The Hindu Business Line : Corporation Bank opens rep office in Hong Kong

MUMBAI: Expanding its global footprint, state-run Corporation Bank on Monday opened a representative office in Hong Kong. This is the second international office of the bank, after its representative office in Dubai, opened last calendar year, the bank s aid in a filing to the Bombay Stock Exchange.

Last month, the bank announced that its net profit for the third quarter ended December 31, 2008, has increased 34.30 per cent to Rs 256.47 crore, from Rs 190.90 crore from the same period last fiscal.

Corporation Bank's net profit for the nine months ended December 31, 2008, touched Rs 632.28 crore, against Rs 529.39 crore in the same period in the previous fiscal, up by 19.44 per cent.

The operating profit for the quarter went up by 61.90 per cent year-on-year basis to Rs 449.40 crore, from Rs 277.55 crore in the same period a year ago. Total income for the nine-month jumped 2.61 per cent to Rs 4,974.93 crore from Rs 3,751.59 crore.

The bank plans to open 700 branches in the next five years. - PTI

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