Rs 66-cr net profit for CorpBank Securities

Mangalore: CorpBank Securities Ltd (CSL), a wholly-owned subsidiary of Corporation Bank, has registered an operating profit of Rs 103.08 crore and a net profit of Rs 66.01 crore for the year ended 31 March 2002. The net profit went up four-and-a-half times from the Rs 14.79-crore registered during 2000-2001. CSL is a primary dealer active in primary and secondary market operations in dated government securities and treasury bills.

The board of directors of the company, which met on 20 April 2002, has proposed a dividend of 25 per cent for 2001-2002. The return on the capital employed stood at 66.01 per cent, the return on the net worth at 43.25 per cent and the return on average assets at 9.12 per cent. The net worth increased to Rs 152.64 crore as on 31 March 2002 - up from Rs 86.19 crore. The capital adequacy ratio stood at 43.41 per cent against the stipulated minimum of 15 per cent.