Corporation Bank announces performance of the Bank

Mangalore Today News Network

Media Release
Mangalore, July 28: Shri J.M.Garg, Chairman and Managing Director, Corporation Bank, announced the performance of the Bank after adoption of the quarterly results of the Bank by the Board of Directors in a function held in the city on July 30.

 

 

Results at a Glance:

Net profit for the Quarter ended June’ 2010 increased from Rs.261.25 crore as on   June ‘09 to Rs.333.78  crore recording a y-o-y growth of  27.76%.

Operating profit for the quarter ended June  2010 increased from Rs.518.24 crore as at June ’09 to Rs. 620.39 crore,  registering a y-o-y growth of 19.71% while operating profit without  Treasury Trading Profit recorded a growth of 82%.

Total business stood at Rs. 1,55,840  crore, compared to Rs.1,19,505 crore as on 30.06.2009 recording y-o-y growth of   30.40%

Deposits increased by 26.21% from Rs.72,127 crore in June ’09  to Rs.91,035  crore,  Advances increased by 36.78% from Rs.47,378 crore in June ‘09 to  Rs. 64,805  crore. Gross NPA stood at 1.11% as compared to 1.29 % in June’09.
Net NPA stood at 0.43% as compared to 0.32% in June ‘09. Net worth of the Bank increased to Rs.6109  crore from Rs.5,158 crore. Bank is well capitalised with CRAR of 14.96% as per Basel I norms.  The CRAR under Basel II is at 15.11%,  with Tier  I at 8.64% . Return on Equity [ROE)  21.86% (Annualised) increased from 20.26% in June ’09. Return on Asset [ROA]  1.25% (Annualised) as against 1.26% in June ‘09.

Performance Highlights:

Profitability:

Net Profit:  The Net profit of the Bank for the Quarter [Q1] ended June ‘10 was at Rs.333.78 crore as compared to Rs.261.25 crore as on Q1 of previous fiscal recording an increase of Rs.72.53  crore [27.76%].  

Operating Profit:   The  operating profit of the Bank for the Quarter [Q1] ended June’10 was at Rs.620.39 crore as compared to Rs.518.24 crore as on Q1 of previous fiscal recording an increase of Rs.102.15 crore [19.71%].  
Operating profit without  Treasury Trading Profit registered a growth of 82%.

Total Business: Total Business of the Bank as on 30.06.10 stood at Rs.155,840 crore. The total business increased by Rs.36,335 crore from Rs.1,19,505 crore in June ‘09.  The business growth recorded is 30.40%  on y-o-y basis.

Deposits: Total Deposits of the Bank increased to Rs.91,034.70 crore from Rs.72,127.16 crore as on 30.06.09 recording a growth of 26.21% on y-o-y basis.

Cost of Deposits: The Cost of Deposits stood at 5.19% p.a as on 30.06.10 as compared to 6.67% as of 30.06.09.

Advances:  The y-o-y growth in Advances was 36.78% from Rs.47,377.59 crore as on June ’09 to Rs.64,804.78 crore as on June ‘10. The Credit Deposit ratio stood at 71.19%.  SME advances of the Bank stood at Rs.5,951 crore as at the end of June ‘10 as against Rs.3,981 crore as at June ‘09, showing an annualised growth of 49.49%.

Yield on Advances:  Yield on advances stood at 9.38% p.a. for the quarter ended June ’10 as compared to 10.61% as at June ’09.

Total Income:  During Q1 of current financial year, the total income of the Bank increased by 9.15%  and reached Rs.2,293.86 crore in comparison with  Rs.2,101.53 crore in Q1 of previous fiscal.

Net Interest Income: During the current quarter, the Net interest income increased by Rs.230.05 crore  from Rs.467.54 crore in June ‘09 to Rs.697.59  crore, recording an increase of 49.20% on y-o-y basis.  The Net interest Margin (NIM) worked out to 2.62% as against 2.26% as on 30.06.09.

Non-Interest Income:  During the current quarter, the non-interest income from core area  increased by 29.23% on Y-o-Y basis from Rs.125.44 crore in June ‘09 to Rs.162.10  crore in  June ’10. Non interest income excluding Treasury trading profit recorded a growth of 45.27% on  y-o-y basis.