Corporation Bank gains on reports of growth in total business

Corporation Bank is currently trading at Rs. 291.10, up by 4.90 points or 1.71% from its previous closing of Rs. 286.20 on the BSE. The scrip opened at Rs. 288.00 and has touched a high and low of Rs. 292.35 and Rs. 287.00 respectively. So far 23305 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 429.95 on 29-May-2013 and a 52 week low of Rs. 220.10 on 24-Feb-2014. Last one week high and low of the scrip stood at Rs. 305.00 and Rs. 280.65 respectively. The current market cap of the company is Rs. 4875.47 crore. The promoters holding in the company stood at 63.33%, while Institutions and Non-Institutions held 29.02% and 7.65% respectively. Corporation Bank has reportedly registered 16.07 percent growth in total business for the fiscal-ended March 2014 Rs 3,30,479 crore compared to Rs 2,84,722 crore in the previous year. For the first time, the bank has crossed the Rs 3 lakh crore mark in total business this year. The advances of the bank have grown 15.47 percent to Rs 1,37,086 crore from Rs 1,18,717 crore in March 2013. Deposits grew 16.50 percent to Rs 1,93,393 crore as on March 2014 as against Rs 1,66,005 crore in March 2013. The credit-deposit ratio stood at 70.88 percent. The net worth of the bank crossed Rs 10,000 crore mark during the fiscal. The bank has crossed a branch network of 2,000 and ATM network of 2,000. The bank's network is spread across 8,617 functional units, with 2,021 branches, 2,264 ATMs and 4,332 branchless banking units. Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. As on March 31, 2013, the bank has 1707 branches and 1425 ATMs.