Shri J.M.Garg, Chairman and Managing Director, Corporation Bank,announced the performance of the Bank immediately after adoption of the Q1 results of the Bank by the Board of Directors.
Financial Highlights:
Net Profit: Net Profit of the Bank for the quarter ended June ‘09 increased by Rs.76.95 crore (41.75%) from Rs.184.30 crore in June ‘08 to Rs.261.25 crore.
Operating Profit: Operating Profit of the Bank for the quarter ended June ‘09 increased by Rs.250.25 crore (77.96%) from Rs.320.99 crore in June ‘08 to Rs.571.24 crore.
Total Income: During Q1, the total income increased by 45.31% from Rs.1,446.28 crore in June ‘08 to Rs.2,101.53 crore.
Net Interest Income: During Q1, the Net interest income increased by Rs.89.50 crore from Rs.378.04 crore in June ‘08 to Rs.467.54 crore, recording an increase of 23.68%. The Net interest Margin (NIM) worked out to 2.26%.
Non-Interest Income: During the Q1, the non-interest income increased by 128.07% on Y-o-Y basis from Rs.157.55 crore in June ‘08(Q1) to Rs.359.32 crore in June ‘09(Q1).
Business Growth: Total Business of the Bank as on 30.06.2009 stood at Rs.119,504.75 crore. The total business increased by Rs.25,810.54 crore from Rs.93,694.21 crore in June ‘08. The increase recorded in business is 27.55% on y-o-y basis.
Deposits: Total Deposits of the Bank increased to Rs.72,127.16 crore from Rs.54,741.85 crore as on 30.06.08 recording a growth of 31.76%.
Advances: The Y-o-Y growth in Advances was 21.63% from Rs.38,952.36 crore to Rs.47,377.59 crore as on 30.06.2009. The Credit Deposit ratio stood at 65.69%. SME advances of the Bank stood at Rs.5,284 crore as at the end of June 2009 as against Rs.4,243 crore as at June ’08, showing an annualised growth of 24.5%.
NPA: Gross NPA has come down to 1.29% compared to 1.46% as on 30.06.08 and Net NPA stood at 0.32% as at 30.06.09.
Cash Recovery: The Bank could effect a cash recovery and upgradation of NPAs of Rs. 52.70 crore, during the period ended 30.06.08.
Networth: The Networth of the Bank stood at Rs.5,158 crore compared to Rs.4,413 crore as on 30.06.08.
Capital Adequacy Ratio: Capital Adequacy Ratio of the Bank as on 30th June 2009 was at a comfortable level of 14.84%, as compared to 12.43% as on 30th June 2008. The Capital Adequacy Ratio under Basel II norms works out to 16.29% as on 30.06.09 of which Tier –I is 9.63% and Tier-II is 6.66%.
Return on Equity: The Return on Equity works out to 20.26% (annualised) for the quarter ended June ‘09 as compared to 16.71% (annualised) in June ‘08.
Earning Per Share: The Earnings per Share [Annualised] works out to Rs.72.85 as compared to Rs.51.39 for the quarter ended 30.06.2008.
ROA: The ROA ratio works out to 1.26% as compared to 1.19% for the quarter ended 30.06.2008.
Cost to Income Ratio: The Cost to Income ratio improved to 30.91% for the quarter ended June’09 as compared to 40.07% in the corresponding period last year.
Yeild on Advances: Yeild on advances stood at 10.61% p.a. for the quarter ended June ‘09.
Cost of Deposits: Cost of Deposits has come down to 6.67% as compared to 7.02% p.a. for the year ended 31st March 2009.
Staff Productivity: Business per Employee of the Bank was higher at Rs.10.25 crore compared to Rs. 8.28 crore in June ‘08.
Branch Expansion:
Domestic footprint: During the current quarter the bank opened 25 new branches and 4 ATMs. The Total number of branches of the Bank as on 30.06.2009 stood at 1079 and number of ATMs at 1036, as against 999 branches and 985 ATMs as at 30.06.2008. The Bank has drawn plans to open 700 new branches in next five years.
International footprint: The Bank has opened Representative Offices at Dubai & Hongkong in the last fiscal.
Technology Initiatives: The Bank has migrated all its units [1139] to the Core Banking solutions [CBS] covering 100% business. The Bank has also operationalised and networked 1036 ATMs across the country inclusive of 7 Biometric ATMs. As a security measure, Digital Video Recorders have been installed at all 518 off-site ATM locations. Digital Video Recorders have also been installed in 695 branches across the country. The RTGS facility is available at 1067 units of the bank and NEFT facility is available at 1038 units of the Bank. 25 self service Terminals[KIOSKS] have been installed at identified branches. The Bank has launched many new products / services like NEFT through ATMs, Campus card, Payment of LIC premium, SMS banking, mobile payment facility, etc.
Financial Inclusion: During the quarter, the Branchless Banking units have been increased to 419 units and the Bank is actively using this channel for effecting Dairy Payments, National Rural Employment Guarantee Scheme and Social Security Pension Payouts in Andhra Pradesh and Karnataka. The total number of 'no-frill' accounts increased from 4.48 lakhs to 4.61 lakhs with a balance of Rs. 18.28 Crore . The Bank is exploring the possibility of using Mobile Phones for carrying out basic banking transactions through the Business Correspondents.
Clientele growth: 15,47,511 new accounts were acquired under deposits during the 12 months period ended 30th June’ 09. To improve share of low cost deposits, the bank had acquired 12,57,797 demand deposit accounts during the same period
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