Delhi: Corporation Bank has recorded a net profit
at Rs 105.51 crore during the quarter ended June 30, a
17 per cent decline over the net of Rs 126.43 crore in
the corresponding quarter in the previous year.
the results, the chairman and managing director, K Cherian
Varghese, said that the lower profits were mainly on account
of the fall in profit on sale of securities from Rs 57
crore to Rs 15 crore. However, he pointed out that the
bank's gross profit increased by 12.41 per cent to Rs
227.86 crore during the quarter.
gross non-performing assets (NPAs) of the bank declined
to 5.01 per cent while net NPAs were at 1.8 per cent.
The bank aims to cut down its NPA to below 1.5 per cent
Corporation Bank's deposits grew by 12 per cent to Rs
23,995 crore, with the cost of deposit coming down to
4.61 per cent from 6.05 per cent a year ago. The loan
advances of the bank increased by 26.30 per cent to Rs
14,487 crore till June 2004.
Varghese said that Corporation Bank is targeting a business
growth of 18.91 per cent to Rs 44,000 crore in 2004-05
against Rs 37,000 crore in the last fiscal. "We aim
to achieve 26 per cent growth
in advances and 18 per cent in deposits during this fiscal,"
he said. He said that the bank's thrust would be on the
retail lending this fiscal.
of reports on Corporation Bank
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