Corporation Bank Q4 profit at Rs159.98 crore on lower provisions
Corporation Bank’s net profit for the fourth quarter stood at Rs159.98 crore against a loss of Rs510.97 crore from a year ago.
Mumbai: Corporation Bank on Saturday said it posted a profit in March quarter against a loss last year same quarter due to lower provisions and higher other income.
Net profit for the quarter stood at Rs159.98 crore against a loss of Rs510.97 crore from a year ago. The bank got tax write-back of Rs53.44 crore against Rs724.32 crore last year.
Provisions declined 51.64% to Rs948.01 crore from Rs1,960.21 crore on year on year basis.
Net interest income, or the core income a bank earns by giving loans, fell 5.7% to Rs934.18 crore from Rs990.57 crore in the year-ago period. Other income surged 84.33% to Rs892.44 crore from Rs484.16 crore in the same period last year.
Gross non-performing assets (NPAs) rose 17.2% to Rs1,7045.22 crore at the end of the March quarter from Rs14,544.25 crore a year ago. The bank reported gross NPA of Rs15,827.99 crore a quarter ago.
As a percentage of total loans, gross NPAs rose to 11.7% at the end of the March quarter compared with 11.26% in the previous quarter and 9.98% in the year-ago quarter. Net NPAs were at 8.33% compared with 7.64% in the previous quarter and 6.53% in the same quarter last year.
Deposits rose 7.5% year-on-year to Rs22,056 crore, while advances were little changed to Rs14,036 crore.
On Friday, Corporation Bank ended at Rs56.55 on BSE, down 2.5% from previous close while India’s benchmark Sensex Index rose 0.1% to closed at 30464.92 points.