Hit by heavy depreciation in investment portfolio, Corporation Bank posted a 4 per cent increase in net profit at Rs 184 crore for the first quarter of 2008-09 as compared to Rs 177 crore in the corresponding period last fiscal.
Total income of the bank rose by 16.75 per cent to Rs 1,446 crore in April-June period this year as against Rs 1,238.8 crore in the year ago period.
The share price of the bank today fell by 6.22 per cent to Rs 252.50 from the previous closing of Rs 269.25 on the Bombay Stock Exchange.
During the April-June period, inflationary pressure and liquidity constraints resulted in substantial depreciation in investment portfolio, the bank said in a statement.
