Corporation Bank records Q3 net profit of Rs 303.17 crore

Corporation Bank records Q3 net profit of Rs 303.17 crore

Mangalore Today News Network

Mangalore, Feb 1, 2013: Corporation Bank, the premier public sector bank of the nation,  has recorded a net profit of Rs 303.17 crore during the third quarter of this fiscal against Rs 402.22 crore in the previous fiscal year.

Speaking at the press meet held at Hotel Gateway on Feb 1, 2013, Ajai Kumar, Chairman and Managing Director of the Bank said that the operating profit of the Bank for the quarter ended December 31, 2012 was at Rs 797.74 crore for Q3 of previous fiscal year.

He said that the total income for the Quarter ended December 2012 grew by 12.8% and reached Rs 4,527.85 crore as against Rs 3,776.31 crore for Q3 of FY 2012.The interest income also grew by 15.1% over Q3 of FY 2012 to reach Rs 3,870.89 crore as at Dec 31, 2012.

Kumar said that the free income from core areas like commission, exchange, brokerage  etc., increased by 13.5% over Q3 of FY 2012 to reach Rs 238.69 crore as at Dec 31, 2012.

The Net Interest Income for the  Quarter ended December 2012 was at Rs 883.39 crore as against Rs 861.81crore for Q3 of FY 2012 and recorded a growth rate of 2.5%.

Return on Assets was at 0.74% and Return on Equity was at 13.39% for the Quarter ended December 2012. Cost to income Ratio was at 40.26% for the Quarter ended December 2012, the Chairman informed. During the quarter, the Bank opened 52 branches across the country, he said.

Executive Directors  K Srivastav and Amar Lal Daultani were present at the press meet.