Daijiworld Media Network – Mangalore (SP)

Mangalore, Jul 30: Immediately after the adoption of the first quarter (Q1) results of the Bank by the Board of Directors of Corporation Bank, its chairman and managing director J M Garg announced the same. Highlights of the performance, as detailed by the Bank through a press release, are as follows:

Net profit of the bank rose to Rs 261.25 crore as compared to Rs 184.30 crore recorded for the corresponding period last year. Operating profit for the same period rose by 77.96% to reach Rs 571.24 crore.

The Bank also recorded a quantum leap in total income from Rs 1,446.28 crore in June 2008, to Rs 2,101.53 crore as at the end of June this year. Non-interest income leap-frogged to Rs 359.32 crore as compared to Rs 157.55 crore registered last year, a jump of 128.07%. Total business stood at 1, 19,505 crore, registering a growth of 27.55%. Deposits stood at 72,127 crore as against Rs 54,742 crore last year and advances rose from 38,952 crore to Rs 47,378 crore. Gross and net NPAs also registered further improvement to 1.29% and 0.32% respectively, as compared to the earlier figures of 1.46% and 0.36%, the bank has informed.