Corporation Bank shareholders approved a dividend of Rs. 20.50 per share at its 15 annual general meeting on Friday.

A Corporation Bank press release said the dividend for paid up equity share of Rs.10 for the year 2011-12 accounted for 205 per cent of the face value.

In his address to the shareholders, Bank’s Chairman and Managing Director Ajai Kumar said that the year gone-by was challenging in terms of sustaining both business growth and profitability, as the economy, unlike previous years, had not sustained the growth momentum. Yet the Bank had done well on several parameters.

The total business of the bank grew by 16.21 per cent to reach Rs. 2.37 lakh crore as on March 31 this year from Rs. 2.04 lakh crore a year ago. Total deposits scaled up by 16.61 per cent to reach Rs.1.36 lakh crore and total advances by 15.68 per cent to cross Rs 1 lakh crore.

Record

The Bank’s net profit, for the first time, crossed Rs.1, 500 crore mark while it added 20.47 lakh new customers. He added that the Bank’s total service outlets crossed 6,000 with 1,500 branches, 1,274 ATMs and 3,390 Branchless Banking units. Of these, 139 branches, 24 ATMs and 890 Branchless banking units were operationalised during 2011-12.