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Corporation Bank profit up 30.4%

Corporation Bank profit up 30.4%
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First Published: Wed, Jan 23 2008. 12 44 AM IST
Updated: Wed, Jan 23 2008. 12 44 AM IST
Bangalore: Karnataka-based Corporation Bank said profits grew 30.4% in the third quarter on higher interest income and yield on advances.
The bank’s net profit rose to Rs190.90 crore from Rs146.42 crore a year ago, while the net interest income rose 6% to Rs333.69 crore. The net interest margin remained static at 2.74%. The bank’s deposits grew more than 24% to Rs49,175 crore, while advances were up 19% to Rs34,458 crore.
The growth can be attributed to the increase in interest income, fee-based income, treasury activity and improved recovery performance, said A. Mohan Rao, general manager of Corporation Bank.
-Deepti Chaudhary
Vijaya Bank quarterly earnings grow 37%
Bangalore:Vijaya Bank on Tuesday reported a 36.84% rise in its quarterly earnings, even as its net interest income and net interest margin fell. The bank’s net profit for the period ended December 2007 grew to Rs126.88 crore, from Rs92.73 crore in the year-ago period.
Its net interest income fell to Rs219.09 crore from Rs264.98 crore, while net interest margin fell to 2.64% from 3.21%.
The bank’s operating profit grew to Rs158.63 crore from Rs152.26 crore.
Bank of India reports 101% rise in net profit
Mumbai: Public sector lender Bank of India (BoI) on Tuesday reported 101% rise in net profit at Rs511.89 crore for the third quarter ended 31 December 2007, compared with Rs254.87 crore in the same quarter previous year.
A combination of factors, including a strong growth in non-interest income, fee-based income and a healthy net interest income, contributed to the growth, BoI chairman and managing director T.S. Narayanasami told ‘PTI’.
“We had a treasury profit of Rs116 crore in the quarter, which we have used for provisioning of non-performing assets, standard assets and advance tax payment,” Narayanasami said.
Cost control, 8% increase in sales lift Punjab Tractors Q3 net profit
Mumbai: Despite poor market conditions, the net profit of Punjab Tractors Ltd for the October-December period rose, helped by cost controls and product mix, the company reported on Tuesday. Tractor sales in the quarter increased 8% to 9,032 units, while the overall market fell 5%, helping profit excluding extraordinary income grow by one-third to Rs25.4 crore.
The adjusted net profit was up just 3.2%. In the year-ago quarter, Punjab Tractors had an extraordinary income of Rs5.6 crore, the profit and loss account showed. Punjab Tractors, 63.3% owned by tractor and utility vehicle maker Mahindra and Mahindra Ltd, said revenue rose 14% to Rs303 crore in the quarter. The company also said it has improved recoveries by cutting dealers’ outstanding by 31% in the quarter.
Shares of the company ended the day 5.5% lower at Rs235.15 in a weak market.
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First Published: Wed, Jan 23 2008. 12 44 AM IST