The corporation Bank Q3 results: jumps to Rs 421 crore
The corporation Bank Q3 results: jumps to Rs 421 crore:
The corporation bank reported a consolidated net profit of Rs 420.83 in Q3 ended in December against the high-interest income.
The bank had posted a net profit of Rs 59.94 crore during the same quarter last year.
However, “bank income increased to Rs 6051.93 crore from Rs 4,112.29 crore”, the lender said.
On a standalone basis, the net profit increased to Rs 420.68 crore in Q3 ended December 31, from Rs 60.53 crore a year ago.
Now, the bank bad loans ratio has come down to the previous year level still, it continues to remain higher.
It clearly shows, the gross NPA‘s stood at Rs 19,557.16 crore in the quarter as against Rs 21,921.42 crore a year ago.
Coming to the Net NPA’s valued at Rs 6,321.81 crore reduced from Rs 13,521.22 crore.
Without being affected by the bad loan provisions, the bank kept aside of higher provision rate of Rs 1,300.35 crore for the quarter compared with Rs 842.27 crore reserved for the year-ago quarter.
During the December quarter of 2019, the bank raised Basel III compliant on tier-II bonds amounting to Rs 1000 crore.
The accounts covered under the provision of Insolvency and Bankruptcy Code(IBC), the bank has made a total provision of Rs 905 crore, said the bank.
The resolution on pending accounts, under the provisions of IBC, the bank is holding a total provision of Rs 14,435.24 crore, said the bank.
The provision coverage ratio of the bank at the end of December 31, 2019, was 84.58% as compared to 66.13% as of December 31, 2018.