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Corporation Bank net up 29%

Calcutta, July 26: Corporation Bank today unveiled a net profit of Rs 126.43 crore in the quarter that ended in June, up 28.7 per cent from the corresponding period of last year.

Total income during increased marginally to Rs 663.09 crore. The bank’s gross profit went up 9.6 per cent to Rs 202.70 crore.

The bank’s operating expenses increased to Rs 126.20 crore in the quarter, compared with Rs 98.18 crore in the corresponding period of last year.

The net profit of Rs 126.43 crore translates into an earning per share of Rs 8.81, compared with Rs 6.84 in the first quarter of 2002-03. The book value of the bank’s share has gone up to Rs 174.11.

Chairman K. Cherian Varghese said the bank was aiming to achieve a 20 per cent growth in deposits and advances in 2003-4. Retail credit, he added, was expected to grow 25 per cent this year.

Over the last one year, the bank has cut its net non-performing assets (NPA) to 1.59 per cent (of net advances), and cost of deposits from 7.46 per cent to 6.05 per cent.

The bank said it had provided for 72.47 per cent of its NPAs, which is one of the highest in the industry.

PNB net rises 24.5%

Punjab National Bank today reported a 24.5 per cent growth in net profit at Rs 251.76 crore in the first quarter of this fiscal compared with Rs 202.15 crore in April-June 2002.

The bank’s gross income increased to Rs 2,174 crore from Rs 2,059 crore while operating expenses moved up by 18.7 per cent to Rs 515 crore in June 2003.

PNB’s loan advances were up by 14.9 per cent to Rs 40,648 crore while deposits grew by 13.4 per cent to 72,555 crore, its chairman S. S. Kohli said in a statement.

The bank's gross NPAs increased to Rs 5,178 crore, which includes Rs 516 of the erstwhile Nedungadi Bank that was merged with the bank last fiscal. Net NPAs, however, declined to Rs 1,526 crore or 4.1 per cent of advances till June. With impressive performance in the last few months, PNB improved its ranking to 395th from 499th amongst top 1,000 global banks, Kohli said.

Dena Bank profit leaps

State-owned Dena Bank's net profit spurted to Rs 29.2 crore for the first quarter ended June 30, 2003, as against Rs 3.53 crore in the same period last fiscal.

The total income for the reporting quarter rose to Rs 538.58 crore from Rs 477.01 crore in April-June 2002, the bank said in a release here today.

The other income nearly doubled at Rs 110.93 crore in the first quarter of the current fiscal as against Rs 55.92 crore, it said.

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