Vijaya Bank opens Retail Assets Processing Centre at Ahmedabad

Vijaya Bank plans to increase its branch network in the Ahmedabad Region by adding three more branches during this financial year. The bank plans to scale up its business from Rs. 5,191 crore as of September 2015, to cross Rs. 7,000 crore by the end of the fiscal.At the launch of Retail Assets Centralized Processing Centre (RACPC) at the Regional headquarters at Ahmedabad, A Murali Krishna, Deputy General Manager and Regional Head, Vijaya Bank, informed that the bank plans to more than double its home loan advances from Rs. 38 crore last year...

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PNB shifting gears to become a retail bank in big way

Punjab National Bank (PNB) is "shifting gears" to change itself into a retail bank in a big way, Usha Ananthasubramanian, Managing Director and CEO, has said.As part of risk diversification strategy, the bank will focus on expanding the share of "small value loans” in its balance sheet, Usha said at a press conference to announce the second quarter results.Special focus will be on retail loans. There is ample room for PNB to expand its retail loan book and this would be the way forward, she said.For the second quarter ended September 30 this...

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SBI reports 25% jump in Q2 net profit to Rs. 3,879 cr

State Bank of India (SBI), the country’s largest bank, reported a 25% jump in net profit for the July to September quarter to Rs. 3,879 crore. The profit was driven by a jump in other income due to strong performance of treasury operations and lower provisions for bad loans.Net profit for the second quarter of the last fiscal year was at Rs. 3,100 crore.Net interest income, difference between interest earned and expended, was at Rs. 14,253 crore , up 7 per cent from Rs. 13,275 crore in the comparable quarter last year. Other income rose 36%...

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Bank of Baroda Q2 profit tumbles as provisions spike

Bank of Baroda Ltd's, India's second-biggest state-run lender by assets, second-quarter profit slumped about 89 per cent on Friday, hit by a sharp rise in provisions as bad loans jumped.Shares in the Mumbai-based bank, which in August became one of the first state owned lenders to appoint a private sector chairman, tumbled almost 10 per cent at the market open. At 10.10 am, the stock was down 3.3 per cent or Rs. 5.40 at Rs. 154.10 on the BSE.Net profit fell to Rs. 124 crore ($18.9 million) for its quarter ended September 30 from Rs. 1,104 crore...

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Union Bank net zooms 77% at Rs. 658 cr

Union Bank of India today reported a massive jump of 77 per cent in its net profit to Rs. 658 crore for the September quarter.The bank had reported net profit of Rs. 371 crore in the July—September quarter of the previous fiscal.Global business grew by 7.4 per cent to Rs. 5,84,687 crore as on September 30 of the current fiscal, while deposits soared by 10.2 per cent to Rs. 3,30,665 crore, Union Bank said in a statement.Advances grew by 3.9 per cent to Rs. 2,54,022 crore.Net interest income for July—September quarter of 2015—16 increased by...

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Vijaya Bank Q2 net drops 20% to Rs. 115 cr

Vijaya Bank on Friday reported a 19.80 per cent fall in its July-September quarter net profit at Rs. 115.29 crore, impacted by higher provisions.The bank had registered a net profit of Rs. 143.75 crore in the corresponding quarter last year.Total income of the bank stood at Rs. 3,202.89 crore for the quarter ended September 30, 2015 from Rs. 3,253.75 crore in the corresponding quarter a year ago.“Even though there is increase in the operating profit, but because of the increased provision net profit has come down. This quarter we had to make...

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PNB net profit rises 8% to Rs 621 cr in Q2

Punjab National Bank today reported 8 per cent rise in standalone net profit to Rs 621.03 crore for the second quarter ended September 30, 2015—16.The bank had posted net profit of Rs 575.34 crore in the same quarter of the previous financial year.Interest earned was Rs 12,345 crore for the July-September quarter of the current fiscal, as against Rs 11,462 crore in the year-ago period.The bank’s provisioning was higher at Rs 1,882 crore as opposed to Rs 1,768 crore a year ago.PNB’s total income has increased from Rs 13,020.46 crore in July-September...

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Yes Bank, IndusInd Bank in fray for GE Capital Asset

Global diversified conglomerate General Electric is in the midst of exiting most of its financial assets to concentrate on its industrial segments as part of a global strategy and its India divestment strategy is picking up pace, as sources tell ET NOW that GE Capital India's medical equipment financing business is on the block and has attracted the attention of top private sector banks." Yes Bank and IndusInd Bank are amongst suitors in the fray for the asset and currently multiple suitors are conducting due diligence," a source privy to ongoing...

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Lakshmi Vilas Bank launches co-branded credit card

Lakshmi Vilas Bank (LVB) today launched a co-branded credit card in partnership with SBI Cards and Payment Services, commemorating LVB's 90th anniversary.The Tamil Nadu-based bank had partnered with payment solutions provider SBI Cards and Payment Services to offer its first Lakshmi Vilas Bank-SBI Credit Card, a top official said."This is a win-win concept for us. For the first time we are launching this co-branded credit card. We would like to take this relationship (with SBI Cards and Payment Services) to much greater levels," LVB Chief Operating...

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Suresh N Patel is new MD & CEO of Andhra Bank

Suresh N Patel has assumed charge as Managing Director and CEO of Andhra Bank.According to a release issued here, Patel assumed charge in New Delhi on Monday.Patel, who had started his career in banking as an agricultural officer in Dena Bank in 1981, had earlier served as executive director of Oriental Bank of Commerce and has diverse experience in various roles.A graduate in science and law, he is also a certified member of Indian Institute of Bankers. Source : Thehindubusinesslin...

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Finance Ministry makes 4 CEO-level appointments at public sector banks

The Finance Ministry has appointed new chief executives in four public sector banks.Mahesh Kumar Jain, currently executive director at Indian Bank, has been elevated as Managing Director & CEO of the bank. He has been appointed for a period of three years.The Finance Ministry has also appointed Suresh N Patel as Managing Director & Chief Executive Officer (CEO) of Andhra Bank. Prior to this appointment, Patel was an executive director at Oriental Bank of Commerce (OBC).Ravi Krishan Takkar, who was executive director at Dena Bank, has...

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