Global Trust Bank Net Dips To Rs 8.8 Crore

Hyderabad, January 28: | Updated: Jan 29 2003, 05:30am hrs
Global Trust Bank (GTB) has reported a net profit of Rs 8.79 crores for the three-months ended December 2002 as against Rs 8.91 crore posted for the same corresponding period last year.

According to the unaudited financial results approved by the banks board directors at the meeting held in Bangalore on Tuesday, the operating profit of the bank stood at Rs 31.01 crore as against Rs 48.92 crore during the same period last year. The total income of the bank registered at Rs 196.40 crore as against Rs 243.43 crore during the same period, according to a release.

The interest expenditure stood at Rs 122.90 crore as against Rs 154.87 crore during the same period of last year, the release added.

The total income of the bank for the nine-month period ended December 31, 2002 is at Rs 592 crore (Rs 740.14 crore) of which the interest income and other income is about Rs 449.26 crore and Rs 142.74 crore, respectively. The other income include core income from fee-based banking activities, forex transactions and securities trading.

For the nine-month period the interest expenditure dropped by about 21 per cent from Rs 501.07 crore during December 2001 to Rs 396.70 crore owing to a series of interest rate deductions undertaken by the bank and improvement in low cost deposit mix, the bank said.

On the expenditure side, the banks growth in operating expenses was limited to 7.06 per cent to Rs 132.77 crore over December 2001 despite increase in the delivery network by 12 branches and 92 ATMs. The capital adequacy ratio of the bank was at 10.54 per cent.