Corporation Bank Q4 net loss widens to ₹6,581 crore as provisioning doubles1 min read . Updated: 17 May 2019, 08:35 PM IST
- The bank, however, has reported reduction in non-performing assets
- The bank has made a provision of ₹8,505 crore for NPAs during the quarter
MUMBAI : Public sector lender Corporation Bank Friday said its loss widened to ₹6,581.49 crore during the fourth quarter ended March 31, mainly due to higher provisioning for bad loans.
The bank had reported loss of ₹1,838.39 crore during January-March quarter of 2017-18.
The total income of Corporation Bank during the fourth quarter of 2018-19 stood at ₹4,187.65 crore down from ₹4,642.45 crore in the same period of the previous fiscal, the lender said in a regulatory filing.
The bank, however, has reported reduction in non-performing assets (NPAs).
The gross NPA as a percentage of total advances was 15.35% as compared to 17.35% during fourth quarter of 2017-18.
The bank has made a provision of ₹8,505.87 crore for NPAs almost double from ₹4,441.29 crore in the year-ago quarter.
Corporation Bank's net loss stood at ₹6,325.29 crore during the year 2018-19, as against ₹4,049.93 crore in the preceding fiscal.
The shares of Corporation Bank closed at ₹25.50 a piece on BSE, almost flat over Thursday close.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.