Corp Bank's net profit up, business grows by 24.16 per cent

Visakhapatnam, Jun 9 (UNI) The public sector Corporation Bank has posted a net profit Rs 444 crore for the financial year ended May 31, 2006. The total business which was Rs 45,780 crore on March 31, 2005 rose to Rs 56,839 crore, registerering a growth of 24.16 per cent, General Manager B R Bhat said today.

Talking to newspersons here, he said the bank's net worth was Rs 3,375 crore in March this year. The bank has declared a total dividend of 70 per cent for the financial year 2005-06,including an interim dividend of 35 per cent, already paid.

The bank has opened 70 branches during the current financial year, taking the total number to 900 and has also expanded its ATM network to 1000, adding 100 more such facilities.

He said all the branches have been computerised.

Mr Bhat said the bank was a poineer among public sector banks in offering Cash Management Services (CMS) to corporates, having launched it way back in 1991. The turnover under this facility had exceeded Rs 1,12,000 crore for the year ended march 2006.

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