Mangalore, Aug 8: SR Bansal, Chairman and Managing Director of Corporation Bank said that Bank has, amounted a net profit of Rs 231.47 crore during the first quarter of 2014-15 against Rs 377.98 crore last year and Rs 41.57 crore of March 31, 2014.
Speaking at a press meet held on Friday August 8, he said that bank has a decline of 38.76 per cent and hence decided to declare one particular account of Rs 532 crore as NPA (non-performing asset) during the quarter.
He also said that all the banks have exposure in this account, since it is a long standing one. The bank has shown it as NPA Without auditors’ interference which is a biggest hit in this quarter.
Bansal also said that the bank’s gross non-performing assets stood at Rs5,469.94 crore and net NPAs at Rs 3,694.24 crore during the first quarter of 2014-15.
Speaking on business, he said that Total Business of the Bank reached Rs.326012 crore as against Rs.278369 crore in June 2013, showing a y-o-y growth of 17.11%.
The Deposits of the Bank rose to Rs.189718 crore as on 30.06.2014 from Rs.163016 crore as on 30.06.2013, exhibiting a y-o-y growth of 16.38%.
Whereas, CASA deposits increased to Rs.34896 crore in June’14 from Rs.31132 crore in June’13, recording a growth of 12.09%. Domestic CASA share worked out to 18.39% and saving deposits increased by 17.60% to Rs.23847 crore.
Advances of the Bank at Rs.136294 crore at the end of June’14 grew by 18.15% as against Rs.115353 crore at the end of June’13. Credit Deposit Ratio works out to 71.84% as at June204, he added.
He also said that bank has set up verticals for controlling NPAs and monitoring standard accounts. Further vertical to monitor the new branches will be set up. Over 800 branches were opened after 2011.
The net interest income stood at Rs944.24 crore , and other income at Rs361.60 crore.
Corporation Bank board does not permit for stock split, but the board of directors of Corporation Bank has announced the splitting of its equity shares.
He also informed the stock exchanges that the sub-division of shares requires approval from shareholders, Reserve Bank of India, Ministry of Finance and any other statutory and regulatory authorities as mentioned.
Executive Directors Amar Lal Daultani and B K Srivastav, General Manager of the Bank C G Pinto were present.