Corporation Bank clocks Rs 83,633 cr business

Vijayawada, Jan 23: The Corporation Bank's total business in the country surged upwards and stood at Rs 83,633 crore ending December 31, last, compared to Rs 68,504 crore during the same period of the previous year.

Detailing the bank's performance for the nine months in the current fiscal 2007-2008 to media here yesterday, General Manager A Mohan Rao said the third quarter results have been approved by the Board of Directors of the bank. The total deposits of the bank increased from Rs 39,649 crore as on December 31, 2006 to Rs 49,175 crore, recording a growth of 24.03 per cent.

The gross profit for the nine months was Rs 847.64 crore, compared to Rs 796.85 crore in the corresponding period of previous year while the net profit rose to Rs 529.39 crore compared to Rs 417.67 crore recorded in the corresponding period, registering a growth rate of 26.8 per cent, he added.

Mr Rao said the networth of the bank was Rs 4,295 crore ending December 31, 2007, compared to Rs 3,808 crore during the same month of the previous year.

With 941 ATMs and 949 branches across the country, all were facilitated with core banking facility, he added.

The bank has launched two new services-- 'Financial health check-up' and Invest shoppe' at Mangalore and Mumbai.

The year-on-year growth in advances was 19.42 per cent from Rs 28,855 crore to Rs 34,458 crore as on December 31, 2007 and the credit deposit ratio stood at 70.07 per cent. The retail credit increased by Rs 452 crore from Rs 7,661 crore as on March 2007 to Rs 8,113 crore ending December 2007, constituting 24.65 per cent of the net bank credit.

The total income of the bank for the nine month period increased to Rs 3,751.59 crore registering a growth of 31.5 per cent compared to Rs 2,853.35 crore clocked in December 2006, the bank said in a release.

UNI