GTB suffers 60% net profit fall at Rs 40
By Our Banking Bureau | 01 Jul 2002
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Hyderabad: Global Trust Bank (GTB) has suffered a fall of 59.74 per cent in net profit for the year ended 31 March 2002, at Rs 40.26 crore against Rs 80.33 crore in the previous year.
The bank also suffered a drop in total income at Rs 953.46 crore (Rs 1,061.94 crore). There was a significant fall both in deposits and advances during the year. As on 31 March 2002, the bank's capital adequacy ratio fell to 11.21 per cent from 12.71 per cent in the previous year.
Following the utilisation of reserves to the tune of Rs 252 crore towards an additional write off of non-performing assets (NPAs), the bank registered a fall of 41.55 per cent in reserves by the fiscal-end at Rs 272.96 crore against Rs 467.05 crore in the previous year.
The ratio of net NPAs to net advances rose to 9.23 per cent by the fiscal-end from 3.75 per cent as on 31 March 2001. The bank attributed this partly to the decrease in advances by Rs 1,067 crore at Rs 3,033 crore (Rs 4,100 crore).
The bank also suffered a drop in total income at Rs 953.46 crore (Rs 1,061.94 crore). There was a significant fall both in deposits and advances during the year. As on 31 March 2002, the bank's capital adequacy ratio fell to 11.21 per cent from 12.71 per cent in the previous year.Following the utilisation of reserves to the tune of Rs 252 crore towards an additional write off of non-performing assets (NPAs), the bank registered a fall of 41.55 per cent in reserves by the fiscal-end at Rs 272.96 crore against Rs 467.05 crore in the previous year.
The ratio of net NPAs to net advances rose to 9.23 per cent by the fiscal-end from 3.75 per cent as on 31 March 2001. The bank attributed this partly to the decrease in advances by Rs 1,067 crore at Rs 3,033 crore (Rs 4,100 crore).
The bank says it had decided not to make certain disclosures such as 'related party disclosure' and 'segment reporting' as the applicability of both these accounting standards was made optional by the apex bank.
