Date:28/10/2006 URL: http://www.thehindu.com/2006/10/28/stories/2006102802011600.htm

Business

Corporation Bank's first half net up

Special Correspondent

Retail hubs set up for speedier delivery of credit

MANGALORE: Corporation Bank has achieved a total business of Rs. 66,022 crore in the first half of the current fiscal ended September 30, 2006. Total income increased to Rs. 1,863.13 crore from Rs. 1,551.61 crore in the corresponding period in the previous fiscal, recording a growth of 20 per cent, says a bank release.

The gross profit was higher at Rs. 559.69 crore against Rs. 540.90 crore. While the pre-tax profit crossed the Rs. 400-crore mark, the net profit for the half-year registered a growth of 18 per cent at Rs. 271.25 crore against Rs. 229.12 crore.

Total deposits increased from Rs. 29,760.80 crore as on September 30, 2005, to Rs. 38,017.40 crore, recording a growth of 28 per cent. Demand deposits grew by Rs. 1,472.70 crore and stood at Rs. 11,338.07 crore. The year-on-year growth in advances was more pronounced at 38.5 per cent, rising from Rs. 20,225.95 crore to Rs. 28,004.62 crore as on September 30, 2006. Advances to the agricultural sector stood at Rs. 2,430 crore, the growth rate being 38 per cent.

During the quarter, the bank set up four retail hubs to improve the quality of processing of loan proposals and delivery of credit to the applicants.