Corp bank pays all time high dividend

Corp bank pays all time high dividend

The Corporation Bank’s Shareholders approved an all time high dividend of Rs 20.50 on a paid up equity share of Rs 10 each for the year 2011-12 at the 15th Annual General Meeting of Corporation Bank held at Mangalore on Friday.

Bank Chairman and Managing Director Ajai Kumar in his address to the shareholders, dwelt upon the performance of the Bank and shared his thoughts on the economic scenario. Kumar stated that the fiscal gone-by was challenging for the Bank to sustain both business growth and profitability, as the economy, unlike previous years has not been able to sustain the growth momentum.

He expressed his happiness that the Bank has successfully countered the vortex of adverse economic conditions to some extent and steered itself to achieve the vital parameters during the FY 2011–12.

Ajai Kumar announced that the total business of the Bank grew by 16.21 per cent to reach to the level of Rs. 2.37 lakh crore as on March 31, 2012 from Rs 2.04 lakh crore over the previous year. While the total deposits scaled up by 16.61 per cent to reach Rs 1,36,142 crore. Total advances grew by 15.68 per cent to reach Rs 1,00,469 crore. He added that the Bank has crossed another milestone of one lakh - mark in advances.

Executive Directors of the Bank Ashwani Kumar and Amar Lal Daultani along with Directors and General Managers of the Bank were present.

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