Corporation net down 24% to Rs 303 cr

Operating profit down 5% to Rs 758.92 crore

Mangalore-based Corporation Bank has reported a net profit to Rs 303.17 crore for the third quarter ended December 31, 2012, registering a decline of 24.6% from Rs 402.21 crore in the corresponding quarter last year. The bank's profit was impacted due to higher provisions. The total income of the public sector lender for the October-December period stood at Rs 4257.84 crore up 12.3% from Rs 3776.30 crore a year ago period.  Provisions and contingencies jumped to Rs 406 crore in the third quarter as against Rs 268.8 crore in second quarter.

The operating profit also witnessed a decline of around 5% to Rs 758.92 crore from Rs 797.73 crore when compared to the  same period last year. The net interest income (NII) for the period ended December 31, 2012 witnessed a marginal increase of 2% and stood at Rs 883.4 crore as against Rs 861.8 crore.

The gross non-performing asset (NPAs) stood at 2.18% while the net NPAs 1.63%. Meanwhile, the Capital Adequacy Ratio for the period stood at 12.57%.

On a nine month basis the bank's net profit stood at Rs 1079.14 crore registering a decline of around 6% from 1154.78 crore when compared to the same period last year. Meanwhile the total income for nine months period was at Rs 12306.52 crore as against Rs 10501.22 crore up 17% when compared to the same period last year.

On BSE the shares of the company was trading at Rs 438.65 down 3.85%.