CorpBank Homes
posts impressive results
Our
Banking Bureau
22 April 2002
 Mangalore:
Corpbank Homes
Ltd, a wholly owned subsidiary of Corporation Bank, has doubled
its net profit for the financial year ended 31 March 2002. The net
profit after tax increased to Rs 3.38 crore against Rs 1.66 crore
for the previous year - registering a growth rate of 103.61 per
cent.
According to a press release issued here, the board of directors
of the company, at its meeting held on 11 April 2002, took on
record the audited results of the company for the just-concluded
financial year.
Cumulative
sanctions stood at Rs 206.58 crore and cumulative disbursements at
Rs 188.40 crore. The company also sanctioned a total of Rs 104.58
crore during the fiscal and disbursements during the period stood
at Rs 97.1 crore. Sanctions and disbursements were higher by 93.88
per cent and 79.22 per cent, respectively.
Outstanding
loans as on 31 March 2002 stood at Rs 1 61.13
crore compared to Rs 82.54 crore last year - thereby growing at a
rate of 95.21 per cent. The gross revenue rose to Rs 17.22 crore (Rs
8.4 crore), registering a growth rate of 105 per cent on a
year-to-year basis. It received an additional capital contribution
of Rs 5 crore from its sponsor, Corporation Bank. The net worth of
the company stood at Rs 19.94 crore.
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