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Corporation Bank H1 net up 25%

October 31, 2003 16:07 IST

Corporation Bank on Friday reported a 25.1 per cent growth in its net profit at Rs 271 crore (Rs 2.71 billion) for the first half of the current fiscal as against Rs 217 crore (Rs 2.17 billion) in April-September 2002.

The bank's gross profit rose by about 19 per cent to Rs 491 crore (Rs 4.91 billion) from Rs 413 crore (Rs 4.13 billion) in the first half of the previous year, K Cherian Varghese, chairman, Corporation Bank, told reporters in New Delhi.

The bank's total business increased to Rs 33,291 crore (Rs 332.91 billion) till September 2003 from Rs 29,131 crore (Rs 291.31 billion) a year ago.

"Small and medium enterprises and retail segment is clearly the bank's focus area, Varghese said, adding that the bank was trying to reduce its lending to corporates at less than prime lending rate.

He also hinted at further reduction in lending rates on consumer and home loans if the Reserve Bank of India slashed bank rate in the forthcoming busy season credit policy on November 03.

While deposits grew by 15.5 per cent to Rs 22,518 crore (Rs 225.18 billion), advances grew by little over 10 per cent to Rs 10,773 crore (Rs 107.73 billion), he said.

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