Mangalore: Impressive performance by Corporation Bank

Mangalore: Impressive performance by Corporation Bank

Mangalore Today News Network

Mangalore, May 8, 2013: The total business of Corporation Bank stood at Rs 284,722 crores as on 31-3-2013 as against Rs 236,611 crore as on 31-03-2013. The total business has thus increased by Rs 48,111 crore with a growth rate of 20.33 per cent.

This was informed by Ajai Kumar, Chairman and Managing Director of Corporation Bank after the adoption of financial results for the quarter/year ended March 31,2013, by the Board of Directors on May 8, Wednesday.

 

He said the deposits of the Bank increaed to Rs 166,005 crores as at 31-03-2013 from Rs 136,142 crores when compared to the previous year thus reistering  a growth of 21.94 per cent. The growth in advances was 18.16% from Rs 100,469 crores as on March  2012 to Rs 118,717  as on March 31,2013.

The agricultural advances of the Bank stood at Rs 9,466 crores as at 31-03-2013 registering a growth of 32.6 per cent over the previous year. SME advances stood at Rs 19,518 crore as on March 31,2013 thereby recordign a growth of 36.1 per cent.

The Net profit of the Bank for the Quarter ended March 31,2013  increased to Rs 355.53 crore as against Rs 351.26 crore  opf previous fiscal. The operating profit for the period was Rs 922.46 crores , the Chairman informed.

The net profit of the Bank for the year ended March 31,2013  marginally decreased to  Rs 1,434.67 crore as against Rs 1,506.04 crore for the previous year. The operating profit for the period was Rs 3,037 crores as against Rs 2855.97 crore  for the previous fiscal year.
During  the current financial year, the total income stood at Rs 16,942 crore in comparison with Rs 14510 crore   last year thus registering an increae by 16.76 per cent.

The Bank has 1707 branches, 1425 ATMs and 3545 branchless banking units as on March 31,2013. During the period it opened 207 branches across the nation.

The net worth of the Bank stood at Rs 9566 crore as on March 31,2013 as compared to Rs 8276 crore during the previous financial year.

The Bank has also opened exclusive SME Loan Centres in 15 cities and  five agri business development centres. To further boost agri lending, it has opened Gold Loan Shoppe in seven places and 60 specialized gold loan cells are soon to be opened.
The Bank has also launched to premium savings bank schemes named ‘Corp Signature’ and ‘Corp Super’ and two new products  -Corp Saral Savings cccount and Corp Mobile Banking App.


It has also launched Project Sankalp, through which it aims to build a digitally enabled, customer centric operating model which will help the Bank to embark on an accelerated growth path for realising its vision of emerging as a leading and most preferred public sector bank in the country.