Corporation Bank posts Q4 loss of Rs1,838 crore as provisions surge
Corporation Bank reports a net loss of Rs1,838 crore for the fourth quarter of last fiscal, the bank had reported a net profit of Rs159 crore a year ago
New Delhi: State-owned lender Corporation Bank on Saturday reported a net loss of Rs1,838 crore for the March quarter of last fiscal, mainly on account of increased provisioning.
The bank had reported a net profit of Rs159 crore in the corresponding period of the 2016-17 fiscal.
Corporation Bank is among the 11 lenders which have been placed under the RBI’s prompt corrective action (PCA) framework on account of high bad loans.
Provisions for non-performing assets (NPAs) or bad loans increased to Rs4,441 crore during fourth quarter of 2017-18 as against Rs853 crore during the January-March period of the previous fiscal, the bank said in a filing to the BSE.
The gross NPAs of the bank soared to 16.21% in March quarter, from 11.70% in the same period of 2016-17.