Corporation Bank second 'strongest' bank in Asia

Thursday, 13 November 2003, 20:30 IST
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NEW DELHI: Bank of India, PNB, Canara Bank, Bank of Baroda, Central Bank of India and Corporation Bank significantly improved their ranking among Asian banks, taking advantage of reforms and retail boom, according to The Asian Banker (TAB) journal. About 31 Indian banks prominently figured among the top 300 Asian banks, after their profits rocketed 66 per cent during last fiscal, as per the latest rating by the journal. "The Indian banking sector is possibly the only one in the region that has exhibited clear signs of positive cyclical momentum. A robust retail market and structural banking reforms -- ranging from branch and manpower rationalisation to foreclosure and asset reconstruction legislations -- have begun to yield fruit," The Asian Banker said. While State Bank of India with $78.88 billion in assets was among top 30 "largest" banks in Asia, Corporation Bank emerged as second "strongest" bank in the region based on seven crucial financial parameters. SBI, which was in 26th position in terms of size, was followed by Bank of India (93), ICICI Bank (94), Punjab National Bank (110), Canara Bank (116), Bank of Baroda (132), Central Bank of India (154), Uco Bank (168), Union Bank of India (178) and Syndicate Bank (180). But in terms of financial strength, SBI was at 73rd position. Corporation Bank outsmarted all public-sector and private banks to secure the second position among Asia's strongest banks.
Source: IANS
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