Corporation Bank Q3 net jumps, at Rs 402 crore

Public sector lender Corporation Bank reported a muted 5.2 per cent rise in net profit at Rs 402 crore for the third quarter ended in December, due to higher cost of funds and non-performing assets (NPAs).

It had posted net profit of Rs 382.40 crore in the year-ago period. Gross non-performing assets (NPAs) rose 1.35 per cent in the quarter versus 1.32 per cent.

Accordingly, the bank made provisions of Rs 301 crore in the third quarter, a rise of 54 per cent over Rs 195 crore in the same period last fiscal. The overall fresh slippage during the quarter stood at Rs 374 crore.

The bank’s net interest income grew 2.26 per cent to Rs 861 crore from Rs 842 crore Y-o-Y. Deposits rose 28.5 per cent to Rs 1,26,607 crore, advances grew 28 per cent to Rs 92,378 crore taking the credit deposit ratio to 73 per cent.