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Corporation Bank gross profit up
BANGALORE: Corporation Bank has achieved a gross profit of Rs. 227.86 crores for the quarter ended June 30, 2004 against Rs. 202.70 crores. According to K. Cherian Varghese, Chairman and Managing Director, the net profit has declined by Rs. 20.92 crores to Rs. 105.51 crores due to fall in profit on sale of securities from Rs. 57 crores to Rs. 15 crores. Total income was marginally lower at Rs. 652.79 crores against Rs. 663.09 crores. Non-interest income, excluding profit on sale of investments was higher at Rs. 85.36 crores against Rs. 69.05 crores. Deposits have risen to Rs. 23,935 crores from Rs. 21,363 crores.
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