Corporation Bank posts Rs. 160 cr net profit in the March 2017 quarter

Corporation Bank posts Rs. 160 cr net profit in the March 2017 quarter

Mangalore Today News Network

Mangaluru, May 20, 2017: Mangaluru headquartered Corporation Bank has recorded a net profit of Rs. 159.97 crore during the fourth quarter of 2016-17 against a net loss of Rs. 510.97 crore in the corresponding period of the previous fiscal.

Announcing the performance highlights of the bank for the fourth quarter and the fiscal as a whole, the bank’s managing director and CEO, Jai Kumar Garg, said "Total Operating Income rose 2.19% to Rs 4838.04 crore in the quarter ended March 2017 as against Rs 4734.46 crore during the previous quarter ended March 2016."

For the full year,net profit reported to Rs 561.21 crore in the year ended March 2017 as against net loss of Rs 506.48 crore during the previous year ended March 2016. Total Operating Income rose 0.31% to Rs 19471.47 crore in the year ended March 2017 as against Rs 19411.24 crore during the previous year ended March 2016.

As far as asset quality of the bank is concerned, the gross NPAs as a percentage to total advances rose to 11.70% from 9.98% in the same quarter a year ago.

Its net NPAs also increased to 8.33%, from 6.53% at the end of March 2015.

Total deposits for the quarter increased by 7.5% yoy to Rs. 220559 crore and advance stood at 140356 crore.

However, the bank’s provision during the quarter was reduced to about half to Rs 948.01 crore as against Rs 1,960.20 crore in the same period a year ago.

For the entire 2015-16, the bank recorded a profit of Rs 561.20 crore, compared to loss of Rs 506.48 crore in the previous fiscal.

However, total income rose to Rs 22,561.78 crore in the last financial year from Rs 21,146.39 crore in 2015-l6.