CorpBank registers 28.5% rise in total business

Mangalore-based public sector lender, Corporation Bank, has shown a 28.5 per cent growth in its total business to Rs 133,456 crore for the half year ended September 2009 compared to the corresponding period last year. The total business increased by Rs 29,631 crore from Rs 103,825 crore in September 2008.

Total deposits of the bank rose to Rs 80,888.41 crore from Rs 60,277.58 crore as on September 30, 2008, recording a growth of 34.1 per cent year on year. The year-on-year growth in advances was 20.72 per cent from Rs 43,547 crore as on September 2008 to Rs 52,568 crore as on September 2009, J M Garg, chairman and managing director, Corporation Bank said in a statement.

The credit deposit ratio stood at 64.99 per cent. SME advances of the Bank stood at Rs 5,801 crore as at the end of September 2009 as against Rs 5,205 crore as at September 2008, showing an annualised growth of 22 per cent.

The bank’s capital adequacy ratio under Basel I as on September 30, 2009, was at a comfortable level of 15.56 per cent, compared to 11.75 per cent as on September 30, 2008. The capital adequacy ratio under Basel II norms works out to 18.18 per cent as on September 30, 2009, of which Tier-I is 10.75 per cent and Tier-II is 7.43 per cent. The return on assets ratio works out to 1.30 per cent compared to 1.16 per cent for the half year-ended September 30.

The bank has migrated all its 1,145 branches to the core banking solutions (CBS) covering 100 per cent business. The bank has also operationalised and networked 1,038 ATMs across the country inclusive of seven biometric ATMs. All branches have been provided with internet banking facility.

During the last 12 months-ended September 2009, the bank has added 1.24 million new accounts under deposits.