Daijiworld Media Network – Mangalore (SP)

Mangalore, Jan 22: The pubic sector Corporation Bank has earned a net profit of Rs 382.42 crore during its third quarter of the financial year 2010-11. Its year-to-year growth of the bank for the quarter has seen a jump of 25.4 percent.

Corporation Bank’s chairman and managing director, Ramnath Pradeep, announced the results of the bank for the third quarter ended December 31, 2010, on Friday January 21. He said that the bank, during the same period last year, had earned a net profit of Rs 305 crore. “This year, the combined net profit for the first three quarters has registered a quantum leap of 24.48% as compared to last year. The profit has gone up from Rs 857.92 crore to 1,067.94 crore,” he explained.

The other highlights of the bank’s performance include 37 percent increase in the operating profit, which stands at Rs 736.96 crore this year. The interest income of the bank has recorded an increase of 40.53 percent, reaching Rs 842.39 crore, he added. He also revealed that the total turnover of the bank as at December 31, 2010, has reached Rs 1,70,460 crore. “The bank’s deposits stand at Rs 98,526 crore, and advances, at Rs 71,934 crore. The bank has opened 13,59,461 new accounts during the last 12 months. There has been significant decline in the non-performing assets (NPA) of the bank, to 1.26 percent from the previous 1.32 percent. Net NPA has come down to 0.45 percent,” he revealed.

The bank opened 100 new branches and 29 ATM centres during the last nine months. The total number of branches of the bank as at December 31, 2010, is 1,255. The number of ATM centres is 1,174, he said. The chairman also explained about several new schemes introduced by the bank for the benefit of customers. He also mentioned that Corporation Bank had recently won the ‘Skoch Financial Inclusion Award 2011’.