Corporation Bank

Corporation Bank is a public sector banking company headquartered in Mangalore, India. The bank has pan-India presence with 8,000 functional units comprising 2200 branches, 1800+ ATMs and 3,000 branchless banking units as of 30 January 2015.

The total business of the bank during the financial year 2014-15 has been ₹3,44,412 crore (equivalent to ₹3.4 trillion or US$51 billion in 2016), as of 31 March 2015. The total deposits have grown to ₹1,99,346 crore (equivalent to ₹2.0 trillion or US$29 billion in 2016). Total income of the bank reached ₹21,038.02 crore (equivalent to ₹210 billion or US$3.1 billion in 2016) during this period. Operating profit of the bank reached ₹965.37 crore (equivalent to ₹965 crore or US$140 million in 2016) and net profit ₹584.26 crore (equivalent to ₹584 crore or US$86 million in 2016).

History

Corporation Bank, the oldest banking institution in the erstwhile undivided South Canara District of the Madras Presidency and one of the oldest banks in India, was founded on 12 March 1906 in the Temple Town of Udupi, by a small group of philanthropists led by Khan Bahadur Haji Abdulla Haji Kasim Saheb Bahadur. The need to start this bank was felt because there was no such facility at Udupi, an important trading centre next to Mangalore in South Canara district. The indigenous banking was largely in the hands of a few rich private individuals and something had to be done to provide relief to the common man from the clutches of the money lenders who held full sway. The first branch of a modern bank established in the district was the Bank of Madras, one of the three Presidency Banks, which set up its office in Mangalore in 1868 largely to cater to the business needs of a few British firms dealing in export of plantation products. Its agent used to visit Udupi once a fortnight or so, to do banking. Money remittances had to be made only through postal medium.