Corporation Bank swings back in black as provisions decrease sharp 73 per cent

By: |
Published: February 12, 2019 2:30:59 AM

NII is the difference between interest earned and interest paid by a bank. The lender’s asset quality improved q-o-q with gross non-performing assets (NPA) of 17.36%, down 10 basis points over Q2FY19.

Corporation Bank swings back in black as provisions decrease sharp 73 per cent (Reuters)

Corporation Bank on Monday reported a net profit of Rs 60.53 crore in Q3FY19 against a net loss of Rs 1,240 crore in Q3FY18, led by a sharp 73% year-on-year (y-o-y) decrease in its provisions to Rs 755 crore. However, the public-sector lender’s pre-provisioning profit fell 12.6% y-o-y to Rs 771 crore on account of a fall in the total income. The total income fell 15.1% y-o-y to Rs 4,112.3 crore.

The net interest income (NII) rose 3.1% y-o-y to Rs 1,303 crore. NII is the difference between interest earned and interest paid by a bank. The lender’s asset quality improved q-o-q with gross non-performing assets (NPA) of 17.36%, down 10 basis points over Q2FY19. The provisioning coverage ratio (PCR) stood at 66.13%. The net NPA at 11.47% was 18 bps lower over the previous quarter.

Total advances as at the end of Q3FY19 stood at Rs 1.17 lakh crore, down 8.6% year-on-year and total deposits fell 11.6% to Rs 1.77 lakh crore.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

FinancialExpress_1x1_Imp_Desktop