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Corporation Bank records significant growth in overall profits; lauds demonetization

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Mangaluru: Corporation Bank, a nationalised bank based in Dakshina Kannada has shown significant growth in net profit in the second quarter which ended on September. The Rs. 36 Crore net profit recorded on 30 June 2016 has jumped to Rs. 206 Crore in just three months, exhibiting an overall growth of 477.22 percent between the two quarters.

corp bank september quarter

Speaking to the members of the media at the bank’s head office in Pandeshwar, Managing Director and Chief Executive Officer of Corporation Bank Jai Kumar Garg said, “At the end of September, Corporation Bank showed an increase from Rs. 797 Crore on June 2016 to Rs. 1267 Crore in the operating profits.”

Speaking about the total business of the bank, Garg said, “As on 30 September 2016, the total business of the bank stood at Rs. 3,54,431 Crore while a year back it was Rs. 3,46,801 Crore which is a 2.20 percent growth. The total income of the bank grew by 5.81 percent with the numbers showing Rs. 5,751 Crore as September 2016 end while it was Rs. 5,435 Crore a year ago.”

While discussing about the achievements of the bank, Garg also mentioned that the demonetisation move has increased transaction substantially. “This move will not affect the growth of the bank but infact, it will help the growth. After the higher denominations were nullified, deposits in Current Accounts and Savings Accounts have increased a lot. In just three days, the bank has exchanged Rs. 632 Crore worth of old currency for new ones and the total deposits also increased to Rs. 9893 crore in the same span of time”, he said.

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