Corporation Bank posted a net profit of ₹41.57 crore during the fourth quarter of 2013-14 against a net profit of ₹355.53 crore in the corresponding period of the previous fiscal, recording a decline of 88.32 per cent.
Addressing presspersons here on Friday, SR Bansal, Chairman and Managing Director of the bank, attributed the decline in net profit to the increase in the requirement of provisions for bad and doubtful debts.
The provisions for bad and doubtful debts during the fourth quarter increased to ₹552.71 crore (₹133.55 crore), an increase of 307.75 per cent.
The net profit of the bank for the fiscal 2013-14 decreased to ₹561.72 crore against ₹1,434.67 crore, recording a decrease of 60.85 per cent.
Restructuring The bank restructured 113 accounts amounting to ₹610.86 crore in the fourth quarter of 2013-14.
The bank restructured 537 accounts amounting to ₹2,479.86 crore during the fiscal 2013-14.
The net NPA (non-performing assets) of the bank stood at 2.35 per cent (1.19 per cent).
The net interest income (the difference between the interest earned and expended) was at ₹907.48 crore (₹930.78 crore), and the non-interest income at ₹313.22 crore (₹301.99 crore).
The net interest margin of the bank stood at 1.91 per cent (2.31 per cent) during the foruth quarter.
Bansal said that the total business of the bank stood at ₹3.30 lakh crore at the end of March 2014 against ₹2.84 lakh crore at the end of March 2013.
Dividend During the year, the bank had declared an interim dividend of 45 per cent.
On Friday, the board of directors recommended a final dividend of 22.5 per cent.
With this, the total dividend of the bank during the year stood at 67.5 per cent.
On Friday, the scrip of Corporation Bank closed at ₹301.10, up 1.67 per cent, against the previous closing of ₹296.15.