NEW DELHI - The State Bank
of India (SBI), Punjab National Bank, Canara Bank, Bank
of Baroda, Central Bank of India and Corporation Bank
have significantly improved their ranks among Asian
banks, taking advantage of reforms and retail boom,
according to The Asian Banker journal.
About 31
Indian banks prominently figured among the top 300 Asian
banks, after their profits rocketed 66 percent 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 rationalization to foreclosure and asset
reconstruction legislations - have begun to yield
fruit," The Asian Banker said.
While State Bank
of India with US$78.88 billion in assets was among the
top 30 "largest" banks in Asia, Corporation Bank emerged
as the 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 listed at 73rd
position. Corporation Bank outsmarted all public-sector
and private banks to secure the 2nd position among
Asia's strongest banks.
(Asia Pulse/PTI)
Nov 15, 2003
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