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Corporation Bank net up

Staff Correspondent

MANGALORE: Corporation Bank registered a 20.63 per cent growth in its net profit in 2006-07, according to B. Sambamurthy, Chairman and Managing Director.

Addressing presspersons after the meeting of board of directors of the bank here on Saturday, he said the net profit rose from Rs. 444.46 crore to Rs. 536.14 crore.

Total income rose from Rs. 3,100.03 crore to Rs. 3,996 crore, up 28.9 per cent.

He attributed the rise in net profit to increase in total volume of business. Forex income of the bank and non-fund income went up."We have also done well in gold business, especially in retail sector," he said.

About the progress in opening overseas representative offices, Mr. Sambamurthy said: "Yes, we have clearance from the Reserve Bank of India for opening a representative office in Hong Kong."

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