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Monday, October 19, 2015

PNB slashes car loan rates for women borrowers

Punjab National Bank (PNB) has cut the car loan rates for women borrowers from 9.85 per cent to 9.75 per cent.

The bank also announced that housing loan is available to women borrowers at 9.60 per cent for any amount for the longest repayment period of 30 years.

PNB had recently cut its base rate to 9.60 per cent with effect from October 1.

Base rate is the minimum rate below which a bank cannot lend.

Source : Thehindubusinessline
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South Indian Bank Q2 net up 22.4%

The Kerala-based South Indian Bank has posted a 22.38 per cent growth in its net profit at Rs. 93.38 crore in Q2 of FY16. Net profit in the corresponding period for the previous year was Rs. 76.30 crore.

V G Mathew, Managing Director and CEO, told reporters here on Saturday that the consistency in achieving operating profit, treasury operations and other income have significantly contributed for the growth in net profit in the second quarter.

Total business increased by Rs. 10,687 core to Rs. 93,251 crore, registering a 12.94 per cent YoY. Deposits increased by 13.58 per cent to Rs. 53,036 crore and advances increased by Rs. 4,344 crore to Rs. 40,215 crore, a growth of 12.11 per cent.

CASA of the bank increased by Rs. 1,757 crore, registering a growth of 17.03 per cent, and it now stands at 22.76 per cent of total deposits.

However, there was a growth in net NPA in the second quarter at 1.39 per cent against 0.9 in the corresponding period last year. This is because certain sectors like infrastructure, power, steel etc did not turnaround as expected, he said. “We are making efforts to recover the loans extended to these sectors and it will be reflected in the next quarter”, he added.

The bank has been focusing on various retail sectors for asset growth, which registered a substantial growth. Agri and MSME advances increased by 26 per cent, and home loan auto loan portfolios also increased by 38 per cent and 53 per cent respectively, he said.

Source : Thehindubusinessline
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