The total income for the period increased by 47.18 per cent to Rs 157.02 crore (Rs 106.68 crore). The interest earned showed an increase of 37.52 per cent to Rs 131.43 crore (Rs 95.57 crore), while other operating income increased by 130.32 per cent to Rs 25.59 crore (Rs 11.11 crore). The total expenditure increased by 34.77 per cent to Rs 120.72 crore (Rs 89.57 crore). The interest expenditure increased by 33.28 per cent to Rs 120.72 crore (Rs 89.57 crore), while operating expenditure increasing by 46.68 crore to Rs 14.61 crore (Rs 9.96 crore).

The bank's board has, meanwhile, approved a rights issue in the ratio of seven equity shares for every 10 shares held at a premium of rupees two per share. The board has also approved an employee stock option plan (Esop) of up to Rs 10 crore (one crore equity shares of Rs 10 each) and has appointed a compensation committee to finalise the scheme. The bank will launch an ATM and global debit card -- `Vantage 24' as part of the Master Card system. The bank will also offer WAP banking, Internet banking and payment gateway services to its customers by the third quarter of the year.

The bank has opened a capital market division in Mumbai near the Bombay Stock Exchange which has been set up by hiving off all the capital market activities of the Mumbai branch. The bank has been approved as a clearing bank for the cash and derivatives section of BSE and NSE.

The clearing activities in respect of BSE has already started and in case of NSE is expected to commence by the first week of August.