At the 14th annual general meeting of Corporation Bank in Mangalore on Saturdaythe shareholders approved an all-time high dividend of Rs 20 a share on a paid-up equity share of Rs 10 for 2010-11.
Mr Ramnath Pradeep, Chairman and Managing Director of the bank, in his address to the shareholders dwelt upon the performance of the bank. During 2010-11, the bank joined the league of mid-sized banks as its total business exceeded Rs 2 lakh crore.
He said the total business of the bank doubled in three years and grew eight times in just 10 years from Rs 25,226 crore as on March 31, 2001 to Rs 2,03,598 crore as on March 31, 2011.
Mr Pradeep said the bank’s service outlets crossed the 5,000-mark during 2010-11 to reach 5,111 units comprising 1,361 branches, 1,250 ATMs and 2,500 branchless banking units. The bank has opened 12 new zonal offices for effective monitoring and control.
Stating that the bank has two representative offices in Dubai and Hong Kong, he said it is exploring the possibility of opening of branches at Singapore and South African countries such as Kenya, Zambia, Botswana and Malaysia.
The AGM also discussed, approved and adopted the audited balance-sheet as at March 31, 2011, and profit and loss accounts of the bank for the fiscal 2010-11.