Money & Banking

Corporation Bank shares climb over 7% after September qtr results

PTI New Delhi | Updated on November 06, 2019

Shares of Corporation Bank climbed over 7 per cent on Wednesday after the bank reported a 26 per cent rise in net profit for the second quarter ended September 30, 2019.

The scrip jumped 7.25 per cent to close at Rs 18.50 on the BSE. During the trade, it gained 9.56 per cent to Rs 18.90.

At the NSE, the stock advanced 6.95 per cent to close at Rs 18.45.

The state-owned bank on Wednesday reported a rise of 26 per cent in net profit at Rs 129.76 crore for the second quarter ended September 30, 2019 on the back of lower provisioning for bad loans. It had posted a net profit of Rs 103.01 crore in the corresponding quarter of 2018-19.

Its total income also rose to Rs 4,712.97 crore in the second quarter of 2019-20 from Rs 4,216.79 crore in the corresponding quarter of 2018-19, the bank said in a regulatory filing.

The lender’s asset quality witnessed improvement as the gross non-performing assets (NPAs) fell to 15.43 per cent (Rs 20,822.83 crore) of the gross advances at the end of September 2019 as against 17.46 per cent (Rs 21,714.16 crore) a year ago.

Published on November 06, 2019

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