New Delhi: Indian state-run lender Corporation Bank's fiscal fourth quarter (Jan-Mar) net profit rose marginally 1.71% to Rs 3.51 billion against Rs 3.45 billion in the same period a year ago, due to higher provisioning.
The company's net interest income in the three months to March 31 increased by 9.5% to Rs 8.33 billion from Rs 7.61 billion in the corresponding period last fiscal year 2010-11, Corporation Bank said in a filing to stock exchanges.
Total income of the bank during the quarter rose 32.34% to Rs 40.09 billion from Rs 30.3 billion in the same quarter last year.
Corporation Bank's total expenditure for the March quarter rose 39% to Rs 32 billion from Rs 23 billion a year ago.
The bank's provisions and contingencies during the quarter increased 33.5% to Rs 3.37 billion from Rs 2.53 billion in the year-ago period.
The bank's outstanding advances at the end of the March quarter were at Rs 1 trillion, rising by 15.7%, from Rs 868.5 billion a year ago, while its total deposits as on March 31 at Rs 1.36 trillion rose by 16.6% as compared to Rs 1.16 trillion in the same period a year ago.
Corporation Bank's gross non-performing assets (NPAs), or bad loans, rose to 1.26% of advances as on March 31 from 0.91% in the previous year, while its net NPAs also increased to 0.87% from 0.46%.
Notably, the state-run bank's provisioning coverage ratio was at a healthy 89.06% with respect to gross NPAs as on March 31, 2012, against 65.3% in the same period last fiscal year.
Its capital adequacy ratio -- the amount of capital in proportion to a lender's advances -- was at 13% at the end of the March quarter, against 14.11% in the year-ago period.
Corporation Bank's shares Friday were trading at Rs 386 on the Bombay Stock Exchange (BSE) at 2:48 pm, down 3.52% from the previous close.
Copyright Contify.com
