Corporation Bank posts net profit of Rs 61 crore in Q3 of FY 18-19
Jaideep Shenoy | TNN | Feb 11, 2019, 20:59 ISTMANGALURU: The corporation bank registered a net profit of Rs 61 crore for the third quarter of the current fiscal compared to loss of Rs 1240 crore for same quarter of FY 2017-18. Net profit increased to Rs 249 crore for nine months ending December 31 compared to loss of Rs 2216 crore for nine months ending December 31, 2017.
Share of CASA to total deposit increased to 29.30% as on December 31 compared to 25.69% as on December 31, 2017.
Cost of deposit came down to 5.39% for quarter ended December 31, 2018 as against 5.64% for quarter ended December 31, 2017. Cost of deposit for nine months stood at 5.42% as compared to 5.86% for nine months ended December 31, 2017. Yield on advances has increased to 9.25% for quarter ended December 31 compared to 8.79% for the quarter ended December 31, 2017, a communique from the bank here on Monday, stated.
Recovery in written off accounts was Rs 318 crore in FY 2017-18. During 9 months ended December 31, recovery of Rs 3,954 crore was made as against recovery of Rs 3,152 crore made during nine months ended December 31, 2017. Risk weighted assets has come down to Rs 1,15,093 crore as on December 31 from Rs 1,39,715 crore as on December 31, 2017. The Bank has on July 23 received capital infusion of Rs 2555 crore from the Centre.
Bank is focusing more on retail business and gradually reducing share of bulk in its business. By doing this, bulk deposit has come down from 35.77% as on December 31. 2017 to 27.58% as on December 31. In respect of borrowal accounts referred to National Company Law Tribunal (NCLT), the Bank is holding total provision of Rs 6,412 crore against total exposure of Rs 9,076 crore that is 70.66% on these accounts as on December 31.
Share of CASA to total deposit increased to 29.30% as on December 31 compared to 25.69% as on December 31, 2017.
Cost of deposit came down to 5.39% for quarter ended December 31, 2018 as against 5.64% for quarter ended December 31, 2017. Cost of deposit for nine months stood at 5.42% as compared to 5.86% for nine months ended December 31, 2017. Yield on advances has increased to 9.25% for quarter ended December 31 compared to 8.79% for the quarter ended December 31, 2017, a communique from the bank here on Monday, stated.
Recovery in written off accounts was Rs 318 crore in FY 2017-18. During 9 months ended December 31, recovery of Rs 3,954 crore was made as against recovery of Rs 3,152 crore made during nine months ended December 31, 2017. Risk weighted assets has come down to Rs 1,15,093 crore as on December 31 from Rs 1,39,715 crore as on December 31, 2017. The Bank has on July 23 received capital infusion of Rs 2555 crore from the Centre.
Bank is focusing more on retail business and gradually reducing share of bulk in its business. By doing this, bulk deposit has come down from 35.77% as on December 31. 2017 to 27.58% as on December 31. In respect of borrowal accounts referred to National Company Law Tribunal (NCLT), the Bank is holding total provision of Rs 6,412 crore against total exposure of Rs 9,076 crore that is 70.66% on these accounts as on December 31.
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