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HDFC Bank net profit up 18.2% in Q1

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HDFC Bank

Mumbai, July 21: HDFC Bank on Saturday reported a 18.2 per cent increase in its net profit to Rs 4,601.4 crore during the quarter ended June 30 in the current fiscal, as compared to Rs 3,893.84 crore in the year-ago period.

The Bank’s total income for the quarter under review was at Rs 26,367 crore, up by 18.8 per cent from Rs 22,185.4 crore for the corresponding period last year.

Net interest income (interest earned less interest expended) for the period grew by 15.4 per cent to Rs 10,813.6 crore, from Rs 9,370.7 crore for the year-ago quarter, driven by asset growth and a net interest margin for the quarter of 4.2 per cent.

Provisions and contingencies for the quarter were Rs 1,629.4 crore as against Rs 1,558.8 crore in the corresponding period last year.

“The key components therein for the quarter ended June 30, 2018 were specific loan loss provisions of Rs 1,432.2 crore (as against Rs 1,343.2 crore for the corresponding quarter of the previous year) and general provisions of Rs 183.2 crore (as against Rs 206.3 crore for the corresponding quarter of the previous year),” the lender said in a statement.

Gross non-performing assets for the lender were at 1.33 per cent of total advances at end of the first quarter of the current fiscal, as against 1.24 per cent year-ago.

Net non-performing assets were at 0.4 per cent as on June 30, 2018.

“The Bank held floating provisions of Rs 1,451 crore as on June 30, 2018. Total provisions (comprising specific provisions, general provisions and floating provisions) were 118 per cent of the gross non-performing loans,” it said.

Total deposits at the end of first quarter of FY19 (2018-19) were Rs 805,785 crore, an increase of 20 per cent over corresponding period last year while total advances grew 22 per cent to Rs 708,649 crore as on June 30, 2018.

“This loan growth was contributed by both segments of the Bank’s loan portfolio with the domestic loan mix between retail: wholesale at 55:45. Retail loans grew by 21.6 per cent and wholesale loans grew by 22.7 per cent,” it said in a statement.

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 14.6 per cent as on June 30, 2018.

At the end of the first three months of the current fiscal, the lender’s distribution network was at 4,804 banking outlets and 12,808 ATMs across 2,666 cities.

IANS

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Oil Ministry yet to recover $510 mn from contractors under PSC: CAG

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Dharmendra Pradhan

New Delhi, Sep 23 : The Comptroller and Auditor General (CAG) has said that the Ministry of Petroleum and Natural Gas has not recovered $510 million as cost of unfinished minimum work programme (CoUMWP) from contractors in respect of 45 blocks.

The CAG report on Union Government (Economic & Service Ministries-Civil) – Compliance Audit Observations, which includes important audit findings, was presented in the Parliament on Wednesday.

It noted that the government awarded 254 blocks during the New Exploration and Licensing Policy’s (NELP) I to IX rounds for exploration of oil and gas. As per the terms and conditions of Production Sharing Contracts (PSC), contractors are required to pay the cost of unfinished minimum work programme, if the block is relinquished or terminated by government.

However, contractors of 54 relinquished blocks failed to pay the CoUMWP as specified in the PSCs.

“An amount of $510.79 million (Rs 3,652.64 crore), which was 77 per cent of the Ministry of Petroleum and Natural Gas’s (MoPNG) approved amount of $664.67 million (Rs 4,753.03 crore) on account of CoUMWP in respect of 45 blocks still remained unrecovered (September 2019),” the report said.

It added that the CoUMWP for nine blocks is yet to be worked out by Directorate General of Hydrocarbons (DGH) or yet to be approved by the ministry.

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IT Dept ignored land/flat sellers as ‘potential assessees’: CAG

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real estate

New Delhi, Sep 23 : The Comptroller and Auditor General (CAG) has said that during financial years 2014-15 to 2017-18, the IT Department did not initiate any action regarding land and flat sellers who could be potential assessees.

The Performance Audit on ‘Search and Seizure Assessments in Income Tax Department’, tabled in the Parliament on Wednesday, said: “The Department did not initiate any action in respect of sellers of land/flat/ commodities pointed out in the respective Appraisal Report, who could be potential assessees. The department also did not confirm whether these were in the tax net of the department and regularly filing returns.”

It also said that there were loopholes and deficiencies in the provisions of the Act in respect of search assessments, mainly relating to absence of specific provisions in the Act and Rules, the report said.

“In respect of certain Groups, 76.5 per cent of additions made in search assessments did not stand the test of judicial scrutiny in appeals at the level of CIT (A)/ITAT,” it said.

The report found that assessing officers (AOs), while finalising the assessments, did not take a uniform stand in making additions on account of bogus purchases, accommodation entries and in adoption of figures of assessed income or revised income.

“The additions were made arbitrarily either on lump sum amount basis or different percentage ranging from five per cent to 50 per cent under similar circumstances without proper justification,” the report said.

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IT Dept computed interests wrongly in most assessment cases: CAG

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Direct tax Incom

New Delhi, Sep 23 : The Comptroller and Auditor General of India has said that the Income Tax Department computed interests wrongly in about 77 per cent of the assessment cases it had audited.

In its report on “Direct Taxes of the Union Government for the year ended March 2019”, tabled in the Parliament on Wednesday, the government auditor said that it had audited 6,217 assessment cases which were processed or completed through the AST module and examined the correctness of interest, calculated through the system and modified by assessing officers (AO) with respect to Sections 234A, 234B, 234C and 244A of the Income Tax Act.

The report said that interest was calculated incorrectly through the AST system, despite the fact that the system was designed, inter alia, to undertake assessment functions of calculation of interest under various sections of the Income Tax Act.

“The interest was wrongly computed by the ITD, in 76.68 per cent of cases of the sample of 6,217 selected out of a population of 8,35,727 records, either due to systemic deficiencies or due to incorrect interventions by the AOs,” it said.

Assessing officers also did not take any step to rectify the incorrect interest, under Sections 234A, 234B, 234C and 244A of the Act, calculated through the system, even though the AST system allowed them to modify the value of interest in accordance with the provisions of the Act, thereby leading to either short levy excess levy of interest.

The CAG recommended that the Central Board of Direct Taxies may institute appropriate checks and balances in the Income Tax Business Application (ITBA) to prevent recurrence of error in computation of tax and interest.

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