Corp Bank Q4 net up 73.55% at Rs 205.60 cr

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New Delhi, Apr 26 (UNI) The Corporation Bank today announced that it has posted a 73.55 per cent jump in its net profit at Rs 205.60 during the fourth quarter ending March 2008, against Rs 118.47 crore over the same period a year ago.

The Mangalore-based bank said tts total income has gone up to Rs 1,464.71 crore during Q4FY08 as compared to Rs 1,142.65 crore, registering an increase of 28.18 per cent.

''The major contributing factors for the top-line and bottom-line growth were increase in income from core business, better NPA Management, particularly sharp declie in fresh delinquencies, and treasury operations,'' Bank's Chairman and Managing Director B Sambamurthy told reporters here while announcing the results.

He said the Board of Directors at its meeting held here today, has recommended a final dividend of Rs six per share of Rs 10 each for the year 2007-08 subject to approval of the shareholders in the Annual General Meeting to be held in August this year.

With this, the total dividend payout by the Bank for the year 2007-08, including the interim dividend of Rs 4.50 per share of Rs 10 each already paid will be Rs 10.50 per share of Rs 10 each.

The Bank's deposits for the year ended on March 31, 2008 stood at Rs 55,424.42 crore from Rs 42,356.89 crore during the year ended on March 31, 2007, posting an increase of 30.85 per cent.

While its advances for the year ended on March 31, 2008 has registered a 30.83 per cent at Rs 39,185.57 crore, against Rs 29,949.65 crore during the year ended on March 31, 2007.

The share of CASA as on March 31, 2008 worked out to 35 per cent of total deposits. The average CASA has grown from Rs 10,873 crore to Rs 12,763 crore as on March 2008, registering a year-on-year growth of 17 per cent.

The gross NPA has come down to 1.47 per cent compared to 2.05 per cent as on March 31, 2007 and net NPA to 0.32 per cent as on March 31, 2008 compared to 0.47 per cent on March 31, 2007.

Fresh delinquency has come down from 1.13 per cent in 2006-07 to 0.58 per cent in 2007-08. The provision coverage for NPAs has moved to 78.28 per cent as on March 2008, against 77.28 per cent in March 2007.

The Bank's networth stood at Rs 4,229 crore as on March 31, 2008 compared to Rs 3,765 crore as on March 31, 2007.

The aggregate investment of the Bank as on March 31, 2008 were at Rs 16,512 crore as against Rs 14,417 crore as on March 31, 2007.

As on March 31, 2008 the share of Held to Maturity (HTM) stood at 72.78 per cent, Available for Sale (AFS) at 25.41 per cent and Held to Trading (HFT) at 1.81 per cent.

The Net Interest Income (NIM) increased by Rs 139.55 crore during the year ending March 2008 that is from Rs 1,304 crore for the year ended March 2007 to Rs 1,443 crore for the year ended March 2008.

UNI SBA SR KP1752

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