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IndusInd Bank
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BSE Announcements on IndusInd Bank
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Indusind Bank Ltd has informed BSE that the 14th Annual General Meeting (AGM) of the Bank was conducted on September 22, 2008 and that resolution numbers 1 to 6 were carried unanimously under Ordinary Business and Resolution numbers 7 to 11 were carried unanimously under Special Business....
NSE Announcements on IndusInd Bank
Posted by : MMB MessengerTracked by: 0 Boarder
Indusind Bank Limited has informed the Exchange that the Annual General Meeting (AGM) of IndusInd Bank Ltd. was conducted on September 22, 2008 and that resolution numbers 1 to 6 were carried unanimously under Ordinary Business and Resolution numbers 7 to 11 were carried unanimously under Special Business. A copy of the notice shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). ...
IndusInd Bank to expand overseas
Posted by : latikavTracked by: 0 Boarder
DUBAI: Leading Indian private bank IndusInd Bank will expand its operations to strategic markets across the world, including the Middle East, with significant expatriate Indian population.
A decision to this effect was taken at the annual general meeting (AGM) of the Hinduja group-owned IndusInd International Holdings Ltd (IIHL) here.
According to an IIHL statement, the bank's expansion overseas will be carried out through strategic alliances, acquisition of banks or though application for fresh banking licences.
The AGM of the Mauritius-based IIHL was attended by IndusInd Bank's new management team headed by chief executive Romesh Sobti.
It was also decided that the operations of IndusInd Bank, which has 148 branches across India, would be ramped up so that the value of investments made by its shareholders would continue to appreciate.
"The plans of Mr Romesh Sobti and his team for the bank are essentially based on two planks, namely, building on its strengths and remedying the weaknesses," the statement quoted IIHL chairman S P Hinduja as saying in his address at the AGM.
"The management team is confident that the bank will overtake its peers in the next three years, as measured by the criteria of productivity, profitability, and efficiency," he said.
The bank, according to Hinduja, has overcome its past problems and is now poised for rapid growth as a significantly strengthened entity.
"Its capital adequacy ratio, a key indicator of stability, stands at a comfortable 11.91 per cent as on March 31, 2008, well above the regulatory minimum in India of 9 per cent," he said.
Accordintg to him, capital to risk-weighted assets ratio (CRAR) has risen to 13.16 per cent as of June 30.
"The bank also enjoys the highest ratings on its debt instruments from the leading rating agencies in India - CRISIL, ICRA, and Fitch. The bank has consistently remained profitable every single year of its existence, right from its very first year of operations," Hinduja said.
IndusInd Bank was launched in 1994 with a capital base of Rs 100 crore ($32 million at the then exchange rate).
Of this, Rs 60 crore was raised through private placement from Indian residents while the balance Rs 40 crore ($13 million) was contributed by overseas Indians.
As for IIHL, the chairman said that the value of shareholders' investment in the company has considerably appreciated, even after providing a reasonable return by way of dividend payment. IIHL has been paying dividend to its shareholders since 1995.
The average dividend paid has been 6.33 per annum and the total dividends paid have amounted to $22.68 million, equivalent to $0.73 per share of $1 each.
"As on March 31, 2008, the net worth of IIHL was $178.17 million," Hinduja said.
"In order to share the benefit of the growth of the company, it was decided to issue 6 per cent five-year bonus bonds of $1 each to shareholders in the ratio of one bond to every two shares held with effect from October 1, 2007," he added.
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IndusInd to float $1 bn India-specific ..
Posted by : latikavTracked by: 0 Boarder
IndusInd to float $1 bn India-specific fund
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DUBAI: Hindujas-promoted IndusInd Bank has said it is looking to float a one billion dollar fund (about Rs 4,500 crore) for investments in India.
"We are going to partner with Indian firms that are known in the capital market space and are in the process of floating funds of their own. It is going to be the Hinduja brand name alongside local firms," promoter of the bank and Group Chairman S P Hinduja said here.
"One of the things we are planning to do in Dubai is to offer an offshore fund for investment into India," he said after the 15th Annual General Meeting of the IndusInd International Holdings Ltd (Mauritius).
The offshore fund would investment primarily in two specific sectors, real estate and infrastructure, for which investors in Dubai are very keen, he added.
On the expansion plan of the bank, he said after 14 years of the launch, it was time to diversify and look at other sectors such as capital markets, stock broking, wealth management and asset reconstruction.
