Corporation Bank Q3 profit dips 58% to Rs 127 cr

Corporation Bank today reported a 58.21 per cent decline in net profit to Rs 126.69 crore for October-December period of the current financial year mainly due to higher provisioning for bad loans.
The PSU bank had a net profit of Rs 303.17 crore in the the same period of the previous fiscal.
Total income increased to Rs 4,947.34 crore during the quarter under review from Rs 4,257.84 crore in the December quarter of last fiscal, Corporation Bank said in a filing to the BSE.
The net non-performing assets of the bank rose to 2.15 per cent from 1.63 per cent.

Provisioning for bad loans almost doubled to Rs 916 crore during the December quarter, from Rs 406 crore in the same period a year ago.
Shares of Corporation Bank closed at Rs 250.70 on BSE, up 0.97 per cent over previous close on the BSE.