Indian Bank announces results for Q2 FY21
Indian Bank has announced results for the second quarter of FY21. The bank’s operating profit is up by 40% - touching `2995 crore for the second quarter of FY21 as against `2135 crore for the second quarter of FY20. Net profit stood at `412 crore for the second quarter as against net loss of `1755 crore for Q2 FY20 - mainly on account of increase of non-interest income by 29%. Net revenues (net interest income plus other income) of the bank for Q2 of FY21 grew by 31% and was at `5755 crore as against `4388 crore for Q2 of FY20. Total business for the bank stood at `867853 crore as of Q2 FY21. The bank recorded a Y-o-Y growth of 5% over Q2 of FY20.
Commenting on the results, the MD and CEO of Indian Bank, Padmaja Chunduru, said, "This has been a quarter of strong growth in all key parameters. CASA is at a healthy 41%, NIM at 3.06% has seen 23 bps growth over the last quarter. The bank has continued its digital journey with the launch of an all-in-one application ‘Ind OASIS’. Also, the bank has initiated a business mentoring programme in vernacular MSME Prerana for its MSME entrepreneurs. The bank has also recently tied up with IIT Madras’s incubation cell for financing start-ups under its 'In Spring Board Scheme'.”
The Indian Bank recently signed a Memorandum of Understanding with the central government’s Ministry of Housing and Urban Affairs (MoHUA) and the Small Industries Development Bank of India (SIDBI) for payment of subsidy and cash incentives to street vendors under the PM Svanidhi Scheme. It was signed by Sanjay Kumar, Joint Secretary (NULM), MoHUA, Vikas Kumar, Field General Manager, New Delhi, Indian Bank and Subodh Kumar, General Manager, SIDBI in the presence of Durga Shanker Mishra, Secretary (MoHUA) and Debashish Panda, Secretary Financial Services, MoF.
PNB MD and CEO CH. S.S. Mallikarjuna Rao visit to Kolkata Zone
CH. S.S. Mallikarjuna Rao, MD and CEO of Punjab National Bank visited the Kolkata zonal office to review the business growth and progress in the amalgamation process in eastern India. He interacted with media and said GDP is expected to be on the positive side in the fourth quarter as expected by the RBI. He added that less labour-intensive units are coming back on track much faster. All sectors except tourism, hospitality and aviation are showing green shoots of recovery. PNB has sanctioned `11000 crore under emergency credit out of which `9000 cores have been disbursed. On the occasion of 150th Jayanthi of Mahatma Gandhi, the bank has launched an outreach programme named ‘Gram Sampark Abhiyan’, a nation-wide outreach program with four key themes - digital, credit, social security and financial literacy. Under this scheme, camps will be held in 25000 villages. PNB is expecting a credit growth of 4% during the current financial year.
Sandeep J Gaware took over as the CGM of Canara Bank, Circle Office
Sandeep J Gaware took over as the Chief General Manager (CGM) of Canara Bank, Circle Office, Kolkata in September, 2020. Prior to this assignment, he was the General Manager (GM) of the bank’s Pune Circle. He has B.Sc. and CAIIB degrees. He has also done Certification Course in Transformational Leadership and Certification Course in Strategic Performance Management – both from XLRI, Jamshedpur along with Composite Insurance Certification Course. He joined the bank in October 1988 and has vast banking experience
Bank of Baroda inaugurates Kolkata Metro-2 Region
Bank of Baroda has inaugurated Kolkata Metro- 2 Region at Avani Heights, Chowringee Road, Kolkata. The Region is carved out from branches of existing Kolkata Metro and Greater Kolkata Regions in pursuit of Bank’s plan to reorganise the existing Regions. The branches of the Region are located in three districts which is Kolkata, South 24 Pargana and Howrah. The region is inaugurated by Debabrata Das, General Manager & Zonal Head, Kolkata Zone in the presence of P K Das, Dy General Manager & Dy Zonal Head, Kolkata Zone. Speaking on the occasion, Debabrata Das said, “With the opening of 7th Region of the Zone, bank will be eyeing for bigger business opportunities and will be able to harness our expertise/ skill sets for business development."
The bank also announced the signing of Memorandums of Understanding (MoUs) with Toyota Kirloskar Motor (TKM) to enable finance options for both its customers and dealers. Murali Ramaswami, &, Vikramaditya Singh Khichi, both the EDs the bank and Naveen Soni, Senior Vice President, Sales and Service, TKM all are very delighted and hopeful about the initiative. This will further unleash the potential of both organisations and will augment the bank’s MSME segmen