Friday, Jul 04, 2003
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By Our Corporate Reporter
Addressing presspersons here today, A. G. Joshi, Chairman and Managing Director of the bank said the impressive progress was due to a substantial reduction in non-performing assets besides limiting fresh accretion of NPAs. The bank staged a turnaround last year by posting a net profit of Rs. 11.36 crores against a net loss of Rs. 266.13 crores in 2000-01, Mr. Joshi said.
The bank could report only a marginal increase in deposits to Rs. 16,491.26 crores as on March 31, 2003 from Rs. 15,354.68 crores due partly to the declining interest rates. Mr. Joshi said the bank also repaid high cost deposits and the average cost of deposits had been reduced steadily to 6.65 per cent in three years.
The bank had restricted fresh accretion to NPAs to Rs. 293.54 crores against the addition of Rs. 787.75 crores in 2001-02.
Total income of the bank rose by 7.18 per cent to Rs. 2,209.29 crores from Rs. 2,061.36 crores while expenses were down to Rs. 1,715.47 crores from Rs. 1,725.96 crores.
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