Corporation Bank's net profit rises by 9%; provisions stood at Rs 790 crore
Provisions for bad loans stood at Rs 790.01 crore, which was up by 33.45% yoy but down by 9.61% qoq. Photo: Youtube
Corporation bank reported net profit of Rs 206.28 crore for the second quarter, registering growth of 9.37% year-on-year (yoy). The current profit was above 474.43% from Rs 35.91 crore of the preceding quarter.
Provisions for bad loans stood at Rs 790.01 crore, which was up by 33.45% yoy but down by 9.61% qoq.
While gross non-performing assets was at 10.81%, expanding by 549 basis points yoy but contracting by 20 basis points qoq.
Net Interest Income (NII) for the quarter stood at Rs 1255.93 crore, up by 8.14% yoy and 21.79% qoq.
Whereas the total income from operations were at Rs 5750.61 crore, increasing by 5.81% yoy and 9.72% qoq.
Interestingly, this quarter saw decline in total advances. It stood at Rs 1,38,316.50 crore, down by 1.42% yoy and 2.98% qoq.
Further, overall deposits of the bank stood at Rs 2,16,115.20 crore this quarter, rising by 5.33% yoy and 5.82% qoq.