CORPORATION BANK EXCELS ITSELF ONCE AGAIN IN FY 10

Corporation bank has Excelled itself once again, by producing a stellar performance in FY10.

The brief details are as below :

Details                FY 10   Vs   FY 09 (In Lakhs)

Total Income :     848940          717870

Total Exp      :     634337           537291

OPT            :      214603           180579

Provisions    :       47443             41037

ConNPT     :        118135              90032

FV                        Rs.10             Rs.10

EQ             :        14344             14344

Reserves     :       571349           479886

CAR                      15.18                -

B.EPS        :          82.36                 62.77

% of G/N NPA:        0.31               0.29

ROA              :       1.19               1.17

The Net profit has surged ahead from 90032 lakhs in FY 09 to Rs.118135 lakhs in FY 10.

The capital adequacy Ratio is very healthy at 15.18. 

The Basic EPS has surged from 62.77 last year to a fantastic 82.36 in FY 10.

The percentage of Gross to Net NPA is quite healthy at 0.31.

The Return on assets is also quite good at 1.19.Its reserves are also quite healthy.

Over all, Corporation Bank has turned in a fantastic performance in FY 10. Future quarters can be still better.

At current market price of Rs.498, the price earnings ratio is a meagre 6.05.

Market needs to take a good look at the fantastic performances of the PSBs and value them much higher than at present. Corporation bank specially merits much higher valuations. It is a BUY.