GTB
suffers 60% net profit fall at Rs 40  crore
Our Banking
Bureau
1 July 2002
Hyderabad: Global
Trust Bank (GTB) has suffered a fall of 59.74 per cent in net
profit for the year ended 31 March 2002, at Rs 40.26 crore against
Rs 80.33 crore in the previous year.
 The
bank also suffered a drop in total income at Rs 953.46 crore (Rs
1,061.94 crore). There was a significant fall both in deposits and
advances during the year. As on 31 March 2002, the bank’s
capital adequacy ratio fell to 11.21 per cent from 12.71 per cent
in the previous year.
Following the utilisation of reserves to the tune of Rs 252 crore
towards an additional write off of non-performing assets (NPAs),
the bank registered a fall of 41.55 per cent in reserves by the
fiscal-end at Rs 272.96 crore against Rs 467.05 crore in the
previous year.
The ratio of net NPAs
to net advances rose to 9.23 per cent by the fiscal-end from 3.75
per cent as on 31 March 2001. The bank attributed this partly to
the decrease in advances by Rs 1,067 crore at Rs 3,033 crore (Rs
4,100 crore).
The bank says it had
decided not to make certain disclosures such as ‘related party
disclosure’ and ‘segment reporting’ as the applicability  of
both these accounting standards was made optional by the apex
bank.
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