Money & Banking

Q2 results: Corporation Bank net profit up 26 per cent

Our Bureau Mangaluru | Updated on November 06, 2019 Published on November 06, 2019

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The net interest income of the bank stood at Rs 1334.43 crore during the second quarter of 2019-20

Corporation Bank registered a net profit of Rs 129.76 crore in the second quarter of 2019-20 as against a profit of Rs 103.01 crore in the corresponding period of 2018-19, recording a growth of 25.96 per cent.

The bank’s unaudited (reviewed) financial result for the second quarter, which was submitted to the stock exchanges on Wednesday, put the provisions (other than tax and contingencies) at Rs 789.45 crore (Rs 808.32 crore). Of this, the provisions for non-performing assets (NPAs) were at Rs 658.09 crore (Rs 728.56 crore) during the period.

The gross NPA of the bank was at Rs 20822.82 crore (Rs 21714.16 crore), and the net NPA was at Rs 6751.2 crore (Rs 13534.01 crore) during the quarter.

In percentage terms, the gross NPA stood at 15.43 per cent (17.46 per cent), and net NPA at 5.59 per cent (11.65 per cent) during the second quarter.

Provision coverage ratio of the bank was at 83.95 per cent during the second quarter of 2019-20 as against 65.47 per cent in the corresponding period of 2018-19.

The net interest income of the bank stood at Rs 1334.43 crore during the second quarter of 2019-20 as against Rs 1457.60 crore in the corresponding period of previous fiscal. The other income of the bank increased to Rs 705.72 crore (Rs 246.23 crore) during the period.

Published on November 06, 2019
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