Gtb Q1 Net Drops To Rs 13 Crore

Global Trust Bank (GTB) has recorded a net profit of Rs 12.93 crore on a total income of Rs 199 crore for the first quarter of the current fiscal compared with a net profit of Rs 16.30 crore on a total income of Rs 261 crore in the same period last year.

The bank has earmarked Rs 7.23 crore for provisions and contingencies for the reporting quarter against Rs 28 crore in the corresponding quarter of last fiscal.

During the current year, the bank proposes to double the number of ATMs to 400, and also plans to open 20 more branches to take the total to 120. It hopes to cross one million mark in customer base in 12 months. The bank is targeting deposits of Rs 7,250 crore and advances level of Rs 3,750 crore at the end of current fiscal.

The bank, in an effort to clean up its balance sheet, wrote off loans and investments of Rs 285.40 crore last fiscal by drawing down Rs 201.95 crore from its reserves with the prior approval of the Reserve Bank of India.

Meanwhile, the promoters' holding in the bank has come down to below the crucial 25 per cent mark. Going by the latest shareholding pattern of the bank, the promoters along with their friends, relatives and associates hold 22.10 per cent stake in the bank as on June 30, 2002, compared with 25.73 per cent at the end of 2001-02 and 26.23 per cent as on December 31,2001.

The holding of the promoters group has come down by about 44 lakh equity shares during the quarter ended June 30,2002.

The falling trend can also be witnessed in the personal holdings of Ramesh Gelli, the founder, main promoter and the former chairman and managing director of the bank, and his family members.