Daijiworld Media Network - Mangalore (SP)

Mangalore, Apr 25: The public sector, Mangalore-headquartered Corporation Bank has recorded a net profit of Rs.260.49 crore in the fourth quarter ended March 31 this year, recording 26.7% growth over the previous fiscal. The annual net profit of the Bank has swelled to Rs 892.77 crore as at the year end, with a 21.47% increase. The net profit of the Bank in the previous year was Rs 734.99 crore.

These figures were released by the Bank's chairman and managing director J M Garg here on Friday April 24.

The operating profit of the Bank registered a growth of 43.6% by reaching Rs 1,796.62 crore. Total income of the Bank touched Rs 7,174.57 crore, registering a year-to-year increase of 37.54%. Non-interest income of the Bank has shown a growth of 58.22% at 1,107.22 crore, he said. Interest income has also gone up by 34.34%, to Rs 6,067.35 crore.

Total business of the Bank has reached Rs 1, 22,496 crore, which is 29.47% more than the previous year. Total deposits have gone up to Rs 73,983.91 crore from Rs 55,424.42 crore, while the advances also have registered 23.80% increase by reaching a figure of Rs 48,512.16 crore. In another positive development, the gross non-performing assets have gone down to 1.14 % from 1.47% last year, with net non-performing assets standing at 0.29%.

During the year, the bank opened 73 new branches and 75 ATMs. The bank proposes to open 700 new branches in the next five years. All 1,111 units of the bank have been brought under the core banking solution, Garg explained.