Corporation Bank declares Rs. 159.05 cr. profit in third quarter

Corporation Bank declares Rs. 159.05 cr. profit in third quarter

Mangalore Today News Network

Mangaluru, Feb 11, 2017: The Corporation Bank on Feb 10, Friday announced its results for the third quarter ending December 31, 2016, posting a net profit of Rs. 159.05 crore as against a net loss of Rs. 388.38 crore in the same quarter the previous year.

Announcing the results at a media conference here, bank Managing Director and CEO Jai Kumar Garg said sustained efforts by employees to cut down operational costs and increase revenues yielded results. The bank had posted Rs. 206.25 crore net profit for the second quarter ending September 2016.

While current and savings deposits grew from Rs. 39,048.42 crore in December 2015 to Rs. 54,026.15 crore in the present quarter, advances witnessed marginal decline, from Rs. 1.42 lakh crore to Rs. 1.35 lakh crore. Mr. Garg attributed this to the bank’s reduced exposure towards large clientèle where NPA was high and focus towards retail credit where NPA was low.

The total deposits of the bank increased to Rs. 2.23 lakh crore in December 2016 from Rs. 1.97 lakh crore in December 2015. The total business of the bank reached Rs. 3.58 lakh crore as against Rs. 3.40 lakh crore in December 2015, he said.   For the nine month period ending December 2016, the bank posted a net profit of Rs. 401.23 crore as against Rs. 4.49 crore in December 2015.  The net NPAs stood at 7.64% in December 2016 as against 4.84% in December 2015.