Starting as a ‘Karnataka’ bank, Corporation Bank has come a long way and has spread its tentacles all across India. The Bank is now in the process of raising its Tier I Bond / perpetual Bonds to the extent of Rs 600 crore and upper Tier-II Bond to the extent of Rs 1000 crore. These are in addition to raising of Lower Tier-II Bond to the tune of Rs 1200 crore. This is being done to mainly fund business growth this fiscal.
For the first quarter ended 30th June 2008, the total business of the Bank stood at Rs.93,694 crore, a growth of 27.33 % on a YoY. Total deposits grew 26.62% at Rs.54,742 crore. The bank added 9.27 lakhs new accounts under deposits as at the end of June 2008. Advances grew 28.34% at Rs.38,952 crore.
The Total Income of the Bank for the 3 months ended 30th June 2008 increased to Rs.1,446.28 crore registering a growth of 16.75% on a YoY.
The Net Profit of the Bank for the 3 months ended 30th June 2008 registered a growth rate of 4.06% at Rs.184.30 crore. But for the heavy depreciation on investment portfolio, the Q1 Net Profit growth would have been about 40% higher. For the period under review, the bank had provided Rs 63 crore as depreciation in securities portfolio.
The Return on Equity works out to 16.71% for the quarter ended June 2008 as against 17.97% in June 2007. The Return on Average Assets of the Bank was at 1.19%. The net worth of the Bank stood at Rs.4,413 crore compared to Rs.3,519 crore as on 30th June 2007.
The Gross NPA has come down to 1.46% compared to 2.07% as on 30th June 2007 and Net NPA to 0.36% as at 30th June 2008 compared to 0.46% on 30th June 2007.
The Capital Adequacy Ratio was at 12.43%. The Tier I ratio was at 10.13%. The total number of branches at end of Q1FY09 stood at 999. It recently opened its first representative office in Dubai.
Corporation Bank is currently quoted closer to its 52 week low of Rs.230. Stay invested.
Source: sptulsian.com
