Corporation Bank Q3 net profit up 5% at Rs 402 cr

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Corporation Bank Q3 net profit up 5% at Rs 402 cr

State-owned Corporation Bank has reported a net profit of Rs 402 crore in the October-December quarter of FY12, a growth of 5% - in line with estimates - as compared to Rs 382.4 crore in a year ago quarter.

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State-owned Corporation Bank has reported a net profit of Rs 402 crore in the October-December quarter of FY12, a growth of 5% - in line with estimates - as compared to Rs 382.4 crore in a year ago quarter.

Net interest income went up 2.26% to Rs 861 crore - better than expected - from Rs 842 crore year-on-year.

CNBC-TV18 had expected profit after tax of Rs 403 crore and net interest income of Rs 816 crore.

Gross non-performing assets (NPAs) increased at 1.35% in the quarter ended December FY12 versus 1.32% in the previous quarter.

The bank made provisions of Rs 301 crore in the third quarter of FY12, a rise of 54% as compared to Rs 195 crore in the corresponding quarter of last fiscal.