Corp Bank Q4 net at Rs 355 cr

Corp Bank Q4 net at  Rs 355 cr

Public sector lender Corporation Bank on Wednesday reported a marginal rise of 1.2 per cent in its net profit at Rs 355.53 crore for the fourth quarter ended March 31, 2013 as compared with Rs 351.26 crore in the year-ago period.

During the year under review, total income rose to Rs 4,635.49 crore, up 15.62 per cent from Rs 4,009.17 crore in the corresponding period a year ago, it said in a filing to the BSE.

However, for the entire fiscal 2012-13, the net profit of the bank fell to Rs 1,443.24 crore from Rs 1,518.38 crore a year earlier, even as the total income during this period improved to Rs 16,954.01 crore from Rs 14,524.55 crore in the previous fiscal.  Total interest income grew 17.79 per cent to Rs 15,334.08 crore while non-interest income recorded a growth of 7.73 per cent Rs 1,607.94 crore.

The gross Non-Performing Assets (NPAs) stood at 1.72 per cent and net NPAs stood at 1.19 per cent 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.

As on March 31, 2013, the deposits of the Mangalore-based bank were at Rs 1.66 lakh crore, while advances stood at Rs 1.18 lakh crore.

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