State-run Corporation Bank on Saturday posted a 22 per cent increase in net profit to Rs 103.28 crore for the April-June quarter of 2019-20 on lower provisions for bad loans.
The bank had posted a net profit of Rs 84.96 crore in the same quarter of the previous fiscal ended March 2019.
The lender had posted a net loss of Rs 6,581.49 crore in the last quarter of the preceding fiscal year, resulting into an overall loss of Rs 6,332.98 crore for the whole fiscal ended March 2019.
Total income during the first quarter of 2019-20 was down at Rs 4,417.88 crore as against Rs 4,977.92 crore in the same period of 2018-19, Corporation Bank said in a regulatory filing.
The lender witnessed improvements in its asset quality as gross non-performing loans fell to 15.44 per cent of gross advances as on June 2019, as against 17.44 per cent a year ago.
Net NPAs or bad loans were down at 5.69 per cent from 11.46 per cent.
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In absolute value, gross NPAs stood at Rs 20,913.07 crore at the end of June 2019, against Rs 21,753.21 crore by the end of June 2018. Net NPAs were worth Rs 6,907.52 crore as against Rs 13,332.27 crore year ago same period.
The provisioning for bad loans and contingencies for June quarter of this fiscal nearly halved to Rs 715.98 crore, compared with Rs 1,508.43 crore for June quarter of 2018-19.
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