Delhi: Corporation Bank yesterday announced a 25.1
per cent jump in net profit to Rs 271.36 crore for the
half-year ended September 30, compared to the previous
year's corresponding figure of Rs 216.91 crore. Gross
profit went up 18.9 per cent from Rs 412.68 crore to Rs
Mr K. Cherian Varghese, Chairman and Managing Director,
said that the higher profit had been achieved due to an
improvement in spreads from 3.41 per cent as on September
30, 2002 to 3.58 per cent as on September 30, 2003.
have done this by first bringing down our cost of deposit
from 6.9 per cent to 5.7 per cent, even while maintaining
average yield on advances and investment at 9.2 per cent
and 9.3 per cent respectively as on September 30, 2003."
added: "This, in turn, has been possible also because
the share of demand deposits to our total deposits has
increased from 24.76 per cent as on September 30, 2002
to 27.35 per cent now."
The aggregate deposits amounted to Rs 22,518.01 crore,
representing a 15.5 per cent year-on-year growth.
advances stood at Rs 10,773.12 crore (Rs 9,638.48 crore),
up 11.8 per cent, while aggregate investments rose by
32.7 per cent from Rs 9,654.14 crore to Rs 12,811.96 crore.
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