Standard Chartered Plc profit up 20%: Standard Chartered Plc has posted a trading profit of Pound 904 million for the year 1997, up by 20 per cent over 1996. Profit before taxation stood at Pound 870 million while profit attributable to shareholders was Pound 584 million. In a press release issued today, Standard Chartered Plc said that its earnings per share was up by 11 per cent to 61.7 pence. The return on ordinary shareholders funds stood at 27.2 per cent. The bank's annual dividend share increased by 4 pence to 18.5 pence. Standard Chartered Plc's chairman, Partrick Gillam said that "our 1997 results demonstrate our capacity to produce excellent results when our main markets in Asia are suffering considerable economic turmoil. We believe we have the skills and management to be just as successful in the future".NHB to privately place Rs 200cr bonds: The National Housing Bank (NHB) has entered the private placement market to raise Rs 200 crore. The housing bank will provide a return of 9.5per cent on a semi-annual basis for the bond which will have a seven year-maturity period. The bonds also have a put and call option at the end of five years. NHB, which is offering the tax-free bonds under Section 10 of the Income Tax Act, aims to raise a principal amount of Rs 100 crore with a greenshoe option for a further sum of Rs 100 crore. The bonds are eligible for the 40 per cent priority sector advances of the banking sector and also qualify for the advances equivalent to 1.5 per cent of incremental deposits that banks have to make for housing finance.
Union Bank advances to cross Rs 4,500 crore: United Bank of India's advances during 1997-98 are expected to touch Rs 4,500 crore against Rs 3,500 crore in the previous year. The credit offtake of the Calcutta-based bank has already touched Rs 4,200 crore. In order to meet the increasing demand for credit from the corporate sector, the bank has initiated a number of steps. Corporate bodies with at least 60 per cent holding by non-residentIndians would be given the opportunity to open special non-resident accounts at one of the branches of the bank in Calcutta.
Ashapura Minechem assigned A plus: Ashapura Minechem Ltd, a majormanufacturer of bentonite, has recently been assigned an A+ rating by the Credit Rating Information Services of India Ltd (Crisil) for its Rs seven crore non-convertible debenture (NCD) programme. The company will use the proceeds of the issue for its privatised port projects at Mandvi and Mundra in Gujarat. These ports are located very close to the company's mines and would reduce its dependence on the Kandla port which is always congested.
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