United Bank posts 27 percent growth in advances

July 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.

July 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.

July 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.

July 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.

June 29th, 2009 KOLKATA - The city-based UCO Bank is likely to slash deposit rates by 50-100 basis points soon, a top official said here Monday. The bank cut its lending rates by 50 basis points recently to 12 percent.

June 18th, 2009 World Bank raises 2009 China growth forecastBEIJING — The World Bank is raising its 2009 growth forecast for China due to the country's stimulus-driven investment boom. But it also cautions that it is still too soon to say a sustained recovery is on the way.

June 15th, 2009 KOLKATA - The city-based Allahabad Bank is looking at a credit and deposit growth of 18 percent in the current fiscal, a top bank official said here Monday. "The growth estimates are based on RBI (Reserve Bank of India) guidelines.

June 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.

May 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.

May 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.

April 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.

April 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.

April 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.

April 5th, 2009 DHAKA - Bangladesh's finance minister has rejected World Bank's forecast of its economy in the wake of global downturn and economists here insist that the economy was poised for a higher growth at 5.5 percent of the Gross Domestic Product (GDP). 'I do not accept it,' said Finance Minister A.M.A.

January 18th, 2009 KOLKATA - The city-based Allahabad Bank has posted net profit of Rs.3.69 billion for the quarter ended Dec 31, 2008 as against a profit of Rs.3.65 billion in the corresponding quarter last fiscal, a top company official said here Monday. In the third quarter, Allahabad Bank's net interest margin (NIM) was also up at 3.24 percent, compared with 2.59 percent in the year-ago period.