CORPORATION BANK Q3 NET UP 19%

Corporation Bank has recorded a net profit of Rs 305 crore for the third quarter of the fiscal, registering a growth of 18.9 per cent compared with the corresponding period previous year. The Chairman and Managing Director, Mr J.M. Garg, said the operating profit of the bank for the third quarter had increased to Rs 551.61 crore compared with Rs 449.40 crore recorded during the third quarter in the last fiscal. Mr Garg said during the third quarter, total income rose 10.9 per cent to Rs 1,905.52 crore. He said the business of the bank stood at Rs 1,41,121 crore, recording a growth of 32.1 per cent over the previous year. Deposits had increased 36.38 per cent to Rs 84,411 crore while advances had increased 26.29 per cent to Rs 56,710 crore during the first nine months.Mr Garg said the bank has brought all its branches under core banking solutions and has a network of 1,057 ATMs including seven biometric ATMs. “We plan to add 100 ATMs by March end,” he said.


Source: http://www.thehindubusinessline.com/2010/02/08/stories/2010020851721300.htm