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Sunday, Apr 25, 2004

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Corporation Bank Q4 net up 152 pc at Rs 119.5 cr

Our Bureau

Mumbai , April 24

CORPORATION Bank has registered a 152 per cent growth in net profit for the fourth quarter ended March 31, 2004, aided in part by a reversal of provisions against non-performing assets made earlier.

The Mangalore-based lender recorded a net profit of Rs 119.49 crore during this quarter, against Rs 47.28 crore in the corresponding period of the previous year.

Adjusted for the write-back of provisions made earlier to the tune of Rs 40.44 crore, according to a senior bank official, the net profit stands at Rs 73 crore.

The board had recommended a final dividend of 30 per cent for 2003-04, making a total dividend of 60 per cent for the fiscal, subject to the Reserve Bank of India approval, Mr K. Cherian Varghese, Chairman and Managing Director, Corporation Bank, told presspersons here on Saturday.

Total income stood at Rs 648.41 crore (Rs 656.94 crore). This is inclusive of interest earned at Rs 553.18 crore (Rs 530.78 crore) and other income, which fell to Rs 95.23 crore (Rs 126.16 crore).

Total expenditure of the bank fell to Rs 467.68 crore (Rs 486.16 crore). This is inclusive of interest expended, which was lower at Rs 307.32 crore (Rs 341.51 crore).

For the financial year ended March 31, 2004, the bank's net profit was up by 21.19 per cent at Rs 504.13 crore (Rs 415.99 crore). As per the consolidated results, the net profit stood at Rs 530.83 crore (Rs 438.11 crore).

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