Corporation Bank posts Rs 536.14 cr net profit for 2006-07

Mangalore, Apr 28 (UNI) The Public Sector Corporation Bank has earned a net profit of Rs 536.14 crore for the year-ended March 31, 2007 as against Rs 444.46 crore earned the previous year, registering a growth of 20.63 per cent, Bank Chairman and Managing Director B Sambamurthy said.

Talking to newspersons here, he said the Board of Directors, who met today had recommened a payment of a total dividend of 90 per cent for 2006-07, including 40 per cent interim dividend already paid.

He said the net profit of the bank had recorded a growth of 20.63 per cent on year-on-year basis and 18.15 per cent on quarter-on-quarter basis. The gross profit of the bank for 12 months period was Rs 1,140 crore compared to Rs 953.62 crore in the previous year, recording an increase of Rs 186.41 crore at a growth of 19.54 per cent.

He said the total business turn-over of the bank during the year stood at Rs 72,306 crore compared to Rs 56,839 crore in the previous year, recording a growth of 27.21 per cent. The aggregate deposits of the bank had increased from Rs 32,876 crore on March 31, 2006 to Rs 42,357 crore, recording a growth of 28.83 per cent, while the growth in advances was 24.99 per cent from Rs 23,962 crore, (previous year) to Rs 29,950 crore.

He said the Bank's gross NPA had come down to 2.05 per cent compared to 2.56 per cent on March 31, 2006 and the Net NPA ratio was 0.47 on March 31, 2007 compared to 0.64 per cent last year.

UNI