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Mangalore-based public sector lender Corporation Bank has registered 16.07 per cent growth in total business for the fiscal-ended March 2014 Rs 3,30,479 crore compared to Rs 2,84,722 crore in the previous year. For the first time, the bank has crossed the Rs 3 lakh crore mark in total business this year.
The advances of the bank have grown 15.47 per cent to Rs 1,37,086 crore from Rs 1,18,717 crore in March 2013. Deposits grew 16.50 per cent to Rs 1,93,393 crore as on March 2014 as against Rs 1,66,005 crore in March 2013.
The credit-deposit ratio stood at 70.88 per cent. The net worth of the bank crossed Rs 10,000 crore mark during the fiscal.
The bank recorded impressive growth in advances to retail (+15.42 per cent), MSE (+28.35 per cent) and agriculture (+38.85 per cent) during the present financial year.
The bank has crossed a branch network of 2,000 and ATM network of 2,000. The bank's network is spread across 8,617 functional units, with 2,021 branches, 2,264 ATMs and 4,332 branchless banking units.
Agricultural advances of the bank was at Rs 3,144 crore as on March 31, 2014 compared to Rs 9,466 crore as on March 31, 2013 showing year-on-year growth of 38.85 per cent.
The capital adequacy ratio under Basel-III stood at 11.64 per cent with Tier-I capital at 8.14 per cent.
MSE advances of the bank stood at Rs 23,816 crore as on March 31, 2014 as against Rs 18,555 crore as at March 31, 2013, showing y-o-y growth of 28.35 per cent. Retail advances (Corp schemes) increased to Rs 29,026 crore as at March 31, 2014 as against Rs 25,148 crore as at March 31, 2013 with a growth rate of 15.42 per cent on y-o-y basis. Yield on advances was at 11.29 per cent for the FY ended March 2014 compared to 11.65 per cent as of March 2013.
The net profit of the bank for the 12 months-ended March 31, 2014 decreased to Rs 561.72 crore as against Rs 1,434.67 crore for the 12 months of previous financial year recording a decrease of Rs 872.95 crore (-60.85 per cent).
The profits of the bank has been majorly hit by investment depreciation, provision requirement on non-performing advances and provision for restructured advances and others to the tune of Rs 2,477.68 crore during this financial year. During the 12 months period of this fiscal, the total income stood at Rs 19,606 crore in comparison with Rs 16,942 crore for the 12 months period ended March 31, 2013, an increase of Rs 2,664 crore (+15.73 per cent).
