Tamilnad Mercantile to cut interest rate, hire 500 peopleOctober 22nd, 2009 CHENNAI - While hiring around 500 fresh hands, Tuticorin-based Tamilnad Mercantile Bank Ltd is expected to shortly announce an interest rate cut on its advances, a top bank official said Thursday. "In the last six months, our current account and savings account (CASA) deposits went up to Rs.230 crore and the target for the current fiscal is Rs.650 crore.
Srei Equipment Finance plans to disburse Rs.7,500 croreOctober 6th, 2009 KOLKATA - City-based non-banking financial company Srei Equipment Finance hopes its loan disbursement would grow to Rs.7,500 crore this fiscal from Rs.5,500 crore in 2008-09 as the construction equipment industry is picking up. "We are targeting Rs.7,500 crore disbursement in the current year.
Syndicate Bank net profit zooms 198 percentJuly 31st, 2009 BANGALORE - State-run Syndicate Bank posted a net profit of Rs.262 crore for the first quarter this fiscal, registering a whopping growth of 198 percent year-on-year from Rs.88 crore in the like period last year. "We have nearly trebled our net profit in the first quarter on a healthy 16.4 percent growth in net interest income (NII) to Rs.586 crore from Rs.503 crore a year ago and better management of treasury operations," bank executive director V.K.
Vijaya Bank returns to profits in first quarterJuly 25th, 2009 BANGALORE - State-run Vijaya Bank returned to the black by posting a net profit of Rs.143 crore for the first quarter this fiscal as against a net loss of Rs.766 million in the same period of previous fiscal. "Our core earnings during the first quarter have been impressive despite slackened business growth.
Indian Bank first quarter net up 52 percentJuly 23rd, 2009 CHENNAI - The city-based Indian Bank closed the first quarter with a 52 percent increase in net profit and nearly 21 percent increase in total business as compared to the corresponding period in the previous fiscal, said a top bank official here Thursday. "Despite the challenging economic environment, the bank has earned a net profit of Rs.331.66 crore and did a total business of Rs.1,28,701 crore (deposits plus advances) as against Rs.217.62 crore and Rs.1,06,691 crore posted during the corresponding period of the previous year," said the bank's chairman and managing director M.S.
Canara Bank first quarter net zooms 353 percentJuly 22nd, 2009 BANGALORE - State-run Canara Bank Wednesday reported a net profit of Rs.555 crore for the first quarter this fiscal, registering a whopping 353 percent year-on-year (YoY) increase over the Rs.123 crore posted in the corresponding quarter year ago. "The net profit for the quarter has shot up due to multiple factors such as net interest income growing by 27 percent YoY to Rs.1,291 crore from Rs.1,019 crore, other income increasing by 29 percent to Rs.
City Union Bank to raise Rs.250 croreJune 11th, 2009 CHENNAI - City Union Bank, an old generation private lender based in Tamil Nadu, Thursday said it will raise Rs.250 crore over the next two years to fund its expansion plans. "Our target is to have a net worth of Rs.1,000 crore in two years time.
NTPC ties up with SBI for Rs.8,500 crore loanMay 14th, 2009 NEW DELHI - State-run power major NTPC Ltd has signed a Rs.8,500-crore ($1.7-billion) loan agreement with State Bank of India (SBI), the country's largest lender, it was announced here Thursday. The agreement was signed by NTPC general manager (finance) M.
UCO Bank posts Rs.558 crore net profitMay 8th, 2009 KOLKATA - City-based public sector bank UCO Bank posted a net profit of Rs.558 crore for the fiscal 2008-09 compared to Rs.412 crore last fiscal, a growth of 35.44 percent, a top bank official said Friday. 'The domestic operation contributed Rs.466 crore to the net profit and rest came from overseas operations,' S.K.
Allahabad Bank net up 55.8 percent in fourth quarterMay 4th, 2009 KOLKATA - State-run lender Allahabad Bank Monday reported a net profit of Rs.264.09 crore in the fourth quarter of 2008-09 as against Rs.169.51 crore in the like period last fiscal, a rise of 55.8 percent. However, the bank's yearly profit fell 21 percent last fiscal.
Indian Bank net up 23 percentApril 27th, 2009 CHENNAI - State-run Indian Bank Monday reported 23.4 percent rise in its net profit for 2008-09 at Rs.1,245.32 crore from Rs.1,008.73 crore the previous fiscal. 'The bank's total business went up by 23 percent to Rs.124,413 crore (deposits Rs.75,582 crore and advances Rs.51,831 crore),' M.S.
Kerala banks post marginal growth in advancesApril 25th, 2009 THIRUVANANTHAPURAM - Banks in Kerala have posted a marginal growth of 6.3 percent in advances from Rs.80,131 crore in June 2008 to Rs.85,174 crore as on Dec 31, according to the State Level Bankers Committee (SLBC). The SLBC in a meeting here said loans given to the education sector reported the biggest jump when it went up from Rs.2,920 crore in June to Rs.4,049 crore in December.
United Bank posts 27 percent growth in advancesApril 16th, 2009 KOLKATA - Public sector lender United Bank of India (UBI) Thursday reported 27 percent growth in advances at Rs.36,000 crore and 16 percent rise in deposits at Rs.54,000 crore in 2008-09. 'Our bottomline is likely to be between Rs.150-200 crore after we close our books,' UBI chairman and managing director S.C.
Allahabad Bank posts 18 percent growth in 2008-09April 14th, 2009 KOLKATA - City-based public sector lender Allahabad Bank registered 18 percent growth in deposits and advances in 2008-09 over the year before, a top official said here Tuesday. 'The bank has achieved a total business of Rs.144,000 crore as on March 31, 2009,' K.R.
Three Indian banks forge ties to float Malaysian ventureJanuary 29th, 2009 CHENNAI - Three Indian banks - Indian Overseas Bank (IOB), Bank of Baroda and Andhra Bank - will soon float a Malaysian banking joint venture to take advantage of the opportunities there, said a top official. 'We hope to get the green signal from the Malaysian authorities to start banking operations there by March,' IOB's chairman and managing director S.A.
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