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Monetary Policy: Even the RBI is banking on election outcome!

Apr 1, 2014

Is the RBI's monetary policy stance truly status quo? Or is there something more to it?

Banks: Buyer beware!

Jun 23, 2006

The legendry investor Warren Buffet in an interview to 'Fortune' once quipped, "In economics, interest rates act as gravity behaves in the physical world". The rate hike triggered liquidity drought has put on hold the banking sector's claims of sustenance of a robust credit cycle. The shift from the falling interest rate scenario (FY01 to FY04) to a rising one (FY05 onwards) is expected to have telling impacts on the banking sector. While the former gave the players in the sector the comfort of

Asset Reconstruction Ordinance: Will it help?

Nov 23, 2002

One of the main economic concerns of the government has been the high level of NPAs (non performing assets) in the Indian banking system. Estimates suggest that net NPAs surmount to Rs 300 bn in the banking sector. Reforms to reduce such high levels have been mooted since the time the first round of economic reforms was initiated in 1991. Numerous deliberations and two Narasimham Committee reports later, the government has finally passed the Securitisation and Reconstruction of Financial Assets

IDBI: Volatility persists

Oct 30, 2002

Industrial Development Bank of India (IDBI) is experiencing considerable volatility in Income from operations, which is affecting quarterly results. The financials, QoQ, have shown sharp improvement. September '02 quarter numbers, YoY, are a mirror image of the performance in the first quarter. On the other hand, interest expense has shown steady a decline.

LICHF: Margins on an upswing

Aug 16, 2002

LIC Housing Finance (LICHF) continued to record stellar performance for the quarter ended June 2002. The company's profits grew by 32% on the back of a sharp rise in operating margins and lower operating costs. Its interest income also witnessed a healthy growth of 12%.

IFCI: Further deterioration

Aug 2, 2002

The troubled institution, IFCI, has expanded its net loss in June quarter to Rs 2.2 bn (0.3 bn in 1QFY02). The financial institution had reported a net loss of Rs 8.9 bn for the full year ended March 2002. Problems of adequate capital and challenging prospects in the financial market has impacted IFCI's quarterly performance.

IDBI: Dismal performance

Jul 29, 2002

IDBI's financials continued to bleed during the first quarter of FY03. The financial institution has reported a steep 79% decline in profits and 23% drop in interest income. Low credit offtake and pressure on margins have hit IDBI's first quarter performance.

HDFC: Will it maintain the sheen?

Jul 26, 2002

HDFC has reported a strong performance again with 20% growth in earnings and an improvement in operating margins for the June quarter. The company's interest income growth however, slowed down due to decline in investment income. HDFC's interest on core loans increased by 17% during the quarter.

IFCI: Losses scale new highs

Jul 3, 2002

IFCI's losses widened in the fourth quarter, inflating the total loss for FY02 to Rs 8.8 bn. A steep decline in interest income and pressure on interest margins took toll on the company's performance.

LIC Housing: Change is the key

Jun 12, 2002

LIC Housing Finance (LICHF) reported a 22% rise in earnings and a 17% growth in interest income for the quarter ended March 2002. The company's operating margins for the quarter declined by 70 basis points to 27.3%. For the full year, however, it managed its operating margins at 21%. This is commendable considering a significant decline in interest rates in the last one year.

IDBI: Making the right moves

Jun 1, 2002

Industrial Development Bank of India (IDBI) has recorded dismal performance for FY02. IDBI recorded a 39% drop in net profits during the year. Income from operations declined by 12%. Poor industrial growth and slowdown in credit offtake took a toll on IDBI's financial performance.

HDFC: Strong performance

May 14, 2002

HDFC reported better than expected results for the year ended March 2002. A growth of 14% in income from operations is in line with our projections. However, a 23% rise in earnings is higher than our expectations of 18%, on the back of a sharp improvement in operating margins.

PNB Gilts: Interest rates benefits

Apr 25, 2002

PNB Gilts reported strong performance for the full year ended March 2002 with a 139% growth in profits and 48% net profit margins. The company's operating profits also doubled due to lower interest cost and operating expenses. However, on a sequential basis, its earnings in the fourth quarter dropped by 24%. On a YoY basis the company's financials are not comparable due to significant changes in interest rates during the last one year.

"You will have 2-3 strong players in the next few years with consolidation speeding up"

Feb 22, 2002

In an interview with Equitymaster, Ms. Buch spoke of trends in the housing finance industry and the management’s vision for ICICI Home Finance in the coming years amidst potentially over crowded market.

IDBI: The clouds clear

Feb 21, 2002

India’s second largest financial institution, IDBI, has finally received the government’s attention on its plans of transforming into a universal bank. Over the past few months, the institution has been working hard towards converting into a bank.

IFCI: In a clean-up mood

Feb 13, 2002

IFCI once again reported grim financial performance with nine months cumulative losses mounting to Rs 4.9 bn. The institutions' income from operations also declined by 19% YoY, during the period April - December 2001.

PNB Gilts: Glittering performance

Feb 11, 2002

PNB Gilts continued its sterling financial performance during the December quarter. The company's earnings more than doubled to Rs 380 m and income from operation rose by 78% on a QoQ basis. On a YoY basis the company's financials are not comparable due to significant changes in interest rates during the last one year.

IDBI: Provisions hit earnings

Jan 29, 2002

Dismal growth in industrial production and a slowdown in demand for project finance continued to hit IDBI's financial performance. IDBI's interest income declined marginally in the December quarter and earnings dropped by 77%.

ICICI: Slowdown catching up

Jan 24, 2002

Downturn in industrial activity was reflected from a marginal growth of 2.3% in ICICI's income from operations in third quarter. Its net NPAs to advances ratio too increased to 5.3% as on December 2001 (from 5.2% as on March 2001) and net NPAs increased by 3% to Rs 31 bn. Its operating profits however, flared up by 16% backed by control on operating expenses and lower interest expenses.

HDFC: Topline takes breather

Jan 11, 2002

HDFC has reported lower than expected growth in income from operations for the third quarter ended December 2001. Its earnings however, showed a strong growth of 22% on the back of lower depreciation charge.


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