Bank of Punjab opens 113^th branch
New Delhi: Bank of Punjab, which has the largest network of branches among the private sector banks in North India, has opened its 113^th banking office at 41, Birbal Road, Jangpura, New Delhi. The branch will offer its complete range of services and products including car loans, two wheeler loans, personal loans and education loans.

The bank will be focussing on trader advances in this business hub of New Delhi. Tejbir Singh, executive director, Bank of Punjab, says: "We are moving fast to take the bank out of the deposit-advance cycle and converting every banking office into a financial superstore."
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BoR net profit jump 101% to Rs 25.6 crore in Q1
Mumbai: Bank of Rajasthan (BoR) has posted a rise of 101.02 per cent in net profit to Rs 25.59 crore for the first quarter ended June 30, 2003, as against Rs 12.73 crore recorded in the corresponding period previous fiscal. Total income of the bank rose to Rs 158.39 crore (Rs 133.70 crore), BoR chairman PK Tayal said.

Interest income was up at Rs 120.56 crore (Rs 116.18 crore) while other income swelled to Rs 37.83 crore (Rs 17.52 crore), he said. The deposits of the bank recorded a 27.3 per cent rise and the cost of deposits has reduced to 5.75 per cent from 7.21 per cent, he added.
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UTI Bank net rises 45% to Rs 52.2 crore in Q1
Mumbai: UTI Bank has recorded a rise of 45.03 per cent in its net profit to Rs 52.18 crore for the first quarter ended June 2003 as against Rs 35.98 crore in the corresponding period last fiscal. The rise has been due a significant jump in the bank's net interest income and other income. The bank has registered a 109 per cent growth in its net interest income to Rs 120.20 crore in the quarter (Rs 57.39 crore). Other income rose to Rs 544.20 crore (Rs 69.86 crore).

"The share of low cost deposits rose to 23 per cent as on end June 2003 as compared to 14 per cent as on end June 2002 and this has helped the bank to improve the net interest margin to 2.75 per cent 1.65 per cent) this quarter," said UTI Bank chairman and managing director P J Nayak. Total income for the reporting quarter rose to Rs 544.20 crore (Rs 391.80 crore). Fees earned during the quarter registered a marginal six per cent decline at Rs 32.55 crore (Rs 34.76 crore) mainly due to reversal of unpaid lease rentals and amortisation of fee income in accordance with central bank directives.
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IOB issue's premium at Rs 10-14
Chennai: Indian Overseas Bank's public issue of "10 crore equity shares of Rs 10 each" may hit the market at a premium of Rs 10-14, which is in a price band of Rs 20-24 per share. The bank will get anywhere between Rs 200 crore to Rs 240 crore from the issue. The bank will be determining the final price per share before filing the offer document with the stock exchanges, says a press release from the bank.

The bank will use the additional equity capital proceeds primarily to augment long-term resources, in line with the estimated growth in assets and also to maintain a "comfortable" capital adequacy ratio. The bank's CAR was 11.30 as at March 31, 2003. The issue is likely to take the bank's equity capital to Rs 544.80 crore.
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SBT announces new rates on NRE deposits
Thiruvanathapuram: State Bank of Travancore has announced new interest rates on the NRE term deposits with effect from July 17. The new rates are 3.70 per cent for one year to less than two years, 4.10 per cent for two years to less than three years and 4.70 per cent for three years.
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SBI announces new loan scheme for patients
Hyderabad: State Bank of India (SBI) has introduced a new loan scheme, especially to benefit the patients suffering from serious diseases. Under `Medi Plus', patients who need funds at short notice for specialised medical treatment, would be given loans at concessional rate of interest. The bank said the scheme covered serious diseases such as corneal implant, angioplasty, hip and knee replacement surgery, serious accidents and multiple injury surgery. Back to News Review index page