Business Daily from THE HINDU group of publications
Sunday, Jul 30, 2006
Business Daily from THE HINDU group of publications Sunday, Jul 30, 2006 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Corporation Bank net rises 16.7 pc in Q1 Our Bureau
New Delhi , July 29 Corporation Bank plans to foray into credit card business in the next two months, its Chairman and Managing Director, Mr B. Sambamurthy, said. "We will be the credit card issuer and have a tie-up with Visa International. There is tremendous potential in credit cards. Visa has already agreed and we will start in next two months," he told reporters, after a board meeting of the bank held here, to consider and approve the first quarter financial results. He said the bank's total business stood at about Rs 59,765 crore as on June 30, 2006 (Rs 45,565 crore as on June 30, 2005). "By the end of the current fiscal, we want our total business to touch Rs 70,000 crore. Our long-term goal is to achieve the Rs 1,00,000 crore mark in the next 30 months," he said. Corporation Bank on Saturday reported a 16.77 per cent increase in net profit for the quarter ended June 30, 2006 to touch Rs 144.24 crore, compared to Rs 123.52 crore recorded in the same period previous year. Total income for the period stood at Rs 917.59 crore (Rs 766.35 crore). "Our gross profit, net profit and return on equity for the quarter have increased by 16.97 per cent, 16.77 per cent and 16.39 per cent (annualised), respectively. Credit growth improved recovery performance; reduction in cost-to-income ratio and de-risking investment portfolio has helped in top line as well as bottom line growth," Mr Sambamurthy said.
More Stories on : Financial Performance | Public Sector Banks
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