India

City Union Bank has decided to hold off plans to revise its interest rates on savings bank accounts.

Public sector banks are will not raise interest rates as they are convinced their customers will remain loyal.

Allahabad Bank registered a net profit of Rs.488.01 crore for the second quarter ended Sep 30, 2011, from Rs.402.57 crore last year. This figure represents a growth of 21.22 percent. Bank chairman and managing director J.P. Dua ascribed the good results to "leveraging the network operation." The Kolkata-headquartered bank's operating profit increased to Rs.949.29 crore during the period under review from Rs.781.53 crore during the corresponding period last year, registering a growth of 21.47 percent. Net interest income (NII) of Rs.1318.23 crore, during the second quarter of this financial year, showed a growth of 36.01 percent. Deposits of the bank went up to Rs.142,043 crore as on Sep 30, 2011 from Rs.113,633 crore on Sep 30, 2010, showing a year-on-year growth of 25 percent. Gross credit was Rs.96,854 crore as on Sep 30, 2011, as against Rs.83,183 crore as on Sep 30, 2010. Year-on-year basis, the gross credit growth was 16.44 percent. 'Our total business was Rs.238,000 crore as of Sep 30 this year. We have a target of Rs.280,000 crore total business at the end of the current fiscal,' Dua said. Dua said last year the government had infused Rs.670 crore and this year the bank was hopeful of getting Rs.1,000 crore. The bank has planned to open 155 new branches and 500 ATMs within the financial year 2011-12.

The bank’s auto loan, home loan, personal loan, education loan and consumer loan functions are now automated.

The card has been tagged as the premium forex card for the global Indian.

Yet rate increases by the central bank have started hurting demand for retail loans.

As part of its green initiative, the Reserve Bank today asked all non-banking financial companies (NBFCs) to gradually phase out use ofcheques and shift to electronic payment system.

The lender to receive the amount by way of preferential issue of equity shares/ warrants.

Yes Bank hiked its saving rate by 2% hours after the Reserve Bank of India deregulated savings rates.

ICBC's third-quarter net profit rose 28 percent, helped by an interest rate hike and strong growth in fee income. Reuters reported that the bank registered a net profit of 54.36 billion yuan in July-September from 42.16 billion yuan recorded during the same time last year, it said in a filing to the Hong Kong stock exchange. It was also in line with forecasts for a 54.5 billion yuan net profit, according to a Reuters poll of 12 analysts. Fee and commission income rose 43 percent from a year ago to 78.3 billion yuan. ICBC's investment banking arm is ICBC International, which snagged several high-profile deals including being joint bookrunner for CITIC Securities' $1.7 billion Hong Kong share sale. Net interest income rose 20.5 percent to 267 billion yuan, helped by a widening net interest margin. Higher interest rates typically help banks by allowing them to charge more for loans. Deposit rates are capped in China.

The lender’s total income was posted at $1.13bn during the quarter.

The lender joined its rivals in the move after the city received complaints from 64 card users.

Bank of Maharashtra announced its net profit for the second quarter is up by 92 per cent at Rs 100.42 crore compared from Rs 52.3 crore in the same period last year.

Union Bank of India reported a net profit of Rs.352.5 crore for the quarter ended Sep 30, 2011, increasing by 16.2 percent from Rs.303.4 crore of the same period of the previous financial year.

The move to impact banks which had expressed interest to float either insurance or asset management businesses.

The Indian bank to offering its 3rd credit card to 20,000 additional new customers per month.