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Corporation Bank a Premier Government of India Enterprise SANSCO SERVICES - Annual Reports Library Services SANSCO SERVICES - A 'Crvices - www.sansco.net Quality Banking ANNUAL REPORT 2003 - 2004 STf/sR % Trfrt 'fe Customer Care Loan Hi-tech Banking Products Products Deposit Bancassurance Products Products fl 5!TP? Team Work Corporation Bank www.reportjunction.com A Premier Government of India Enterprise SANSCO SERVICES - Annual Reports Library Services - www.sansco.net THE BOARD OF DIRECTORS Shri K. Cherian Varghese Shri P.K. Gupta S\ if Shri G. R. Summan Smt Uma Shankar Shri Ch. Hanumantha Rao Shri D.N. Prakash Shri Ramesh Chander Chandiwala Shri V.K. Chanana Shri K.K.G. Pillai Shri Dushyant Tyagi Shri S. Ravi Shri Ramakant Vashishtha GENERAL MANAGERS ?ft TJTT.^t. Shri K. Achutha Pai Shri M.V. Nair .. Shri M.D. Mallya Shri M. Narendra Shri A. Mohan Rao Shri K.R. Kamath Shri V.A. Mendonsa Shri R.K. Nair www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net dte Annual Report 2003-2004 CONTENTS Chairman's Statement 2 Notice 6 Directors' Report 12 cfi[ Management Discussion & Analysis 24 Report on Corporate Governance 40 t3> 3)1 Ten Years' Performance of the Bank 69 Balance Sheet and Profit & Loss Account 70 Performance Highlights 2003-04 106 Consolidated Balance Sheet and Profit & Loss Account 107 ^ Accounts of Corpbank Homes Ltd. 131 . % ^f Accounts of Corpbank Securities Ltd. 154 -3Tft)Piqi) ^ "l Extracts of Relevant Acts and Regulations 190 ^ Attendance Slip 203 3rf?}59T ECS Mandate 205 5l4 Proxy Form 207 WT Nomination Form 209 g Declaration Form 211 Auditors Registrar & Share Transfer Agent Sudit K. Parekh & Co. Rao & Kumar Karvy Consultants Ltd. Shanthamurthy & Co. 46, 46, Avenue 4 Street No. 1 S. Mohan & Co. Banjara Hills B. Thiagarajan & Co. - 500 034 Hyderabad - 500 034 Sankar & Moorthy : 040 - 23312454 Tel: 040-23312454 23320751 23320751 040-23311968 Fax:040-23311968 www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net WTd" ?t Tit % I <3rrq% fef; eft CF$ 2003-04 eft 3TTW TOT IRW eRd" ^ ^ ?^ FT W % I 2. ct?T dldle|<<J| eft qid'jjci 3TR% ifefi % ^4 2003-04 ep cfTTR $ f^rri idtiK*)* 3[T <3nf%3t ifr JT eft ?TFTd~ ^ -To ^ ebc!ldX' 3FjqTd~ ^SJT 31-03-2003 fe 1.65% 31-03-2004 eft an^t ^t cfe % ^?T 1.80% T§T I 8. -3}rq% % % feR eft S cfl^t 3HMPli|l' 3TOTcf eRPT 3. 6.4% FIT t.l 21.2% 75.504.13 cfiftf it fejfrf eft . 962.92 efitf 7 2003-04 ^. 530.83 efiT 2003-04 | 30% ^IMST I 'W It 9. -)?.15 cHIfe 30% 60% % 31 IIT^, 2004 eft ^RTH 7J. 5.63 cRlf efil 4. eft % i grj 1 -3TN% fcp 5ft ^ 16.8% eft c]fe gf ^cf Td" cT'T eTf ffcF Rl ^ fa. % ^. 100 efifr? eft f qr 31 1 f.2,370.20 cRIf ^.2,768.65 efiftf T^t I '^n ^ fcf) eft 2004 eft WH cTO efe fatr 75. 46.98 SRTJf c TcT 3?f9TS ^ 29.00 rT^I 165.23 eF ^.35.15 10. cTSldT JTReK JT1K cM 3rPT ^.193.02 ftTFJTl eft g 5. 5TIW I«K eFT eJ?T eBRtcTTT ^.37,000 eB% eft \iMtffSl TIT gtr 75.37,080.65 eRTf ft I^IT I ^ % cftTR ^3?! ?TFTd" 1 1 . nnscft eft pifii eft ^IrT g^ 3TFIcT) SeF aft ^ IR^rt" cBTd" .g^ =7 6.8% gft 3?^r cjfe ^ eft qg SdMd ffetfT ^.1,466.36 cSftf eft TTOT =jfe-£^ff eft trg TJ. 23,190.93 cfifif ^ra?T 'SlfrT1! 15.5% eft ^% cl^f eB^§q W %, «ft ?H^ =7^ «H £RH 134 W8T ^.13,889.72 cRT? ?t 'Ttr | eh'lill TOT tef% ^h^^^M 509 9TR3T31T % HT5cft sft y? 6. W 3 1 ^ 2004 eft ^TRcTi fcp eRI tj MR eft 3ff »Jeft I ^TR| =l4 efe ^RH -3?!^% fcfi eft 246 18.5% % c[^eBT 20.11% ?t T^T I 5TR3T-3TI ^ 9 fc)WK *l*ci<) cH ch^deh^i fiCT TOT t^Tcfe 7. trot 31.03.2004 eft OTTeft fcfi eft f^fcl^r % Pfii(|<ich -3TR% fcp eft inft eblilirH* fcBI^qt (722 9TH!T'3TT ^ 86 1 ^.249.89 efiTTf ^f 31^5 W ^ eft mffo TT Zf ^5.198.39 eMf ?Jt I cBT 'jpfd"§ ch^d[|eh< J| tel^TT ^TT ^cfiT I I 5TST2T eF; 90 eft www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net Corporation Bank FROM THE CHAIRMAN AND MANAGING DIRECTOR Dear Shareholders, I am immensely happy to extend a hearty welcome to you to the Seventh Annual General Meeting of your Bank. It is my privilege to place before you the Annual Report of your Bank for the year 2003-04. 