Corporation Bank shares slump over 5 pct as Q1 profit drops

Written by PTI | Mumbai | Updated: Aug 8 2014, 23:37pm hrs
Corporation Bank's stock plunged over 5 per cent today as the company's net profit declined 38.76 per cent in the quarter ended June.

Shares of the bank ended 5.55 per cent lower at Rs 332.65 on the BSE. During the day, it lost 7 per cent to Rs 327.35.

At the NSE, the stock slumped 5.29 per cent to settle at Rs 333.90.

Corporation Bank today reported a 38.76 per cent decline in net profit for the June quarter.

Net profit for April-June 2014 fell to Rs 231.47 crore from Rs 377.98 crore in the corresponding period in 2013.

Total income increased from Rs 4,852.6 crore for the quarter ended June 30, 2013 to Rs 5,215 crore for the quarter ended June 30, 2014, the company said in a filing to the BSE.

Net non performing assets (NPAs) stood at 2.71 per cent of net advances, higher than the 1.65 per cent for the quarter ended June 2013.