Corporation Bank total biz to cross Rs 1,50,000-cr mark

Buoyed by healthy growth in the first quarter, public sector Corporation Bank today said it expects its total business to cross Rs 1,50,000-crore mark during the current fiscal.     

"We are expecting the business mix to be about Rs 1,50,000 crore in 2009-10," Corporation Bank Chairman and Managing Director J M Garg told PTI.     

At the end of June 30, 2009, the total business of the bank stood at Rs 1,19,505 crore, registering an year-on-year growth of 27.5 per cent.

Of this, he said, deposits stood at Rs 72,127.16 crore while advance was Rs 47,377.59 crore.     

The bank is expecting credit growth of 22 per cent and deposits are likely to expand by 24 per cent during FY'10, Garg said.     

On the back of healthy growth in core business and other incomes, the Mangalore-based bank expects to chart 25 per cent growth in net profit.     

"We would be happy if our net profit rises by 25 per cent in 2009-10," Garg said.     

During the first quarter, the bank's net profit increased by around 42 per cent to Rs 261.25 crore against Rs 184.3 crore in the same quarter last year.     

Total income increased to Rs 2,101.52 crore in the latest quarter to Rs 1,446.28 crore in the corresponding year-ago period.