Pics: Spoorthi Ullal
Daijiworld Media Network - Mangaluru (CLP)
Mangaluru, Feb 10: 'Corporation Bank has achieved a total business of Rs 327,655 crore, as on 31.12.2014 as against Rs 301,375 crore in 31.12.2013 showing a year on year (y-o-y) growth of 8.72 %' said S R Bansal the chairman and managing director, Corporation Bank.
Addressing a press meet at Head office of Corporation Bank he said, " Deposits of the Bank increased to Rs 187,707 crore as on 31.12.2014 from Rs 177,845 crore as on 31.12.2013 exhibiting a y-o-y growth of 5.55%. And the credit is 139,947 crore a y-o-y growth of 13.29%, the net profit of the bank for the quarter ended december 2014(Q3 FY'15) was at Rs 147.21 crore as against Rs 126.69 crore for corresponding quarter of previous financial year with a growth rate of 16.20%. Saving deposits increased by 13.14% on y-o-y to reached to the level of Rs 24,451 crore."
"During the current quarter the Bank has opened 75 branches and 75 ATMs across the country and despite that the Bank’s operating expenses decreased by a marginal rate of 0.52% over previous quarter i.e. Q3 over Q2. The increase in operating expenses Q2 over Q1 of current financial year stood at 4.24%."
"Income from ATM transactions and other fee income has recorded a growth rate of 50.20% on y-o-y basis. The income as on 31.12.2014 stood at Rs 103.67 crore as against Rs 69.02 crore as at 31.12.2013. "
" Internet Banking Channels are witnessing a steady increse in usage with more than 9.25 Lac internet banking users. The Corporation Bank has two representative offices in Dubai and Hong Kong.
"Due to sustained efforts the Bank was able to control and reduce the cost of deposits. Hence, the interest expense on deposits was lower by Rs 111.37 crore (-3%) over previous quarter [Q2] of current financial year."
"Similarly, the Bank has also undertaken many measures to control the operating cost which has started yielding results.Growth in Operating expenses for the nine months period ended 31.12.2014 is reduced to 8.10% as against 21.94% growth for the nine months period ended 31.12.2013 on y-o-y basis."
"Focus on Retail lending continued during the Nine months period of current year and Retail loans outstanding grew by 5.52% on y-o-y basis to Rs 30,844 crore at end of December 2014 as against Rs 29,230 crore in corresponding period last year. Outstanding Agricultural advances were Rs 18,749 crore (including RIDF) as at December 2014 growth on y-o-y was 64.80%."
Progress made under Pradhan Mantri Jan Dhan Yojana (PMJDY)
Total number of 2291 villages were allocated to the Bank under PMJDY and 894 sub service areas are formed out of these villages. 951 wards in urban area has been allocated under PMJDY. 16.03 lakhs number of accounts were opened under PMJDY during period from 16.08.2014 to 31.12.2014. Balance outstanding under these accounts is Rs 230.75 crore.
New Products:
Bank has launched Corp FCNR Premium Account (FCNRP), a new deposit product introduced for NRI Clients. In this scheme the Bank accepts FCNR deposits and offers forward cover for the maturity proceeds to provide more yield to the customer.
Bank also launched a special Mobile Banking App through Android and IOS Phones and Tablets through which customer can avail various facilities/services.
The Bank has launched two new premium Current Account Schemes “Corp Club” and “Corp Privilege” with many attractive add on facilities. The Bank has launched a “Corp Global Card – A Pre-paid Forex Travel Card”
Awards and Accolades:
Corporation Bank has bagged “MSME Banking Excellence Awards-2014” instituted by Chamber of Indian Micro and Small & Medium Enterprises. The Bank has bagged two awards under the categories ‘Best MSME Bank Award for other Bank’ (Winner) and ‘Best Bank Award’ (Runner-up).
C G Pinto General Mangager and Executive directors B K Srivastav, Amar Lal Daultani were present at the occasion.