Newskarnataka – Mangalore
Mangalore : Corporation Bank, one of the premier nationalised banks of the nation has crossed a business of Rs 3 lakh crore as on December 31, 2013, thereby entering the league of Big Banks.
S.R. Bansal, Chairman and Managing Director of Corporation Bank, on February 7, Friday announced the performance results of the bank after the adoption of the financial results for the quarter/nine months ended 31st December 2013 by the Board of Directors.
He said as on December 2013, the total business increased on year-on-year basis by 23% to Rs.301,375cr, whereas deposits increased by 26.68% to Rs.177,845cr and advances increased by 18.28% to Rs.123,530cr.
The Chairman said the Net Interest Income improved from Rs.883cr during Q3 quarter of last fiscal year to Rs.909cr during Q2 of current year and further increased to Rs.1001cr during the Q3 of current year.
Operating Profit which was Rs.664cr during Q2 improved to Rs.743cr during Q3 recording increase of 12% on sequential basis during the current year, S.R.Bansal informed.
He said during the current year the bank concentrated on deployment of credit to agriculture, MSME and Retail whereas the bank has been selective in lending to large Industries, Commercial Real Estate and Capital Market.
Corp Bank’s New Initiatives: The Bank has opened exclusive loan centres in 16 cities across the nation and five Agri Business Development Centres with a view to catering to the SME& Agricultural segments in a big way.
The Bank has also facilitated Online Opening of Deposits to its Retail and Corporate Customers through CorpNet – Internet Banking Platform. Internat Banking has been enabled through this application for personal banking
The Bank has also launched “Project Sankalp” a Business Process Re-engineering and organizational transformation journey
The Bank also provides International Debit Card, International Credit Card, International TravelCard, Pre-Paid Gift Cards and Students Campus Cards.
New Products: The new products launched by the bank are “Corp Signature” and “Corp Super” premium saving bank schemes with many attractive add on facilities, Corp Saral Savings Accounts with a bouquet of features and add-ons along with personal accident insurance, special Mobile Banking App through Android and IOS Phones and Tablets, Corp Global current account variant launched for Exporters and Importers who deal in Forex with various facilities.
The Bank has also launched two new premium Current Account Schemes “Corp Club” and “Corp Privilege” with many attractive add on facilities
It has Branchless Banking operational in 3926 locations across India through 2843 BCAs
Awards: Corporation Bank is ranked First under “National Awards for Excellence in MSE Lending” and Second under “National Awards for Excellence in Lending to Micro Enterprises” for the year 2012-13 under Public Sector Banks from Ministry of Micro, Small and Medium Enterprises
