Mangalore, Nov. 11: S.R.Bansal, Chairman and Managing Director, Corporation Bank, announced the performance of the Bank after the adoption of the financial results for the quarter/half year ended 30th September 2013 by the Board of Directors.
Financial Highlights of Quarter [Q2] ended 30.09.2013
The operating profit of the Bank for the Quarter [Q2] ended 30th September 2013 is at `664.31 crore as against `685.75 crore for Q2 of previous fiscal.
The Net profit of the Bank for the Quarter [Q2] ended 30thSeptember 2013 decreased to `15.48 crore as against `405.71 crore for Q2 of previous fiscal. The reason for lower Net Profit for the quarter is the huge increase in provisions to the tune of `368.79 crore over Q2 of last financial year due to extraordinary requirement towards investment depreciation and higher provision towards NPA.
The total income for the Quarter [Q2] ended September 2013 grew by 17.28% and reached `4,773.64 crore as against `4,070.45 crore for Q2 of FY 2012-13. The Interest income also grew by 18.41% over Q2 of FY 2012-13 to reach `4,433.98 crore as at 30.09.2013.
The Fee income from core areas like Commission, Exchange, Brokerage, etc., increased by 11% over Q2 of FY 2013 to reach `265.79 crore as at 30.09.2013.
Net Interest Income (NII) for the Quarter [Q2] ended September 2013 was at `909.87 crore as against `803.25 crore for Q2 of FY 2013 and recorded a growth rate of 13.27%.
Cost to Income Ratio was at 46.84% for the Quarter [Q2] ended September 2013.
During the current quarter, the Bank opened 44 Branches and 184 ATMs across the country.
Financial Highlights of half year ended 30.09.2013
The operating profit of the Bank for the half year ended 30th September 2013 was at `1,659.31 crore as against `1,355.61 crore for first half of previous fiscal recording an increase of `303.70 crore (+22.40%).
The Net profit of the Bank for the half year ended 30thSeptember 2013 decreased to `393.46 crore as against `775.97 crore for the first half of previous financial year recording a decrease of `382.51 crore (-49.29%).
The reason for lower Net Profit for the half year is the huge increase in provisions to the tune of `686.21 crore over H1 of last financial year due to extraordinary requirement towards investment depreciation and higher provision towards NPA.
During first half of current financial year, the Total income stood at `9,626.33 crore in comparison with `8,048.68 crore for half year ended 30.09.12 showing an increase of `1,577.65 crore [+19.60%].
On comparison with first half of FY 2012-13, the Interest income increased by `1,310.37 crore from `7,395.10 crore to reach `8,705.47 crore [+17.72%] for the half year ended 30.09.2013.
Non-interest income increased to `920.86 crore as at 30.09.2013 as compared to `653.58 crore during first half of previous financial year with a growth rate of 40.89% on y-o-y basis.
The Net interest Income [NII] for half year ended 30.09.2013 was at `1874.61 crores compared to `1,611.68 crore during first half of previous financial year recording a growth of +16.31%.
The fee based income from core areas like Commission, Exchange, Brokerage, etc., for first half of FY 2013-14 was at `508.30 crore as compared to `446.11 crore as at 30.09.2012 recording a growth of +13.94%.
Return on Assets [ROA] was at 0.42%, and Return on Equity [ROE] was at 8.06% for the half year ended September 2013. (annualised). Cost to Income Ratio was at 40.64% for the half year ended September 2013.
Earnings per share decreased to `51.46 as at 30.09.2013 as against `104.77 as at 30.09.2012 (annualised). Book Value per Share rose to `651.31 as at 30.09.2013 when compared to `611.08 as at 30.09.2012.
Net Interest Margin: The Interest Spread to average interest bearing assets for half year ended 30.09.2013 was at 2.15%. (annualised) The Net Profit per employee was at `4.73 lakhs and the Net Profit per Branch was at `44.33 lakhs as at 30.09.2013. (Annualised).
The Bank has implemented Urban Financial Inclusion in 125 locations.
Bank has provided banking services to all 318 villages allotted with more than 2000 population
Bank has provided banking services to 119locations to cover villages with less than 2000 population and the coverage of remaining 1443villages will be completed by March 2016.
The Bank has undertaken Financial Inclusion program for Self Help Groups (SHGs) in Belguam & Tumkur Districts in Karnataka State under which 80000 SHGs will be formed. As on 30.09.2013 , 46,032 groups have already been enrolled.
