Corporation Bank Q4 net shrinks 88.3%

 Mangalore-based Corporation Bank on Saturday reported sharp decline of 88.3 per cent in net profit after tax to Rs 41.57 crore during the fourth quarter ended March 31, 2014, compared to Rs 355.53 crore in the corresponding quarter a year earlier. 

As per a regulatory statement filed by the bank with the BSE, it attributes the decline in net profit mainly due to higher provisioning and rise in bad loans. 

Total income of the bank increased to Rs 5,032.62 crore during the fourth quarter of the fiscal 2014 from Rs 4,635.50 crore in the corresponding period of fiscal 2013.

NPAs on the rise

Net non-performing assets (NPAs) of Corporation Bank jumped 2.32 per cent to Rs 3,180.56 crore in the fourth quarter from Rs 1,410.87 crore a year earlier. 

Total income of Corporation Bank increased to Rs 19,606 crore during the fiscal ending March 31, 2014 from Rs 16,942 crore during the same period of fiscal 2013.

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