Corporation Bank net profit up 9% at Rs 206 crore

Corporation Bank on Monday posted a nine per cent rise in net profit at Rs 206.28 crore for the quarter ended September despite a rise in provisioning for bad loans. The state-owned bank had a profit of Rs 188.60 crore during the second quarter of the last financial year. Total income rose to Rs 5,750.61 crore during the second quarter of the current financial year, from Rs 5,434.65 crore in the corresponding period of 2015-16, Corporation Bank said in filing to stock exchanges.As of September 30, the bank's gross non-performing assets (NPAs) doubled to 10.81 per cent of gross advances, compared with 5.32 per cent a year ago. Similarly, the net NPAs rose to 6.91 per cent from 3.54 per cent. As a result, provision (other than tax) and contingencies rose significantly to Rs 826.80 crore as compared to Rs 563.76 crore in the corresponding period a year ago.