 "Corporation Bank reports Rs 511-cr loss")
State-owned Corporation Bank on Wednesday posted a net loss of Rs 510.9 crore for the quarter ended March because of a rise in provisions for bad loans. The bank had a net profit of Rs 45 crore in the corresponding period a year ago, it said. The bank’s provision during the quarter doubled to Rs 1,960.20 crore, against Rs 926.49 crore a year ago.
Total income declined to Rs 5,218.62 crore in the quarter, against Rs 5,385.28 crore a year ago. For the full financial year 2015-16, the bank recorded a loss of Rs 506.48 crore, compared to Rs 584.25 crore profit in the year-ago period.
However, total income rose to Rs 21,146.39 crore in the last financial year from Rs 21,038.09 crore in 2014-l5. As far as asset quality of the bank is concerned, the gross NPAs as a percentage to total advances rose to 9.98 per cent from 4.81 per cent in the same quarter a year ago.
Its net NPAs also increased to 6.53 per cent, from 3.08 per cent at the end of March 2015.
Total income declined to Rs 5,218.62 crore in the quarter, against Rs 5,385.28 crore a year ago. For the full financial year 2015-16, the bank recorded a loss of Rs 506.48 crore, compared to Rs 584.25 crore profit in the year-ago period.
However, total income rose to Rs 21,146.39 crore in the last financial year from Rs 21,038.09 crore in 2014-l5. As far as asset quality of the bank is concerned, the gross NPAs as a percentage to total advances rose to 9.98 per cent from 4.81 per cent in the same quarter a year ago.
Its net NPAs also increased to 6.53 per cent, from 3.08 per cent at the end of March 2015.