Corporation Bank Q4 net rises 1.22% to Rs 355 crore

Last Updated: Wed, May 08, 2013 10:20 hrs
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Corporation Bank recorded a 1.22% growth in net profit for the fourth quarter ended Mar 31 compared with the same period a year ago at Rs 355.53 crore.

The total income for the same period grew by 15.6% at Rs 4,635.49 crore. The interest income also grew by 13.4% to Rs 4,068.09 crore.

For the fiscal ended March 31, the bank reported a net profit of Rs 1,434.67 crore, recording a drop of 4.74% over the previous fiscal. The drop in net profit was due to higher provisioning on account of wage revisions and asset quality.

The total income of the bank recorded a growth of 16.76% at Rs 16,942.02 crore.

The total interest income of the bank recorded a growth of 17.79% at Rs 15,334.08 crore over the previous fiscal while the non-interest income recorded a growth of 7.73% at Rs 1,607.94 crore.

The gross Non-Performing Assets (NPAs) stood at 1.72% and net NPAs stood at 1.19% at the end of fiscal year 2012-13. In absolute terms the gross NPAs stood at Rs 2,048.23 crore and net NPAs at Rs 1,410.88 crore.

The NPA provision coverage ratio stood at 62.06% with reference to NPAs as on March 31.

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