SBM NET PROFIT UP 5.12%

Article Abstract:

The State Bank of Mysore (SBM) recorded a 5.12 percent rise in its net profit at Rs14.17 crore during April-June 1998. Its operating profit grew by 5.63 percent to Rs34.91 crore (Rs33.05 crore during the same period of 1997). Its interest grew by 8 percent to Rs64.93 crore (Rs60.20 crore). Its non- interest income grew by 25 percent. It proposes to restructure its branches to achieve synergy between planning and operations. It also proposes to set up 30 specialised branches along with other government-owned banks. (ag)

Comment:

Proposes to set up 30 specialized branches along with other government-owned banks

State Bank of Mysore

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GTB SPREADS WINGS TO CUT COST OF FUNDS

Article Abstract:

Global Trust Bank (GTB) has mobilised a sizeable amount of savings and current deposits in 1997-98 by laying more thrust on retail banking. The bank's spreads stood stagnant at 3-5 percent, but non-interest income coming from commissions, brokerage and money market operations went up during the year. GTB increased the number of branches to 46 in 1997-98 to cut down on cost of funds and capitalise on savings and current deposits in the long run as against the term deposits, which carry a high interest burden. (gsh)

Comment:

Increases the number of branches to 46 in 1997-98 to cut down on cost of funds & capitalize on savings & current deposits

Global Trust Bank Ltd.

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BANK MUSCAT SETS UP SHOP IN INDIA

Article Abstract:

Bank Muscat International has set up its India headquarters in Bangalore and officially commenced business on September 9, 1998 by bringing in $10 million as capital. The bank has initially decided to concentrate on mid-sized corporates in southern cities like Mangalore, Hyderabad, Kochi and Chennai. The bank will offer financial services like corporate finance, retail banking, project finance, merchant banking and treasury services. It will also provide 24-hour ATM banking and one stop teller services. (khr)

Comment:

Sets up India headquarters in Bangalore and officially commenced business on 9/9/98 by bringing in $10 mil as capital

Capital expenditures, Bank Muscat International

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