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| Corporation Bank opens office in Hong Kong |
| Press Trust of India / Mumbai Feb 16, 2009, 16:34 IST |
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Expanding its global footprint, state-run Corporation Bank today 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 said in a filing to the Bombay Stock Exchange.
Last month, the bank said 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 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 19.44 per cent.
Operating profit for the quarter rose 61.90 per cent year-on-year to Rs 449.40 crore, from Rs 277.55 crore in the same period a year ago.
Total income for the nine-month jumped 32.61 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.
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