Media Release

Mangalore, July 29: J M Garg, chairman and managing director, Corporation Bank, announced the performance of the bank after adoption of the quarterly results of the bank by the board of directors, stated a release.

The net profit for the quarter ended June 2010 increased from Rs.261.25 crore as on June 2009 to Rs 333.78 crore recording a growth of 27.76%, while total business stood at Rs 1,55,840 crore compared to Rs.1,19,505 crore as on June 2009 up by 30.40%.

The total deposits of the bank increased to Rs 91,034.70 crore from Rs.72,127.16 crore recording a growth of 26.21%, while advances increased by 36.78% from Rs.47,378 crore to Rs 64,805  crore. The gross non-performing assets stood at 1.11% as compared to 1.29 %.

The bank could effect a cash recovery and upgradation of NPAs of Rs 94.14  crore during the three months period ended on June 30 2010 as compared to Rs.52.70 crore during June 2009 quarter. The return on equity works out to 21.86 % (annualised) for the quarter ended June 2010 as compared to 20.26 % (annualised) in June 2009. The bank also has been successful in acquiring 8,51,284 new accounts during the 12 months period ended June 30 2010.