The Telegraph
Since 1st March, 1999
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Corp Bank net higher

Mumbai, May 14: Corporation Bank reported a 4 per cent growth in fourth quarter net profit at Rs 47.28 crore compared with Rs 45.39 crore in the year-ago period. The rise in full-year profits of Rs 415.99 crore was sharper at 35 per cent over Rs 308.10 crore in 2001-02.

Provisions shot up to Rs 123.50 crore from Rs 95.35 crore, of which bad and doubtful debts swallowed Rs 67 crore. The directors have proposed a dividend of 45 per cent.

Chairman and managing director K. Cherian Varghese said the bank’s business stood at Rs 33,753 crore, up 13 per cent. The cost of deposits fell to 6.7 per cent in March 2003 from 7.6 per cent in the previous year.

Net advances increased 9.48 per cent to Rs 12029 crore. The volume of retail loans jumped from Rs 1550 crore on December 31, 2002, to Rs 2355 crore on March 31, 2003. Net NPAs slid from 2.31 per cent on March 31, 2002 to 1.65 per cent as on March 31, 2003. Notices were sent to 190 errant borrowers who owe the bank Rs 100 crore. Sticky loans worth Rs 18 crore were ferreted out.

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