Corporation Bank net profit to cross Rs 1,000 cr in FY'10 | india | Hindustan Times
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Corporation Bank net profit to cross Rs 1,000 cr in FY'10

india Updated: Aug 18, 2009 22:01 IST
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Expecting 25 per cent growth in bottomline, Corporation Bank on Tuesday said the net profit of the bank would cross Rs 1,000 crore in the current fiscal.

"We expect net profit to surpass Rs 1,000 crore in the current fiscal," said Corporation Bank Chairman and Managing Director J M Garg.

At the same time, the total business is expected to cross Rs 1,50,000-crore mark in the financial year, he said.

The bank recorded a net profit of Rs 892 crore in 2008-9 while the total business stood at Rs 1,19,505 crore at the end of June 30, 2009.

Corporation Bank also introduced an innovative technology which offer income tax returns filing facility through its 1,035 ATM network spread across the country.

"We are offering a service for filing of Income Tax (I-T) returns for Corporation Bank debit card holders through our network of 1,000 plus Ats in the country," he said.

The bank has developed this technology in-house with the assistance of the Central Board of Direct Taxes, he said.

"The idea behind this is to make income tax payment easier for the individual tax payer. It will also reduce dependence of our customers on Cs and income tax consultants," he said.