Corporation Bank FY05 net down 34%

Corporation Bank has reported a 34% decline in consolidated net profit at Rs 350.69 crore for the year ended March 31, 2005 as against Rs 530.83 crore in FY04.

According to a release issued by the bank to the BSE today, total income declined to to Rs 2,762.27 crore for the year ended March 31, 2005 from Rs 2,813.28 crore in FY04.

The bank has posted a net profit of Rs 107.57 crore for the fourth quarter ended March 31, 2005 as against Rs 119.49 crore in Q4FY04. Total income increased to Rs 703.25 crore in Q4FY05 from Rs 648.41 crore in Q4FY04.

The board has declared a final dividend of 35% for the year 2004-2005. The total dividend payable for FY05, including the interim dividend @ 30%, will be 65%, the release added.

The register of members will remain closed from April 27, 2005 to April 29, 2005 for the purpose of payment of dividend. The AGM will be held on June 29, 2005, the release said.