Corporate

IOB Q1 netup 18% to Rs 302 cr

Indian Overseas Bank (IOB) has reported a 17.90 per cent increase in the net profit for quarter ended June 30, 2009 at Rs 301.78 crore as compared to Rs 255.97 crore, during the same quarter a year ago. Bank"s total income rose to Rs 2,808.51 crore from Rs 2,186.83 crore, an increase of 28.43 per cent. - PNB Q1 net rises 62% to Rs 832 cr - Corporation Bank Q1 net up 42% at Rs 261 cr - Scope for banks to reduce lending rates: Subbarao - Deutsche Bank Q2 net surges 67% to euro 1.1 bn - Kotak Mahindra net up 72% at Rs 257 cr - SBI trims deposit rates across select maturities During the quarter bank"s interest income rose to Rs 2,577.85 crore from 2,160.54 crore, an increase of 19.32 per cent. Capital Adequacy Ratio (CAR) as on June 30, 2009 rose to 13.24 per cent, under Basel II from 11.25 per cent and Base I rose to 13.5 per cent from 11.41 per cent. Gross NPA increased to Rs 2,337 crore and Net NPA rose to Rs 1,202 crore as on June 30, 2009. The increase in NPA was due to the distressed assets amounting to Rs 310.74 crore taken over by the bank from Shree Suvarna Sahakari Bank, Pune, which was under moratorium.


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Governance and the fisc
How best can the Union government use the window of political opportunity that has been opened up by the verdict of the recent assembly elections? Since the ruling Congress party has been strengthened by the poll result and there are no important elections due for the next year, the opportunity to push for better governance should not be missed. To begin with, the prime minister should consider a minor reshuffle of portfolios that empower performers and sideline non-performers, and also improve bureaucratic standards. The argument that in some ministries the ruling party needed fund collectors rather than good administrators has appeal before an election, but is less convincing when the priority should be to get things going. The ruling party should take a holiday on rent-seeking for a year and push for reforms and improved public sector productivity in the infrastructure sector, especially power. The recent raids by the Central Bureau of Investigation in the Department of Telecommunications are hopefully not part of some political bargaining between coalition partners but the beginning of a phase of crackdown on “corruption in high places” that the prime minister sought. Given the DMK government’s dependence in Tamil Nadu on the Congress for its survival in office, the latter can afford to crack the whip in Delhi and not appear as subservient as it does when dealing with this junior ally. Exemplary action here would send an important message to other junior partners and to ministers within the ruling party who have not exactly been symbols of good governance.

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