Home >Industry >Banking >Corporation Bank Q4 net loss widens to 6,581 crore as provisioning doubles

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.

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