Corporation Bank

Corporation Bank, Syndicate Bank cut lending rates

Corporation Bank, Syndicate Bank cut lending ratesFollowing the ongoing trend, two government-run banks on Friday slashed their respective lending rates on loans for home, auto and consumer durables.

Corporation Bank announced its decision to cut interest rates on loans for home, auto and consumer durables by up to 1.75 per cent; while Syndicate Bank slashed the interest rate on housing loans of above Rs 75 lakh by 0.25 per cent effective from 9th of October.

Corporation Bank's net profit falls 25% due to high provisions

Corporation Bank's net profit falls 25% due to high provisionsPublic sector bank, Corporation Bank announced on Friday that it has recorded a fall of 25 per cent in the net profit to Rs. 303 crore for the third quarter of the financial year.

The Mangalore-based lender had recorded a net profit of Rs. 402 crore during the same period of the previous year. The bank indicated that the profits fell mainly due to increased provisions during the third quarter from October to December, 2012.

Banks hike rates on short-term fixed deposits as liquidity tightness persistes

Banks hike rates on short-term fixed deposits as liquidity tightness persistesBanks have started increasing interest rates on short-term fixed deposits (FDs), thanks to persistent tight liquidity.

Federal Bank has increased interest rates on fixed deposits of 1-3 year tenure from 8.75 per cent to 9 per cent.

Corporation Bank is offering rates of 9.25 per cent and 9 per cent on fixed deposits of between Rs 10,000 and Rs 5 crore for 444-day and 222-day tenures, respectively.

Corporation Bank offered disproportionate overdraft facility to Vadra

Corporation Bank offered disproportionate overdraft facility to VadraIt was recently disclosed that the public sector Corporation Bank had offered an overdraft facility of Rs 7.94 crore in 2007-2008 to Robert Vadra's Sky Light Hospitality when the company's issued capital was Rs. 1 lakh.

Corporation Bank Q4 Net Remains Flat

Corporation Bank Q4 Net Remains FlatFor January-March period, the Mangalore-headquartered Corporation Bank has registered flat growth in its net profit, which stayed at Rs 351.3 crore, driven down by a sharp spike in non-performing assets.

The net non-performing assets percentage as a proportion of overall advances nearly doubled to 0.87% (Rs 869.38 crore) as against 0.46% (Rs 397.74 crore) a year ago.

Corporation Bank raises interest rates

Corporation-BankFollowing the trend of the biggies in the sector, Corporation Bank has finally decided to raise its interest rates. The main ones have been raised by 50 basis points.

The bank in a statement filed with the Bombay Stock Exchange said, "Corporation Bank has revised its benchmark prime lending rate (BPLR) from 12 per cent to 12.50 per cent with effect from August 2, 2010."

Corporation Bank first quarter net profit up by 28%

Corporation Bank first quarter net profit up by 28%State-run lender Corporation Bank has declared its first quarter financial results for the fiscal year 2010-11.

According to the report, the bank has registered an impressive 28% net profit rise in the quarter under review. Corporation Bank has posted a net profit of Rs 333.78 crore for the first quarter that ended in 30th June, of the year 2010 which is 28% more than that of the net profit figure of the bank in the similar quarter in the last fiscal.

Corporation Bank to raise funds in 2 years

Corporation-BankCorporation Bank has informed that it is planning to raise Rs 2000 crore in coming two years. A top official of the bank has informed that the firm has to raise funds in the fiscal year 2011 in order to meet the credit growth.

As per JM Garg, Chairman and Managing Director of Corporation bank, the bank firm is looking forward to fetch 2000 crore in the current financial year from the combination of Tier-I and Tier-II capital.

Corporation Bank to raise Rs 650 crore

Corporation Bank to raise Rs 650 croreCorporation Bank, the Mangalore-based public sector lender, has decided to raise Rs 650 crore to fund its growing business which may cross Rs 1,50,000 crore this fiscal.

The lender has informed that it will raise Rs 650 crore through the issue of bonds at different coupon rates.

The bank had earned a net profit of Rs 893 crore for the financial year ended March 2009.

The shares of Corporation Bank closed today at Rs 353, up 2% compared to its previous close. The counter has made 52-week- high and low of Rs 354 and Rs 155 respectively.




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