New Delhi, Nov 01: Corporation Bank on Friday reported a 25.1% growth in its net profit at Rs 271 crore for the first half of the current fiscal compared to Rs 217 crore in April-September 2002. The bank’s gross profit rose by about 19% to Rs 491 crore from Rs 413 crore in the first half of previous year, Corporation Bank chairman K Cherian Varghese told reporters here. The bank’s total business increased to Rs 33,291 crore till September 2003 from Rs 29,131 crore a year ago.

“Small and medium enterprises and retail segment is clearly the bank’s focus area, Varghese said, adding that the bank was trying to reduce its lending to corporates at less than PLR. He also hinted at further reduction in lending rates on consumer and home loans if RBI slashed bank rate in the forthcoming busy season credit policy on November ‘03. While deposits grew by 15.5% to Rs 22,518 crore, advances grew by little over 10% to Rs 10,773 crore, he said. Bureau Report