Daijiworld Media Network – Mangalore (MM/NR)
Mangalore, Oct 27: The Corporation Bank, one of the prominent nationalized banks in India, has recorded quite a robust growth for the half year ended September 30, 2007, informed B Sambamurthy, chairman and managing director of Corporation Bank.
Speaking at a tele-media conference from New Delhi, Sambamurthy declared that the bank has earned a net profit of Rs 338.49 crore for the half year ended September 30, 2007. While for the previous year the net profit recorded for the half year ended September 30, 2006 was Rs 271.25 crore. Thereby the bank clearly achieving a healthy growth of 24.79% as compared to the previous year, he informed.
The total income of the bank for the half-year ended this time is Rs 2485.76 crore, with a growth rate achieved at Rs 36.15 crore this time as compared to the previous financial years’ half year end results. Similarly, the net interest income for the half year ended is Rs 707.06 crore. And growth percentage at 17.04% as compared to the half year ended September 2006, he declared.
Spelling out the reasons for the robust performance by the Bank, Sambamurthy asserted that the improvements in core operations, increase in no-interest income and reduction in non-performing assets (NPA) are the major factors responsible for the increase in net profits.
The bank’s total deposit is recorded at Rs 45,742.51 crore for the half year ended, advances at Rs 32,665.67 crore and total business at Rs 78,408.18 crore. The gross NPA has been brought down to 1.86% compared to 2.16% as on 30th September 2006 and Net NPA to 0.35% as at 30th September 2007 compared to 0.48% on 30th September 2006. At the same time, the business per employee was higher at Rs 7.03 crore compared to Rs 6.13 crore in September 2006, he further informed.
A total of 20 executives have been identified to develop leadership capabilities in the bank. Around 200 new employees will be employed on a permanent basis in the coming days. Moreover, the bank will open braches abroad too, he revealed.
Executive director K L Gopalakrishna and general manager B R Bhat were present on the occasion.