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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9125)	10/29/1999 10:43:00 AM
From: Mohan Marette	Respond to of 12475

Global Trust Bank posts 43 pc increase in profit globaltrustbank.com Ramesh Kandula in Hyderabad October 29, 1999, 16:00 Hrs (IST) Hyderabad: Global Trust Bank has posted impressive results for the first half of the current fiscal with 43.64 per cent increase in the net profit compared to the corresponding period of the last year. Speaking to reporters after the board meeting of the bank here on Friday, Chairman and Managing Director Ramesh Gelli said that the bank's total income stood at Rs 372.91 crore, a healthy increase of 25.05 per cent over the corresponding period of the previous year. Deposits grew by 18.29 per cent and advances jumped by 37.23 per cent. The bank made an operating profit of Rs 74.46 crore for the half year as against Rs 38.99 crore for the corresponding half year, a jump of 90.97 per cent. Net profit increased to Rs 45.36 crore from 31.58 crore, despite conservative policy of provisioning of Rs 29.10 crore as against Rs 7.41 crore for the corresponding period of the previous year. Advances touched a level of Rs 2,506 crore as against Rs 1,826 crore last year in the same period. Deposits crossed Rs 4,600 crore, a growth of 18.29 pre cent over the corresponding period of last year. Gelli said that in line with the bank's strategic thrust, current and savings deposits grew by 95 per cent to Rs 668 crore. More branches helped retail deposits register a growth of over 32 per cent to cross Rs 3,370 crore. The bank continues to lead in creating wealth for the shareholders with an annualised return on equity of 87.23 per cent and with earnings per share at Rs 8.72. GTB, which has presently 64 branches and 23 ATMs, is planning to launch 75 to 100 ATMs by March 2000. The bank's depository accounts also witnessed a four-fold jump and there was a proposal to launch depository services at other centres and on the net.