Corporation Bank was able to achieve a business of Rs. 3,44,412 crore in 2014-15 as against Rs. 3,30,479 crore recorded in the last fiscal despite a challenging financial year, Chairman and Managing Director S.R. Bansal has said.
Addressing the 18th Annual General Meeting of the shareholders here, Mr. Bansal said total deposits grew by 3.08 per cent to reach Rs. 1,99,346 crore while total advances registered 5.82 per cent growth to touch Rs. 1,45,066 crore. Cost of deposits has reduced, from 8.03 per cent in 2013-14 to 7.97, he said.
Meanwhile, the Board of Directors has recommended a dividend of Rs. 1.4 per share of Rs. 2 each for the financial year 2014-15.
During the year, Mr. Bansal said bank’s service outlets reached 9,916 units, comprising 2,298 branches, 2,933 ATMs and 4,685 branchless banking units. Of these, 277 branches, 669 ATMs and 353 branchless banking units were operationalised in 2014-15.
Mr. Bansal said the bank opened 21,18,061 new accounts under Pradhan Mantri Jan Dahn Yojana with an outstanding balance of Rs. 449.52 crore. The bank also initiated several welfare measures aiming the underprivileged sections of society to fulfil its commitment to social priorities. Under the Corporation bank Economic Development Foundation, the bank has been pursuing its objectives of fulfilling social obligations. It has also set up “Corp Kiran,” an association of wives of senior executives of the bank, to undertake welfare activities under corporate social responsibility.
The bank has formed four separate verticals at its head office, circle offices and zonal offices for effective monitoring of stressed assets and for recovery of NPA accounts. Another vertical is established to reduce and control the avoidable operating expenses.
Total deposits grew by 3.08 per cent to reach Rs. 1,99,346 cr.
