Corporation Bank Q1 net at Rs 60 cr

Corporation Bank has posted a net profit of Rs 60.15 crore for the first quarter ended June 30, 2017.

With this, the bank has recorded a growth of 67.46% in profit against same quarter period in June 2016, when the net profit was calculated at Rs 35.92 crore.

Addressing media on Friday here, MD and CEO of the bank Jai Kumar Garg attributed the performance in maiden quarter of the fiscal to measures taken to reduce the cost of deposits (5.93% against 6.85% in 2016), growth in current account and savings account (CASA) and reduction in loss on total deposits despite increase in total deposits to Rs 2,10,903.87 crore against Rs 1,98,502.07 crore in the corresponding period of previous fiscal.