Timesbank Net Up 132% To Rs 23 Crore

TimesBank has posted a 132 per cent jump in net profit to Rs 23.45 crore during 1997-98 as against Rs 10.12 crore recorded in the previous year. The growth in the net profit is in line with the increase in the branch network which improved from 22 to 30 by the end of the previous fiscal year. Operating profits have increased to Rs 42.48 crore as against Rs 29.55 crore in the previous year, up 44 per cent. The depreciation provided by the bank increased by 248 per cent from Rs 1.50 crore to Rs 5.22 crore, and reserves and surplus increased by 123 per cent to Rs 43.71 per cent.