 173.29 crore.

SRF’s board of directors has decided not to proceed with the share buyback scheme announced earlier, a company statement said here.

It said the figures for nine months ended December 31, 2002 and the year ended March 31, 2002 have been revised after giving effect to the scheme of amalgamation, arrangement and reconstruction between SRF Ltd, SRF Chemicals and Tyrecord Fabrics Ltd.

Trent net at Rs 2.86 cr

Trent Ltd has posted a higher net profit at Rs 2.86 crore for the third quarter ended December 31, 2002, compared with Rs 2.5 crore in the same period last fiscal. Total income during the period under review also increased to Rs 36.46 crore as against Rs 25.30 crore, the company informed the BSE today.

BOC net up

BOC India Ltd announced over five-fold increase in its profit after tax at Rs 1.11 crore during the third quarter of this fiscal against Rs 0.20 crore in the corresponding previous quarter.

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