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Bank of Rajasthan posts net profit of Rs 12.07 cr

Our Bureau

MUMBAI, June 23

BANK of Rajasthan has registered a net profit of Rs. 12.07 crores for the year ended March 2000 as compared to a net loss of Rs. 67.45 crores last year.

Mr. Pravin Kumar Tayal, Chairman, has attributed the improvement to the mobilisation of savings bank deposits and current deposits, which have brought down the cost of funds to 9.01 per cent this year from 9.29 per cent previously.

The total income stood at Rs. 453.12 crores this year as against Rs. 393.88 crores last year, aggregating a growth of 15 per cent.

The deposits have increased to Rs. 3,242 crores from Rs. 2,984 crores last year. Gross advances have grown by 16 per cent to Rs. 1,728 crores (Rs. 1,487 crores). Improved NPA recovery has boosted the yield on advances to 11.72 per cent from 11.30 per cen t.

While investments stood at Rs. 1,245.21 crores, income on investments has increased to Rs. 158.97 crores from Rs. 133.18 crores, registering an increase of 19 per cent. The yield on investments has increased from 11.89 per cent to 11.96 per cent.

The CRAR, which stood at 0.83 per cent last year, has increased to 5.73 per cent and is expected to be around 10 to 12 per cent in 2001.

Despite declining interest rates, the bank has achieved a spread of Rs. 94.40 crores this year as against Rs. 69.52 crores last year.