• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi, Oct. 27 Corporation Bank may raise Tier-II capital of about Rs 200 crore during the current fiscal to fund business growth, its Chairman and Managing Director, Mr B. Sambamurthy, has said.

A part of it is also likely to be used for meeting the revised AS-15 transitional liability on account of retirement benefits for employees.

On Saturday, Corporation Bank reported a 27.1 per cent increase in net profit for the quarter ended September 30, 2007 at Rs 161.38 crore compared with Rs 127.01 crore recorded in the same period last year. It had reported a net profit of Rs 177.11 crore in the first quarter of the current fiscal.

“Our profit this quarter has mainly come out of core operations. Our net interest income has grown by 17.5 per cent. Our growth strategy would be to expand footprint and also expand customer base”, Mr Sambamurthy said after a board meeting here. Total income for the second quarter stood at Rs 1,246.93 crore, which represents a 34 per cent increase over Rs 930.64 crore recorded in the same period last year.

Corporation Bank wants to expand its customer base to 10 million by March 2010 from the current level of 8 million customers. Mr Sambamurthy also said that the bank hopes to maintain net interest margin of 3 per cent in the remaining part of the current fiscal.

The net non performing asset (NPA) at Rs 113.05 crore as on September 30, was lower than that of Rs 140.67 crore as on March 31, 2007.

More Stories on : Financial Performance | Public Sector Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Foreign cos, arms may be allowed non-resident chiefs

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line