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Corporation Bank Q1 net down 39% on lower NII, other income

Corporation Bank Q1 net down 39% on lower NII, other income

Mangalore Today News Network

Mangalore, Aug 9, 2014: The public sector undertaking, Corporation Banks net profit for the quarter ended on June 2014 has registered a slump of 38.76 per cent in net profit. The net profit is Rs 231.47 crore as against the Rs 377.98 crore registered in the corresponding period last year. The total income reached Rs 5,215 crore as against the Rs 4,852.69 crore achieved in 2013 during the corresponding period, registering 7.47 per cent growth, reports.  The first quarter result was announced by the Banks CMD S R Bansal at the banks head quarters.  The net interest income has shown a down 2.12 per cent, touching Rs 944.24 crore compared to the last Q1. The total business registered 17.11 per cent growth to reach Rs 3,26,012 crore compared to June 2013.

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  :  Corporation Banks ratio of gross non-performing assets (NPA) to gross advances stood at 3.96 per cent as on June 30, 2014 as against 2.37 per cent as on June 30, 2013. The ratio of net NPAs to net advances stood at 2.71 per cent as on June 30, 2014 as against 1.65 per cent as on June 30, 2013. The deposits have rose to Rs 1,89,718 crore from Rs 1,63,016 crore.

The book value per share has improved to Rs 613.86 in June 14. The board of directors has approved the sub-division of one equity share of the bank having a face value of Rs 10 each into five equity shares of face value Rs 2 each. Branch-less banking of Corporation bank have commenced in 4,349 locations across India as against the target of 4,400 locations for the current financial year. Under CSR initiative, Rs 74.22 lakhs has been disbursed for various projects of social concerns during 2013-14.

Executive Directors A L Daultani, B K Srivastava and other top officers were present.  Corporation Bank CMD S R Bansal addressed  the media in Mangalore on August 8.

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