Corporation Bank to expand SME’s portfolio

Corporation Bank, a Mangalore-based lender is likely to expand its small and medium enterprises (SME) portfolio by an additional Rs 5,000 crore this fiscal. The bank has exclusive SME loan centers in eight cities, which will help augment flow of credit to the vital segment. As on March 2012, bank's portfolio under this segment stood at Rs 14,542 crore against the exposure level of Rs 10,707 crore as of March-end 2011.

The bank has posted a rise of 1.72% in its net profit at Rs 351.26 crore for the quarter ended March 31, 2012 as compared to Rs 345.33 crore for the same quarter in the previous year. Total income has increased by 32.35% at Rs 4009.17 crore for quarter under review as compared Rs 3029.21 crore for the quarter ended March 31, 2011.