Mangaluru: Corporation Bank gains profit of Rs 1,267 crores

Mangalore Today News Network

Mangaluru, Nov 14, 2016: Corporation Bank performance highlights for the quarter which ended on September 30 during this period Corporation bank gains profit of Rs 1,267 crores against Rs 797 crores, informed Managing Director Corporation Bank Jai Kumar Garg.

Addressing media at the Corporation Bank Head Office on Monday November 14, General Manager Ganesh listed out the earnings:

The deposit of the bank has increased to Rs 2,16,115 crores against Rs 1,98,502 crores as on 30th June.
The advance of the bank increased to Rs 1,38,316 crores against Rs 1,36,943 crores as on 30th June.
The CASA of the bank has increased to Rs 44,289 crores against Rs 41,431 crores as on 30th June.
Return on equity stood at 3.91% as at 30th Sep 2016 as compared to 1.29% as at 30th June (Q1). Earnings per share are Rs 4.73 (annualized) as at 30th Sep 2016 as compared to Rs 1.41(annualized) as at 30th June (Q1).

Demonetization of 500 and 100 notes

CEO Jai Kumar Garg said that, due to demonetization of notes it gained lot of benefit to CASA which has increased and also coming quarter also benefitted.
Nearly 632 crores have been exchanged and 9,893 crores have been deposited on November 10th to 12th after the demonetization of notes.

Regard to the shifting head quarters to Bengaluru, Jai Kumar Garg clarified that head office and little operation will remain in Mangaluru while only some Centres will be shifted. It takes nearly three years to shift and the plan was being made from past one year.

Executive director Sunil Mehta and others were present.