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Thursday, May 9, 2013

Corporation Bank Q4 net up marginally at Rs 356 crore

Corporation Bank posted a marginal growth in net profit in the January to March quarter at Rs 356 crore on the back of higher provisioning and lower margins.

The public sector lender had posted a net profit of Rs 351 crore in the fourth quarter in FY12.

Net interest income (difference between interest income and expended) increased 12 per cent to Rs 931 crore (from Rs 834 crore in Q4FY12).

As of March 2013, the total advances increased 18 per cent to Rs 1.19 lakh crore (from Rs 1.01 lakh crore in FY12), while deposits were higher by 22 per cent at Rs 1.66 lakh crore (from Rs 1.36 lakh crore).

Total provisions during the quarter increased to Rs 567 crore from Rs 463 crore in Q4FY12. The net interest margin declined to 2.29 per cent in FY13 from 2.48 per cent in FY12.

The shares of Corporation Bank were trading higher at 5.93 per cent at Rs 399.40 per share on the Bombay Stock Exchange on higher-than-expected profit numbers.

Source: thehindubusinessline


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