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Corporation Bank registered a net profit of ₹103.01 crore in the second quarter of 2018-19 as against a loss of ₹1,035.2 crore in the corresponding period of 2017-18.
The bank’s unaudited (reviewed) financial results for the second quarter, which was submitted to the stock exchanges, put the provisions (other than tax and contingencies) at ₹808.32 crore (₹2668.81 crore). Of this, the provisions for non-performing assets (NPAs) were at ₹728.56 crore (₹2535.95 crore) during the period.
Provision coverage ratio of the bank was at 65.47 per cent as on September 30.
The gross NPA increased to ₹21,714.16 crore during the second quarter of 2018-19 from ₹20,684.87 crore in the corresponding period of the previous fiscal. The net NPA stood at ₹13,534.01 crore (₹13,082.59 crore).
In percentage terms, the gross NPA stood at 17.46 per cent (15.28 per cent), and net NPA at 11.65 per cent (10.24 per cent) during the second quarter.
The net interest income of the bank stood at ₹1,457.60 crore during the quarter against ₹1,239.04 crore. The other income came down to ₹246.23 crore (₹718.10 crore).
The bank recorded a net profit of ₹187.97 crore in the first six months of the fiscal 2018-19 as against a loss of ₹975.05 crore in the corresponding period of the previous fiscal.
On Tuesday, the scrip of Corporation Bank closed at ₹27.40 on BSE, up 0.92 per cent, against the previous close of ₹27.15.
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