The Hindu Business Line : Corpn Bank Q1 net rises 17 pc

CORPORATION Bank has recorded a net profit of Rs 123.52 crore in the first quarter of the current financial year against Rs 105.51 crore in the corresponding period of the previous year, registering a growth of 17.07 per cent.

According to a press release here on Thursday, the bank recorded a gross profit of Rs 277.02 crore (Rs 227.86 crore) during the period, registering a growth of 21.58 per cent.

The total income for the three-month period increased by 17.4 per cent. It stood at Rs 766.35 crore (Rs 652.79 crore). The net interest income rose to Rs 596.77 crore (Rs 552.66 crore). Other income stood at Rs 169.58 crore (Rs 100.13 crore).

During the first quarter, the net interest margin of the bank was lower at 3.47 per cent compared with 3.99 per cent in the previous financial year. This was on account of the lower yield on investments at 8.02 per cent during the period.

The release said that the bank could effect a cash recovery of Rs 41.82 core during the period. This has resulted in the write back of provisions amounting to Rs 16.07 crore in the three-month period compared with Rs 11.96 crore in the corresponding period of the previous financial year.

During the first quarter, the gross NPA was brought down to 3.61 per cent (5.01 per cent) and the net-NPA to 1.15 per cent (1.80 per cent).

The provision made towards NPAs during the quarter was Rs 55 crore compared with Rs 29.5 crore in June 2004.

As on June 30, its capital adequacy ratio stood at 17.16 per cent.

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