Banking Sector

Canara Bank To Launch Online Trading Portal

In order to soar up fee-based income, Canara Bank, country’s third biggest public sector lender, will set up an online share trading portal in the existing month (January).

M B N Rao, Canara Bank Chairman and Managing Director said, “We will be launching an online trading platform on our own in the second half of this month.”

The bank has already commenced the trial for the trading platform that would cater to both business as well as retail traders.

Indian Bank Q3 Net Up 61.44%

Leading public sector lender, Indian Bank has announced a fantastic increase in the earnings for the quarter ended December 2007.

During the quarter, the bank experienced a 61.44% rise in earnings to Rs 3,075 million compared with Rs 1,904.70 million in the prior year period.

The bank has recorded earnings per share (EPS) of Rs 6.92 in the quarter ended December 2007.

The total income during the quarter climbed up 36.31% to Rs 16,760 million as compared with the corresponding quarter, a year ago.

Axis Bank Q3 Net Up 66%

The third-biggest private sector bank, Axis Bank has announced the results for the three months period ended on December 31, 2007.

For the said period, the bank has recorded a 66 percent jump in its net profit on the back of higher interest income and better net interest margin.

The bank posted a net profit of Rs 306.8 crore as compared to Rs 184.6 crore during the corresponding period of the year 2006.

UBI To Enter Mutual Funds, Plans To Expand Overseas Operations

The Union Bank of India has decided to enter mutual fund business, bringing a foreign partner too into its activities in the field.

The bank also plans to expand overseas operations through acquisitions,

M V Nair, Chairman and Managing Director of UBI said, “The roadmap and a partner for the Mutual funds business would be finalised by the end of March next year and the bank hoped to launch it within a few months then after getting the necessary approvals.”

Dena & UCO Banks Deny Merger With SBI

Both Public Sector banks, Dena Bank & UCO Bank has denied their merger with the market leader State Bank of India.

The UCO bank in a statement informing the BSE said, “Neither the Bank is aware of the contents of the subject news item nor the Bank's Board of Directors has so far discussed such issues in their meeting. Therefore, the bank denies the contents of this news items.”

UCO Bank’s Chairman and MD, S K Goel said, "It is totally baseless. It seems to be some rumour.”

He further stated, “Such an issue has never come before the board for discussion.”