The Hindu Business Line : Nabard to raise Rs 4,000 cr

New Delhi, Oct. 26 The National Bank for Agriculture and Rural Development (Nabard) has said that it would raise Rs 4,000 crore by the end of the financial year to refinance its short-term and long-term rural development projects.

“The bank has so far raised Rs 14,000 crore from the market at an average interest rate of 9.2 per cent, which is more than the 8.9 per cent lending cost last year,” Nabard’s Managing Director, Mr K.G. Karmakar, said here on Friday.

The interest expenditure for the quarter ended September 30, 2007, went up to Rs 938.1 crore against Rs 700.85 crore for the corresponding period last fiscal, showing an increase of 33.85 per cent, he added.

The bank’s income from operations (after accounting for provision for loan assets) for the quarter ended September 30, 2007, was at Rs 1,364.53 crore compared with Rs 1,106.91 crore last year.

The gross surplus, before making provision for taxation, stood at Rs 296.57 crore as on September 30, 2007, compared with Rs 214.63 crore in the corresponding period in 2006 -07.

Mr Karmakar also said that the bank has sanctioned Rs 9,000 crore under long-term lending and Rs 18,000 crore for short-term lending projects until now during the current fiscal.

More Stories on : Financial Performance | Agricultural Institutions

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
ING Vysa calls EGM to discuss pref issue

Forex reserves up $4.457 b

Rupee gains 10 paise

Kotak Bank net doubles on higher interest, fee income in Q2

Federal Bank net up 37% on higher income

Rise in expenses weigh on Andhra Bank net

Syndicate Bank net up 11% on better yield on loans

Nabard to raise Rs 4,000 cr

ICICI Pru posts 52% rise in new premium

City Union net rises 64%

Pioneer Investcorp net up

TMB’s 193rd branch at Sivakasi

This recovery rally belongs to domestic institutions

Bond prices unchanged

Call rates steady

Banks told to drop special deposit schemes

State Bank of Hyd, NBHC in pact