Gtb Net Worth Up To Rs 222cr

Global Trust Bank has increased its networth to Rs 222 crore in the the first half of the current financial year which stood at Rs 184 crore in 1996-97.

The first half yearly results have shown that the net profit of the bank has gone up to Rs 38.21 crore as against Rs 24.23 crore in the first half in September-end 1996, a growth of 57.69 per cent. In the full year of 1996-97, the net profit for the bank was at Rs 57.40 crore.

In the first half of the current year also the private sector bank has earned a total income of Rs 238.79 crore against Rs 208.54 crore in the corresponding period of the previous year, a growth of 14,50 per cent. Of this, interest income from operations alone contributed Rs 179.52 crore (Rs 173.61 crore). The same in 1996-97 was Rs 356.82 crore.

 

The newly set up private sector bank had projected deposit mobilisation of Rs 1500 crore in the first 36 months which in actual terms were exceeded in the first 35 months of the banks operations at Rs 2706.13 crore, ended September 1997.

Similarly, in making advances Global Trust Bank has exceeded target in 35 months at Rs 1596.31 crore against the projected figure of Rs 1210.94 crore for the first 36 months of banks existence.

Cumulative profits also exceeded the target (Rs 91.53 crore for three years) at the end of 35 months at Rs 150.14 crore.

Global Trust Bank which has been promoted by a former Vasya Bank director,Ramesh Gelli and Jayanta Madhab, ex-director of Asian Development Bank, along with other professionals has equity participation from International Finance Corporation and Asian Development Bank. The bank set up three years back has a paid-up capital of Rs 104 crore.

As per RBI guidelines, Global Trust Bank has set up its registered office at the non-metropolitan centre of Secunderabad. It plans to set up ATMs at Secunderabad, Bangalore, Mumbai, Pune, Coimbatore and Calcutta in the near future which would cost of Rs 20 lakh for each ATM.

Telebanking is also on the cards and already at Secunderabad and Mumbair telebanking operations have started. This facility will soon be started at Vizag, Calcutta and Chennai, said a source at Global Trust Bank.