Corporation Bank's Q4 loss widens to Rs6,581.49 crore
20 May 2019
Public sector lender Corporation Bank has reported a higher loss of Rs6,581.49 crore during the fourth quarter ended 31 March 2018 against a loss of Rs1,838.39 crore during January-March quarter of the 2017-18 fiscal.
The total income of Corporation Bank during the fourth quarter of 2018-19 stood at Rs4,187.65 crore down from Rs4,642.45 crore in the same period of the previous fiscal, bur higher provisioning for bad loans affected the bank’s bottom line, the lender said in a regulatory filing.
The bank’s non-performing assets (NPAs) saw a big reduction. The gross NPA as a percentage of total advances has come down from 17.35 per cent of the 2017-18 fiscal to 15.35 per cent of its total advances during the fourth quarter of 2018-19.
The bank has made a provision of Rs 8,505.87 crore for NPAs almost double from Rs4,441.29 crore in the year-ago quarter.
Corporation Bank’s net loss stood at Rs6,325.29 crore during the year 2018-19, against Rs4,049.93 crore in the preceding fiscal. The shares of Corporation Bank closed at Rs25.50 a piece on BSE, almost flat over Thursday close.
The shares of Corporation Bank closed at Rs 25.50 a piece on BSE, almost flat over Thursday close.