Corporation Bank on Friday announced a profit of Rs. 60.15 crore during the first quarter of financial year 2017-18, registering a growth of 67.46% over the net profit registered during the corresponding year of the last fiscal.
Announcing the results of the bank here, Managing Director and CEO Jai Kumar Garg said the bank had registered Rs. 35.92 crore profit during Q1 of 2016-17. Increase in net profit was due to multiple reasons, including reduced expenditure on interest by 8.3% and reduction in cost of deposits by 0.92%.
Because of efficient and prudent fiscal management, the Bank was able to cut down total expenditure by 3.1%, thereby enhancing productivity, Mr. Garg said. Increase in profits speaks lot about increased efficiency of the bank, he added.
The total deposits of the bank increased to Rs. 2.1 lakh crore during Q1 of the current financial year from Rs. 1.98 lakh crore during the corresponding period of the last fiscal. However, credits of the Bank stood at Rs. 1.33 lakh crore as against Rs. 1.36 lakh crore, registering a decline of 2.64%. Total business of the bank reached Rs. 3.44 lakh crore as against Rs. 3.35 lakh crore registering a growth of 2.62%.
Executive Director Murali Krishna Bhagat and others were present.