The Hindu Business Line : Fee-based income boosts Corporation Bank profit

Mangalore, Oct. 25 The growth in fee-based income has helped Corporation Bank to register a growth of 18.67 per cent in net profit during the second quarter of the current financial year.

The bank registered a net profit of Rs 191.51 crore in the second quarter against Rs 161.38 crore in the corresponding period of the previous fiscal.

Speaking to Business Line from New Delhi, Mr B. Sambamurthy, Chairman and Managing Director of the bank, said: “The growth in net profit is basically because of non-interest income.

“Fee income, excluding treasury gains, in Q2 itself has gone up by about 41 per cent.”

On Friday, the scrip of the bank closed at Rs 215.05 on the BSE against the previous closing of Rs 227.20.

Net profit for the half-year of the current fiscal registered a growth of 11.03 per cent.

Net profit increased to Rs 375.81 crore (Rs 338.49 crore).

The total business stood at Rs 1,03,824.62 crore (Rs 78,408.18 crore), recording a growth of 32.41 per cent.

Total deposits increased to Rs 60,277.58 crore (Rs 45,742.51 crore), recording a growth of 31.78 per cent.

Total advances stood at Rs 43,547.04 crore (Rs 32,665.67 crore), recording a growth of 33.31 per cent.

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