The Hindu Business Line : Corporation Bank net at Rs 191 cr

Mangalore, Jan. 22 Corporation Bank has recorded a net profit of Rs 190.9 crore during the third quarter of the financial year as against Rs 146.42 crore in the corresponding period of the previous fiscal, registering a growth of 30.4 per cent.

Speaking to Business Line on Tuesday, Mr B. Sambamurthy, Chairman and Managing Director of the bank, attributed this growth in net profit to the better NPA management and improvement in core operations.

Interest Income

He said the net interest income has gone up by about 13.3 per cent during the nine-month period. The net interest income during third quarter of 2007-08 stood at Rs 333.69 crore (Rs 314.78 crore). In addition to this, the non-interest income has grown in core areas. “The second source of contribution is better NPA management. Our delinquency has come down,” he said.

“Better NPA management and improvement in core operations have helped us to achieve this growth. Provisions have also come down during the third quarter compared to corresponding period of the previous year. That has also contributed. That is how our net NPA is also down.” The net NPA of the bank stood at 0.33 per cent.

Total Business

The total business of the bank stood at Rs 83,633 crore (Rs 68,504 crore), recording a growth of 22.09 per cent. During the third quarter of 2007-08, the total income of the bank stood at Rs 1,265.83 crore (1,027.60 crore), recording a growth of 23.2 per cent. On the net profit for the nine months period, he said the bank registered a profit of Rs 529.39 crore (Rs 417.67 crore), a growth rate of 26.8 per cent.

The stock of the bank ended at Rs 371.55 on BSE on Tuesday, against the previous closing of Rs 380.25.

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