Corporation Bank posts Rs.664 Crores profit on Quarter-2 ended, Sept. 30, 2013

mangaloretoday.com

Mangalore, Nov 11, 2013: S.R.Bansal, Chairman and Managing Director, Corporation Bank, announced the performance of the Bank after the adoption of the financial results for the quarter/half year ended 30th September 2013 by the Board of Directors.

Speaking at a press conference on November 11, 2013 he said that the total Business of the Bank as on 30.09.13 stood at `294,477 crores as compared to `241,899 crore as at 30.09.2012. The total business increased by `52,578 crore with a growth rate of 21.74% on y-o-y basis. Business per employee has gone up from `17.41 crore as at 30.09.2012 to `17.69 crore as at 30.09.2013. Business per Branch has improved from `151.09 crore as at 30.09.2012 to `165.90 crore as at 30.09.2013.

 

Financial Highlights of Quarter [Q2] ended 30.09.2013

Operating Profit: The operating profit of the Bank for the Quarter [Q2] ended 30th September 2013 is at `664.31 crore as against `685.75 crore for Q2 of previous fiscal.

Net Profit: The Net profit of the Bank for the Quarter [Q2] ended 30thSeptember 2013 decreased to `15.48 crore as against `405.71 crore for Q2 of previous fiscal. The reason for lower Net Profit for the quarter is the huge increase in provisions to the tune of `368.79 crore over Q2 of last financial year due to extraordinary requirement towards investment depreciation and higher provision towards NPA.

Income: The total income for the Quarter [Q2] ended September 2013 grew by 17.28% and reached `4,773.64 crore as against `4,070.45 crore for Q2 of FY 2012-13. The Interest income also grew by 18.41% over Q2 of FY 2012-13 to reach `4,433.98 crore as at 30.09.2013.

The Fee income from core areas like Commission, Exchange, Brokerage, etc., increased by 11% over Q2 of FY 2013 to reach `265.79 crore as at 30.09.2013.

Net Interest Income (NII) for the Quarter [Q2] ended September 2013 was at `909.87 crore as against `803.25 crore for Q2 of FY 2013 and recorded a growth rate of 13.27%.

Cost to Income Ratio was at 46.84% for the Quarter [Q2] ended September 2013.

During the current quarter, the Bank opened 44 Branches and 184 ATMs across the country.