2. Inspite of increasingly competitive environment and continued challenges in the banking industry in the country, your Bank has recorded encouraging performance during the year 2003-04. Intensive marketing for expansion of quality credit assets, further reduction in cost of deposits, prudent management of Net Interest Margin (NIM) and effective treasury management enabled your Bank to improve its performance during the year, of Net NPA to Net Advances of the Bank increased only marginally under the key financial parameters. to 1.80% as on 31.03.2004, from 1.65% as on 31.03.2003. 3. The Gross Profit pfyour Bank improved to Rs.907.04 crore, 8. Your Bank has consolidated the financials of the group registering a growth of 6.4%. The Net Profit increased to Rs.504.13 including the two wholly owned subsidiaries of the Bank viz. crore, recording a growth of 21.2% over the previous year. Keeping Corpbank Homes Ltd. and Corpbank Securities Ltd. The in view the overall profitability position, the Board of Directors consolidated operating profit stood at Rs.962.92 crore and the net have proposed a final dividend of 30% for the year 2003-04, profit was Rs.530.83 crore for the year 2003-04. subject to approval of Reserve Bank of India. Including the interim dividend of 30% paid earlier, the total dividend for the year is 9. Corpbank Homes Ltd. a housing subsidiary of the Bank, 60%. recorded a Net Profit (PAT) of Rs.5.63 crore for the year ended 4. Your Bank added substantial value to the shareholders' wealth. 31st March 2004 on equity capital of Rs.15 crore. Corpbank The net worth of your Bank increased by 16.8% during the year Securities Ltd., a primary dealer in Government securities recorded and stood at Rs.2,768.65 crore, as against Rs.2,370.20 crore during a Net Profit (PAT) of Rs.46.98 crore for the year ended 31st the previous year. The continued good earnings of your Bank are March 2004, on equity capital of Rs. 100 crore. reflected in terms of steep increase in both Earnings per Share (EPS) and Book Value per Share (BVPS). The EPS and BVPS 10. In the direction of attaining global standards of efficiency, improved to Rs.35.15 and Rs. 193.02 respectively during the year, your Bank has adopted the code of good Corporate Governance compared to Rs.29.00 and Rs.165.23 respectively during the and has been restating the Bank's Financial Statements under US previous year. GAAP. 5. Your Bank's total business crossed another mile stone mark of 11. Your Bank continued its technology initiatives during the Rs.37,000 crore and stood at Rs.37,080.65 crore. In view of your year by offering several innovative and tailor made products and Bank's decision not to contract higher cost deposits during the services, with the ultimate objective of delivering value to the year, the deposits of your Bank recorded a moderate growth of customers. Internet Banking facility which is increasingly being 6.8% and an absolute growth of Rs. 1,466.36 crore over the previous used by the corporate clients and also by the retail customers, has year and stood at Rs.23,190.93 crore. The net advances increased been extended to the customers of 134 additional branches during by Rs. 1,860.55 crore to reach Rs. 13,889.72 crore, registering a the current financial year thereby providing the facility to the growth of 15.5%. customers of 509 branches. During the current year, 246 6. As on 31 st March 2004, the Capital Adequacy Ratio (CAR) branches and 9 Extension Counters of your Bank were of your Bank improved from 18.5% to 20.11%. computerised, thereby achieving total computerisation of all the 7. The Net NPA of your Bank as on 31.03.2004 was functional units [722 branches and 86 Extension Counters] of Rs. 249.89 crore compared to Rs. 198.39 crore as at the end of the your Bank. An Online Tax Accounting System [OLTAS] Module previous year. Inspite of introduction of 90 days norms, the ratio integrated with the TEA and Core Banking Packages to facilitate www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net 7? ["TEf s^ 12. fil4-JlPl* ST? % 3flW ifcfi cfiT ^3TT ^g% 5TST 15. fq 2003-04 ? ^ 5TIH fe^ I "fe trf?KR fcBT" PH , OT5RT ?^T qfirar % 3nw % sfit qf?Ftr ^f TRFT 3 WIT cRT 660 tlcf) grf 2003-04 3> ^RFf 1 85 3lfdRcK1 %] cfiT ^f fell % I •3}d<i$i| cfif % I efe % 3tF(% §R> % 200 SRI % ^'IdM 3 t I I f? fqpH 3TR cg? 5RT 5R? 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