Corporation Bank recorded a loss of ₹1240.49 crore in the third quarter of 2017-18. It had registered a net profit of ₹159 crore during Q3 of 2016-17. Provisions for non-performing assets (NPAs) increased to ₹2,494.71 crore during Q3 of FY18 against ₹991.62 crore in the corresponding period of the previous fiscal.
In its financial results submitted to the stock exchanges, the bank said that the additional provision required for 11 NPA accounts covered under Insolvency and Bankruptcy Code (IBC) is ₹1,736.42 crore by March 2018. Of this, the bank has provided for ₹1,280.39 crore up to December 31. The balance amount shall be provided for by March 31, in accordance with RBI directions. The notes to the financial results said that the additional provision required for 20 NPA accounts under IBC is ₹1,004.19 crore. The same shall be provided by March 31.
The gross NPA of the bank increased to 15.92 per cent (11.26 per cent), and net NPA to 10.73 per cent (7.64 per cent) during the quarter.
The net interest income of the bank stood at ₹1,263.47 crore (₹1,229.75 crore during Q3 FY17). Other income of the bank reached ₹453.52 crore (₹885.80 crore) during the period.
The bank recorded a loss of ₹2,215.54 crore during the nine months of FY18 against a net profit of ₹401.22 crore in the corresponding year-ago period .
On Monday, the Corporation Bank scrip closed at ₹36.25 on the BSE, up 1.83 per cent over the previous close of ₹35.60.
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