The board of directors of GTB, which met at Hyderabad on July 22, have adopted the unaudited results for the first quarter of the current fiscal.

"GTB's operating profit surged by more than 49 per cent to Rs 32.21 crore for the first quarter of this fiscal compared to Rs 21.06 crore clocked in the first quarter of 1998-99," a GTB statement said, adding that the bank's total income increased to Rs 182.51 crore for the period, recording a 23.49 per cent growth compared to same quarter last year.

The Global Trust Bank scrip opened on the Bombay Stock Exchange at Rs 38.50 and touched a high of Rs 39.90 before retreating to close at Rs 39.35. The counter clocked a volume of little over 27,000 shares.

GTB's deposits have crossed Rs 4,149 crore in the quarter ending June 30,1999, a growth of 13.76 per cent over last year Q1 levels of Rs 3,647 crore and advances grew by 20.16 per cent to touch Rs 2,054 crore as against Rs 1,703 crore as on June 30, 1998.

Investments increased by 44.57 per cent to Rs 2,065 crore as against Rs 1,428 crore in the corresponding period of the previous year. "Additional funds were deployed in SLR, short term corporate debt and priority sector bonds issued by institutions," a release on Friday said.

The bank's total income increased by 23.50 per cent to Rs 182.51 crore. The operating expenses increased by Rs 7.82 crore due to growth in business level and enlargement of branch network. "Sixteen new branches were added to Global Trust Bank's branch network from June 1998, taking the total number of the bank's branches to 63," GTB said.

The bank has made provisions worth Rs 11.15 crore for the first quarter as against Rs 2.94 crore in the corresponding period in the previous year.