GTB net drops to Rs 13 crore
Hyderabad: Global Trust Bank (GTB) has recorded a net profit of Rs 12.93 crore on a total income of Rs 199 crore for the first quarter of the current fiscal compared with a net profit of Rs 16.30 crore on a total income of Rs 261 crore in the same period last year. The bank has earmarked Rs 7.23 crore for provisions and contingencies for the reporting quarter against Rs 28 crore in the corresponding quarter of last fiscal. The bank, in an effort to clean up its balance sheet, wrote off loans and investments of Rs 285.40 crore last fiscal by drawing down Rs 201.95 crore from its reserves with the prior approval of the Reserve Bank of India. Meanwhile, the promoters