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Friday, Jan 25, 2002

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Corpbank Sec posts profit

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MANGALORE: Corpbank Securities Ltd, a wholly-owned subsidiary of Corporation Bank, has registered an operating profit of Rs. 70.18 crore and a post-tax profit of Rs. 45.08 crore for the nine-month period ended December 31, 2001.

Total turnover during April-December 2001 was Rs 20,386 crore compared to Rs 9,000 crore for the entire previous year. In the current financial year, the company has planned to increase its turnover to Rs 25,000 crore.

During the nine-month period from April to December 2001, it also submitted bids to the Reserve Bank of India to the extent of Rs 5,495 crore and Rs 878 crore in the primary sanctions of Government securities and security bills respectively.

The company's net owned funds increased from Rs 79.73 crore as on December 31, 2000, to Rs 156.27 crore as on December 31, 2001, on account of the infusion of additional equity of Rs 25 crore by Corporation Bank and also retained earnings.

The capital adequacy ratio as on December 31, 2001, stood at 35.5 per cent as against the minimum 15 per cent stipulated by the RBI.

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