Corp Bank net down 17% to Rs 105 cr

BS 200 SCORECARD

Corporation Bank has announced a 17 per cent decline in net profit at Rs 105.51 crore for the quarter ended June 30, 2004. "Despite difficult operating environment, the net profit of the bank stood at Rs 105.51 crore in the first quarter of this fiscal compared with Rs 126.43 crore during the same period last fiscal," Corporation Bank chairman K Cherian Varghese said after the bank's board meeting in New Delhi.

The lower profit was mainly because of the fall in profit on sale of securities from Rs 57 crore to Rs 15 crore. However, Varghese said the bank's gross profit increased by 12.41 per cent to Rs 227.86 crore during the quarter.

Deposits of the bank grew by 12 per cent to Rs 23,995 crore. The cost of deposit came down to 4.61 per cent from 6.05 per cent a year ago. The loan advances of the bank increased by 26.30 per cent to Rs 14,487 crore till June 2004, Varghese said. The gross non-performing assets of the bank declined to 5.01 per cent while net NPAs was at 1.8 per cent, he added.