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Analyst Meet / AGM - Analyst Meet

Targets business growth of 20% for FY2014

Corporation Bank

15-May-2013, 12:24
Corporation bank conducted Analyst meet on 08 May 2013 to discuss the financial performance for the quarter and year ended March 2013 and prospects of the bank. Ajay Kumar- Chairman and Managing Director along with his colleagues addressed the meet:
Highlights:

Business growth of the bank rebounded sharply to 20% at Rs 284722 crore at end March 2013 from 12% at end December 2012 and accelerated from 16% at end March 2012.
Total Business is targeted to grow around 20% to reach Rs 340000 crore in FY2014.
Deposit growth is targeted at 19% to reach Rs 198000 crore, while the advances growth is targeted at around 20% to reach Rs 142000 crore by end March 2013 over March 2013.
In FY2013, the advances growth was driven by sharp increase in advances to agriculture and SME at 33% to Rs 9466 crore and 36% to Rs 19518 crore, while the retail advances also galloped 16% to Rs 52103 crore at end March 2013.
CASA ratio of the bank improved to 21.7% at end March 2013 compared to 20.5% a quarter ago and 18.9% a year ago.
Bank has restructured advances worth Rs 1254.5 crore, while closed restructured accounts with the balance of about Rs 360 crore during the quarter ended March 2013.
The net outstanding standard restructured advances eased to Rs 7218.6 crore at end March 2013 from Rs 7529 crore at end December 2012.
%GNPA dipped 46 bps QoQ to 1.72%, while %NNPA declined 44 bps QoQ to 1.19% at end March 2013.
With the decline in restructured advance book and NNPA, the size of stressed assets of the bank eased to 7.3% of advances at end March 2013 from 8.8% at end December 2012, while it was higher compared to 5.2% at end March 2012.
With a view to catering to the SME& Agricultural segments in a big way, Bank has opened exclusive SME Loan centres in Fifteen Cities across the country and Five Agri Business Development Centres.
To further boost the Agri lending, Gold loan shoppe have been opened in 7 places and 60 specialized Gold loan cells would be made functional very soon.
Bank has facilitated Online Opening of Deposits to its Retail and Corporate Customers through CorpNet - Internet Banking Platform.
During the current financial year, the Bank opened 207 Branches across the country, while it added 54 new branches during Q4 FY2013.
Bank has the network of 1707 branches and 1425 ATMs at end March 2013. Bank also has 2 representative offices at Dubai & Hong Kong.
Bank proposes to open new 300 branches, while it is also planning to roll out 2000 ATMs in FY2014.