Corp Bank crosses business target of Rs 3,00,000 crores : Chairman S.R. Bansal

Corp Bank crosses business target of Rs 3,00,000 crores : Chairman S.R. Bansal

Mangalore Today News Network

Mangalore, May 10, 2014 : Corporation Bank, one of the premiere nationalised banks of the nation has crossed a major milestone by achieving a business target of Rs 300,000 crores during the financial year 2013-14. Business  of the Bank stood at Rs 3,30,479 crores with advances of Rs 137,086 crores and deposits of Rs 193,393 crores as on March 31, 2014.

 

 

 

This was informed by S.R.Bansal, Chairman and Managing Director of Corporation Bank while announcing the performance highlights of the Bank immediately after the adoption of financial results for Q4 year ended  on March 31, 2014 by the Board of Directors, on May 9, Friday.

Bansal said the net worth of the Bank crossed Rs 10,000 crores during the financial year. Impressive growth has also been recorded in advances to retail (+15.42%), MSE (+28.35%) and Agriculture (+38.85%) during the current financial year.

Bansal said the total business of the Bank as on 31.03.2014 stood at Rs 330,479 crore as compared to Rs 284,722 crore as at 31-03-2013. The total business increased by Rs 45,757 crore with a growth rate of 16.07% on a y-o-y basis.

Deposits of the Bank increased to Rs 193,393 crore as at 31-03-2014 from Rs 166,005 crore as on 31-03-2013 recording a growth rate of 16.50 per cent on a y-o-y basis.

The Advances of the Bank has reached to Rs 137,086 crore as at 31-03-2014 from the level of Rs 118,717 crore as at 31-03-2013 with a growth rate of 15.47 per cent.

The operating profit of the Bank for the Quarter (Q4) ended 31.03.2014 decreased  by Rs 285.91 crore on a y-o-y basis and stood at Rs 636.55 crore as compared to Rs 922.46 crore for  Q4 of previous fiscal. The Net Profit for the Q4 ended 31st March 2014 decreased to Rs 41.57 crore as against Rs 355.53 crore for Q4 of previous fiscal.Bansal said the reason for decline in Net Profit is on account of increase in the requirement of provision for bad and doubtful debts, investment  and other provisions on account of restructured advances over the previous fiscal, Bansal said.

The Chairman further informed that the Bank has crossed a landmark Branch Network of 2000 and ATM network of 2000. The Bank’s network  spread across 8617 functional units, 2021 branches, 2264 ATMs and 4332 Branchless Banking Units.