Corp Bank Q2 net up 52 per cent


Total income increased to Rs 2,072.34 crore in the latest quarter ended September 30, up 27.67 per cent from Rs 1,623.12 crore in the same quarter previous fiscal, Corporation Bank said. Corporation Bank is planning to enter both the life and non-life insurance businesses, a senior bank official said on Thursday. The plans are, however, still on the drawing-board stage and nothing has been concretised as yet, the bank’s Executive Director Asit Pal told PTI here.

“We are examining all options. Our plans are still at a very early stage,” Pal said.

Future plans
The bank proposes to enter the business in association with one or two partners, details of which will be worked out over the coming months, Pal said. The bank may enter into either a two-way or a three-way joint venture for the businesses. “We may even hold a 74 per cent stake in the ventures, in case we decide to go with a single partner,” he said, adding that the remaining stake will be held by its partner. The partner could be an overseas entity, he said. The bank is in the process of identifying a suitable partner for the insurance businesses, he said, adding that the selection of the partner would depend upon various factors.

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