The Hindu : Business / Briefly : Corporation Bank to open 100 units

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Thursday, Apr 29, 2004

Business

Business - Briefly

Corporation Bank to open 100 units

KOCHI: Corporation Bank will engage management consultants to advice the bank on business process and related activities. The bank's Chairman and Managing Director, K. Cherian Verghese, said here today that the consultants would study the prospects of overseas operations, brand building and reorientation of training system. The bank would open 100 new units (new branches and extension counters) during the current financial year, he said. He was speaking to presspersons on the occasion of the all India launch of prepaid mobile recharge through the bank's ATMs. He opened a new branch in Mallappally in Pathanamthitta district today. New branches would be opened at Guruvayoor and Adoor in the next two days, he said.

The bank has recorded a net profit of Rs. 504 crores in 2003-04, an increase of 21.19 per cent over the previous year. The total business exceeded Rs. 37,000 crores with aggregate deposits amounting to Rs. 23,191 crores and net advances to Rs. 13,890 crores. The bank has proposed a total dividend of 60 per cent including 30 per cent interim dividend paid earlier. — Our Staff Reporter

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