Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Corporation Bank Swings Into the Black With Rs 60.53 Crore Profit in Q3

The bank had posted a net loss of Rs 1,240.49 crore in October-December 2017-18. Total income of the lender came down to Rs 4,112.32 crore in the latest quarter as against Rs 4,841.37 crore in the same period of 2017-18, it said in a regulatory filing.

PTI

Updated:February 11, 2019, 6:29 PM IST
facebookTwitterskypewhatsapp
Corporation Bank Swings Into the Black With Rs 60.53 Crore Profit in Q3
Representative image of a Corporation Bank Branch.
Loading...

New Delhi: Corporation Bank has swung into the black with a profit of Rs 60.53 crore in December quarter 2018, as provisioning for bad loans saw a sharp decline, the lender said on Monday.

The bank had posted a net loss of Rs 1,240.49 crore in October-December 2017-18. Total income of the lender came down to Rs 4,112.32 crore in the latest quarter as against Rs 4,841.37 crore in the same period of 2017-18, it said in a regulatory filing.

The bank said its provisioning for non-performing assets (NPAs) or bad loans was reduced to Rs 842.28 crore for the latest quarter as against Rs 2,494.71 crore in the same period a year ago.

However, the bank's assets worsened with gross NPAs growing to 17.36 per cent of gross advances as at December-end 2018, against 15.92 per cent by December 2017.

In value terms, gross NPAs were at Rs 21,921.42 crore as against Rs 21,817.96 crore earlier. Net NPAs surged to 11.47 per cent (Rs 13,521.22 crore) from 10.73 per cent (Rs 13,853.90 crore).

The bank said it is maintaining higher provision in terms of NCLT (list 1 and 2 of RBI) and is holding a total provision of Rs 6,412.45 crore against outstanding amount of Rs 9,075.69 crore (or 70.66 per cent) on these accounts as on December 31, 2018.

Provision coverage ratio of the bank as at December-end 2018 is 66.13 per cent, Corporation Bank said. Stock of the bank closed 0.80 per cent lower at Rs 24.75 on BSE.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 59.25 5.24
Indiabulls Hsg 467.85 3.84
Reliance 1,275.85 2.33
HDFC Bank 2,162.70 -0.52
ICICI Bank 395.40 -0.93
Company Price Change %Gain
Yes Bank 59.25 5.24
ICICI Bank 395.75 -0.85
Indiabulls Hsg 467.90 4.00
Bajaj Finance 3,175.35 1.85
Reliance 1,275.95 2.36
Top Gainers
Company Price Change %Gain
Zee Entertain 351.15 6.75
Vedanta 137.40 6.47
UPL 547.25 5.64
Yes Bank 59.25 5.24
BPCL 329.35 5.22
Company Price Change %Gain
Vedanta 137.50 6.55
Yes Bank 59.25 5.24
ONGC 122.30 4.66
M&M 533.10 4.09
Coal India 188.05 4.07
Top Losers
Company Price Change %Gain
IndusInd Bank 1,310.50 -1.88
ITC 236.10 -1.65
ICICI Bank 395.40 -0.93
Eicher Motors 15,383.45 -0.90
HUL 1,860.00 -0.65
Company Price Change %Gain
IndusInd Bank 1,310.35 -1.90
ITC 236.00 -1.71
ICICI Bank 395.75 -0.85
Power Grid Corp 201.40 -0.69
HUL 1,859.35 -0.69

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results