Praising the non-resident Indian community for their support since its inception, he said that the bank is now reviving a lot of NRI initiatives.
During the initial stages as much as 90 per cent of IndusInd Bank's deposits were from the NRI community, but gradually with the growth of the Indian economy, some of the NRI focus got diluted.
IndusInd Bank Managing Director and CEO Romesh Sobti said that the bank wants to leverage its NRI base to sell on-shore products in India and off-shore products abroad.
"NRIs form a critical component of our new plan," Sobti said.
The bank, which boasts of an asset of around 6.5 billion dollar, is awaiting regulatory clearances from either ends to kick-start its Dubai operations.
On the choice of Dubai as a venue for the AGM, Hinduja said that about 51 per cent of IndusInd Investment (IHL) shareholders came from the city.
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IndusInd Bank will overtake peers: Hinduj
Posted by : latikavTracked by: 0 Boarder
IndusInd Bank will overtake peers: Hinduja-
DUBAI: Hindujas-promoted IndusInd Bank will overtake its peers in the next three years, by leveraging its strong capital base that gives the bank enough headroom to lend more, Group Chairman S P Hinduja said on Monday.
The bank expects 40-45 per cent hike in advances during the current fiscal, against the average loan growth of 20 per cent by most other banks.
"IndusInd Bank is now poised for rapid growth as a significantly strengthened entity... (which) will overtake its peers in the next three years, as measured by the criteria of productivity, profitability and efficiency," Hinduja, Chairman of the IndusInd International Holdings Ltd (Mauritius), said at the 15th Annual General Meeting here.
"Its Capital Adequacy Ratio, a key indicator of stability, stands at a comfortable 11.91 per cent as on March 31, 2008, well above the regulatory minimum of nine per cent," he said.
The ratio further improved to 13.16 per cent at the end of the April-June quarter of the current fiscal from 12.16 per cent in the first quarter of the previous fiscal.
While most new generation private sector banks launched in the early 90s have disappeared, IndusInd Bank has remained the sole survivor with its strong fundamentals, said Hinduja, the London-based business tycoon.
A 79 per cent jump in net interest income helped IndusInd Bank increase its profit after tax by a record 44.48 per cent to Rs 19.1 crore in Q1 this fiscal.
IndusInd Bank was floated with USD 35 million capital pooled in from Non-Resident Indians in April 1994. Its net worth stood at USD 178.17 million as of March 31, this year.
"The objective is to further ramp up the bank's operations so that the value of your investment may continue to appreciate," Hinduja told shareholders.
At present, the bank has a network of 180 branches across 147 locations in India. Besides, it has representative offices here and in London.
"The IndusInd concept of establishing a global platform to mobilise the contributions of NRIs for investment in India was appreciated and approved by Manmohan Singh, the then Finance Minister," Hinduja recalled.
He noted that the Indian authorities "open-heartedly" provided all the support and clearances enabling the entity to commission its operations in a record period of 67 days.
"After a bright start, IndusInd Bank faced operating problems as a consequence of the downturn in several sectors of the economy - discouraging some of our shareholders in the process.
"However, IndusInd Bank was able to weather the storm successfully (like many of its peer-group entities), and has now emerged as a stronger and more stable entity to make its mark in the banking space," the NRI industrialist noted.
The bank now enjoys the highest rating on its debt instruments from the leading rating agencies in India - CRISIL, ICRA and Fitch and has consistently remained profitable every single year since its inception.
IndusInd Bank, in June, raised USD 51.73 million (around Rs 222 crore) through issuance of Global Depository Receipts to ensure the growth of its balance sheet as per its business plan.
Hinduja, who heads one of the largest diversified groups in the world with interest spanning from automobile to IT to finance, said that in order to achieve the objective of reaching the top league of banks, the promoters had brought in a new management team headed by Romesh Sobti.
"The plans of Romesh Sobti and his team for the bank are essentially based on two planks, namely: building on its strengths and remedying the weaknesses," he said.
The bank boasts of state-of-the-art technology right from its inception. Owing to its multilateral tie ups with other banks, it provides its customers access to more than 18,000 ATMs. It also enjoys clearing bank status for both major stock exchanges as well as three major commodity exchanges in India.
IndusInd Bank, India's first post-liberalisation private sector bank, has proved to be number one among all banks in India under various efficiency parameters, he told the shareholders.
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