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Union Bank of India has cut base rate by 25 basis points to 10.25% with effect from Saturday. In view of the reduction in base rate, the interest rate on home loan and car loan stands reduced to 10.25% and 10.70% respectively. Meanwhile, Dena Bank has cut base rate by 20 basis points to 10.25%, the bank said on Friday. revised rates will be applicable Saturday, the bank’s management said in a statement.
City Union Bank Q3 net up 18%
City Union Bank (CUB) has posted a 18% jump in its net profit to R85 crore for the third quarter as against R72 crore in the same quarter previous fiscal. While total income of the bank increased 27% to R621.46 crore from R489.33 crore, the net interest income stood at R163.43 crore as against R122.83 crore, logging a growth of 33%. Gross and net NPA levels stood at 1.23% and 0.63% at the end of December 21, 2012.
Sundaram Fin to pay 45% interim dividend
The board of directors of Sundaram Finance has declared an interim dividend of 45% for the financial year 2012-13 on the expanded capital of R111.10 crore. The company had issued bonus shares in the ratio of 1:1 in December 2012 raising the paid up capital from R55.55 crore to R111.10 crore.
Edelweiss rolls out small-ticket loans
Edelweiss Housing Finance has launched small-ticket loans of less than R10 lakh for the customers in Tamil Nadu. The company will provide home loans to the self-employed and low-income customers in small towns and cities in Tamil Nadu and Southern India. Anil Kothuri, head, retail finance, Edelweiss Group & CEO, Edelweiss Housing Finance said, “We have introduced small ticket loans specifically for potential customers in Southern India.”
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