Mangalore: Corporation Bank announces Q1 result. Net profit up by 2%

Mangalore: Corporation Bank announces Q1 result. Net profit up by 2%

Mangalore Today News Network

Mangalore, July 27: Amar Lal Daultani, Executive Director, Corporation Bank, announced the performance of the Bank after the adoption of the financial results for the quarter ended, June 30, 2013 by the Board of Directors. He was speaking in a press conference held at the bank Head Office in Mangalore on July 27. General Manager of the Bank- C G Pinto, presented the growth of the bank till June 30, 2013.

 

 

 

 

 

 

The Net profit of the Bank for the Quarter [Q1] ended June 13 increased  to `377.98 crore as against `370.26 crore for Q1 of previous fiscal recording an increase of `7.72 crore [+2.08%].

Operating Profit: The operating profit of the Bank for the Quarter [Q1] ended June13 was at `995.00 crore as against `669.86 crore for Q1 of previous fiscal recording an increase of `325.14 crore [+48.54%]. Earnings per share was at `98.88 for the quarter ended 30.06.2013 as against 100 per share for Q1 of FY 2012-13 (annualized). Book Value per Share as on June 2013 rose to `650.30 as compared to `583.69 as at June 2012. Return on Equity was at 15.50% and ROA works out to 0.82%. (Both annualized)

Total Business of the Bank as on 30 June 13, stood at `278,369 crore as compared to 232,649 crore as at June 2012.

The total business increased by `45,721 crore with a growth rate of 19.65% on y-to-y basis. Business per employee has gone up from `16.68 crore as at June 30, 2012 to 18.39 crore as at June 30, 2013. Business per Branch has improved from  149.71 crore as at June 30, 2012 to `160.81 crore as at June 30, 2013.

The Banks network has spread across 6,868 functional Units spread across 26 States and 3 Union territories. The Bank has 2 representative offices at Dubai and Hong Kong. 1731 Branches, 1569 ATMs and 3568 Branchless Banking Units as at June 30, 2013. During the quarter, the Bank opened 24 Branches across the country.

The Bank has declared a Dividend of Rs. 19/- on a paid up equity share of Rs.10/- each to the share holders for the Financial year 2012-13. The Government of India  Share of Dividend amounting to Rs. 173.80 crore was handed over to Hon’ble Union Finance Minister P Chidambaram.
 
B K Srivastav, Executive Director of Corporation Bank and  General Manager K Rama Murthy were also present.