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    HomeNewsBusinessEarningsCorporation Bank Q2 net drops 96%, asset quality weakens

    Corporation Bank Q2 net drops 96%, asset quality weakens

    Provisions and contingencies jumped 56.6 percent sequentially (up 160 percent on yearly basis) to Rs 700 crore in the quarter gone by.

    November 11, 2013 / 19:15 IST
       
       
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      Moneycontrol Bureau

      Public sector lender Corporation Bank's July-September quarter net profit dropped 96.2 percent year-on-year to Rs 15.5 crore on increase in provisions.

      Provisions and contingencies jumped 56.6 percent sequentially (up 160 percent on yearly basis) to Rs 700 crore in the quarter gone by.

      Net interest income rose 13.3 percent to Rs 910 crore in three-month period ended September 2013 from Rs 803 crore in a year ago period.

      Asset quality worsens

      During the quarter, Gross non-performing advances (NPAs) climbed 80 basis points Q-o-Q (up 120 bps Y-o-Y) to 3.17 percent and net NPAs soared 55 bps Q-o-Q (up 82 bps Y-o-Y) to 2.20 percent.

      first published: Nov 11, 2013 07:15 pm

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