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Corp Bank in ‘Big Bank’ league

Corporation Bank has crossed a major milestone by crossing business of Rs 3 lakh crore and entered the league of ‘Big Banks’. S.R. Bansal, CMD of the bank, said the bank’s total business as on December 2013 increased on year-on-year basis by 23% to Rs 301,375 crore. The growth of deposits increased by 26.68% to Rs 177,845 crore and advances increased by 18.28% to Rs 123,530 crore. He added that there has been improvement in net interest income which improved from Rs 883 crore during Q3 quarter of last fiscal year to Rs 909 crore during Q2 of current year and further increased to Rs 1001 crore during the Q3 of current year. During the current year, bank concentrated on deployment of credit to agriculture, MSME and retail whereas the bank has been selective in lending to large industries, commercial real estate and capital market. The increase in exposure to these sectors was either low or has come down. The impact of various initiatives taken by the bank to expand the credit to priority sectors can be seen by large increase in priority sector portfolio.

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