The net profit increased by 59 per cent to Rs 12.77 crore during the present quarter from Rs 8.02 crore in the corresponding period of the previous year. The overall business of the bank as on June 30, 2000 was Rs 3,371 crore registering a growth of 34 per cent as compared to same quarter of last year.

The total income of the bank grew by 37 per cent from Rs 65.14 crore to Rs 88.99 crore for the quarter ending June 2000. Similarly other income grew by 16 per cent from Rs 10.51 crore to Rs 12.20crore. The bank's retail loan product in the first quarter has also gained momentum over the past year with the number of auto loan disbursals going up to 2,505 vehicles registering a 252 per cent increase over the subsequent quarter last year.

The Bank of Punjab has launched its customer friendly home loan products like personal loans, auto loans, home and share loans thus addressing the entire needs of clients. The aim was to look at providing holistic financial solutions claimed a release issued here on Wednesday. The bank is also looking at offering mutual funds and insurance products in the near future.

The Bank of Punjab is looking at accelerated growth in the current year with technology driven products in place. Its customer base is expected to register a smart growth with Internet banking, mobile banking and off-site ATMs in place. The bank's ATM network is linked to 5,25,000 "cirrus" ATMs across the globe enabling domestic and NRI customers access to their account from anywhere in the world. The bank is also launching a global debit card in association with Maestro Mastercard network. By December the Bank of Punjab is launching its credit card and e-broking and B2B and B2C portals within the sameperiod. The bank is also expanding its physical presence across the country with branches in Bangalore, Chennai, Hyderabad and Calcutta and greater presence in Mumbai.