Inputs from: IRIS
Daijiworld Media Network – (NR)

Mangalore, Oct 4: A Memorandum of Understanding (MoU) was entered into by the Corporation Bank with CRISIL here recently, for rating of small and medium enterprises (SMEs), small scale industries (SSIs) and facility rating of corporates as required under BASEL II.

Moreover the bank even announced a hefty increase in net profits for the quarter ended June 2007. During the quarter, the bank reported a 22.79% rise in profits to Rs 1,771.10 million from Rs 1,442.40 million in the same quarter, last year. The interest earned for the quarter rose 53.43% to Rs 11,201.30 million compared with the corresponding quarter, a year ago.

In the 1980’s Corporation Bank was one of the six private banks to have been nationalized in second round of nationalization. The Bank has its headquarters in the Mangalore City and is today one of the fastest growing PSU banks. It has two subsidiaries, namely Corpbank Securities and Corpbank Homes.

Shares of the bank gained Rs 4.95, or 1.27% to settle at Rs 395.20. The total volume of shares traded was 38,516 at the BSE on Wednesday October 3.