Secunderabad (AP): The Board of Directors of Global Trust Bank Limited (GTB) approved the audited accounts for the year ended March 31, 2004 at its meeting held on Monday (Aug 9). All nominee directors also attended the meeting.

The accounts were finalised in the backdrop of the proposed draft scheme of amalgamation with Oriental Bank of Commerce (OBC) announced on July 26.

Accordingly the accounts have been drawn up on a conservative basis.

The Bank for the financial year ended March 31 posted a net loss of Rs 812.38 cr as against loss of Rs 272.70 cr in the previous year. The loss is on account of provisioning of about Rs 535 cr necessitated largely by ageing and weakening of security of earlier NPAs (Non-Performing Assets), operating loss of Rs 79 cr and about Rs 164 cr towards accelerated and prudent provisioning on select items including non-banking assets and the balance amount of Rs 35 cr towards other provisions.

"We are happy to say that RBI (Reserve Bank of India) has taken prompt decision to amalgamate the Bank with one of the best public sector banks. This has protected the interest of lakhs of customers of the Bank. We are grateful and thankful to RBI," said the GTB Board.