Corporation Bank opens SME Loan centre in Coimbatore

Corporation Bank, Mangalore-based lender has opened eighth exclusive SME Loan centre in Coimbatore on June 9, 2012. The other centers are located at Delhi, Hyderabad, Bangalore, Chennai, Pune, Mumbai and Vadodara. The center was formally launched by Ajai Kumar, Chairman and Managing Director of Corporation Bank. The bank is planning to expand credit flow to the SME segment.

In the next two months bank is likely to open eight more SME Loan centers. It is planning to strengthen its existence in Gujarat, Rajasthan and Uttar Pradesh. These centers will help to quicken the loan sanction process time, as each SME Centre is supported by dedicated team of Relationship Managers and exclusive Central Credit Processing mechanism.

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.