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India’s Govt. owned the Corporation Bank has announced Q1 2010 Results today on Thursday. Corp Bank has reported net profit is increased by 28% and healthy growth in fee income and net interest income (NII).Corp Bank reported that net profit is rises by 27.76% (approx 28%) at Rs. 333.78 crore for the quarter of ended 30 June, 2010 and it was Rs. 261.25 crore last year for same period.
Fee Income increased by 29.23% at Rss 162.10 crore and NII is increased by 49% at Rs 659.59 crore. Other side the Trading profit is decreased to Rs. 13 crore, it was Rs. 185 crore last year.
Bank also reported that the Mangalore based bank has registered loans more than other it is increased year by year to 36.78% and deposit increment was 26.21%.
Corp Bank Chairman and Managing Director J.M. Garg said that, “After the implementation of the base rate, all the loans which were priced around 4.5-5 per cent are now re-priced at 7.75-8 per cent. That will give us an interest income of Rs 300 crore.”
Bank Bombay Stock Exchange (BSE) closed on Rss 565.10 points which is down to it’s previous close at 0.15%.
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