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.
