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 quarter of 2014-15 to Rs 13,701.93 crore for the same quarter of the current fiscal.


Source : Thehindubusinessline

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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 negotiations told ET NOW.

Explaining the deal rationale, another source added " This asset will be attractive to banks who want access to the current accounts of several leading hospitals and doctors in a bid to improve their CASA ratio. This is a sun-rise sector and moreover represents a safe investment, as there are HNI's involved who are covered by insurance and generally, these loans are not defaulted."

According to the company website, GE Capital India offers affordable purchase plans for the purchase of a wide array of healthcare equipment relating to diagnostic imaging, surgery and clinical systems.

In response to an email query from ET NOW, a Yes Bank spokesperson said, "Yes bank as a policy does not comment on market speculation. However we do remain open to evaluating opportunities which are aligned to Yes bank's strategic focus." IndusInd Bank declined to comment and GE responded saying , " At GE, we do not comment on speculation."



Source : Economic Times

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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 Officer A J Vidyasagar told reporters.

He said the bank along with SBI Cards would leverage each other's strengths and offer the credit cards -- Visa Platinum Credit Card and Visa SimplySAVE credit card -- to customers.

"Initially, we are targeting to cover 10,000 customers".

SBI Cards and Payment Services is a joint venture between State Bank of India and GE Capital.

SBI Cards currently has a subscriber base of 3.2 million customers and 10 per cent of it constitute customers who have co-branded credit cards, SBI Cards and Payment Services Chief Executive Officer Vijay Jasuja said.

"We have been growing very aggressively over the last two years. By partnering with them (Lakshmi Vilas Bank), we have added another feather in our cap," he said.

LVB also unveiled a health and wellness solutions to customers under its tie-up with Cigna TTK Health Insurance.

A mobile application, LVB Mobile, allowing customers to make banking transactions through mobile phones was also launched on the occasion.



Source : Economic Times

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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 : Thehindubusinessline

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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 now been appointed as Managing Director & CEO of UCO Bank for a period of three years.

The Finance Ministry has also appointed Jai Kumar Garg, Executive Director at UCO Bank, as MD & CEO of Corporation Bank. Garg will assume charge on or after February 1 next year.

Srivats.kr@thehindu.co.in


Source : Thehindubusinessline

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