Corporation Bank Q3 loss at Rs 388 crore

State-run Corporation Bank reported a loss of Rs 388.37 crore for the third quarter ended December 31, 2015, due to significant jump in bad loans.

The bank had earned a net profit of Rs 147.20 crore in the same quarter last year. Total income also declined to Rs 5,158.52 crore during the quarter from Rs 5,209.54 crore in the previous fiscal. Gross NPAs as a percentage to total advances rose significantly to 7.32 per cent from 4.88 per cent in the same quarter year ago.

Net NPAs went up to 4.84 per cent from 3.27 per cent at the end of December 2014. Total provisions, excluding for income tax, increased three-fold to Rs 1,880.96 crore as against Rs 646.20 crore.

Corporation Bank Managing Director and CEO Jai Kumar Garg said that deposits stood at Rs 1,97,738 crore, with a growth of Rs 10,031 crore. Saving deposits increased by 14.30 percent on y-o-y basis to reach a level of Rs 27,947 crore as against Rs 24,451 crore.

As a part of Financial inclusion, under Pradhan Mantri Jan Dhan Yojana, bank has opened Rs 24.56 lakh accounts  and mobilised an amount of Rs 663.97 crore in these accounts.

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