The net profit of Corporation Bank declined sharply to Rs.15.48 crore during the second quarter ended September 30, 2013, from Rs.405.71 crore in the year-ago period, said S. R. Bansal, Chairman and Managing Director of the bank.
Addressing a press conference in Mangalore on Monday he said the quarter was “tough”.
A release said the reason for the lower net profit for the quarter was the “huge increase in provisions of Rs.368.79 crore over Q2 of last financial year due to extraordinary requirement towards investment depreciation and higher provision towards non-performing assets (NPAs)”.
The bank’s net interest income was Rs.909.87 crore as against Rs.803.25 crore, a 13.27 per cent growth.
The net profit of the bank for the half-year ended September 30, 2013 dropped to Rs.393.46 crore from Rs.775.97 crore in the year-ago period.
Net interest income was Rs.1,874.61 crore as compared to Rs.1,611.68 crore, a growth of 16.31 per cent.
Mr. Bansal said to counter the lowered profit, a five-pronged action plan would be followed. First, improvement in current accounts and savings accounts (CASA). Second, improved quality credit focussed on MSME, agriculture and retail credit. Third, a focus on customer acquisition, especially the nascent customer as 15 crore new voters are being added to the voter list this year. Fourth, the bank will reach out and open more branches and ATMs and explore other delivery channels, which are in demand because new customers do not want to go to branch. Five, the bank is improving its asset quality. He said, “On one hand, we have to do recovery of NPAs and on the other hand, we have to strengthen our existing portfolio to contain further slippage”. The bank has a total business of Rs.294,477 crore as on September 30, 2013.
Central Bank of India
Central Bank of India posted a net loss of Rs. 1,508.74 crore for the July-September quarter in the current financial year against a net profit Rs. 329.92 crore in the same quarter of the previous fiscal.
Total income of the bank has increased from Rs. 5,680.63 crore in the second quarter of last fiscal to Rs. 6,236.51 crore in Q2 of 2013-14.
Drug firm Pfizer reported 33 per cent rise in its standalone net profit to Rs. 69.59 crore for the second quarter ended September 30, 2013-14 fiscal. It had posted a net profit of Rs 52.28 crore for the July- September quarter of 2012-13 fiscal. Total income from operations of the company rose to Rs. 298.87 crore, from Rs. 268.44 crore in the year-ago period.
Rane Holdings has reported a net profit of Rs.12.12 crore for the second quarter ended September 30, 2013, against Rs.12.91 crore in the corresponding period of the previous year. Sales and operating income grew to Rs.468.12 crore from Rs.449.15 crore. Tough auto market hits Rane group companies’ sales during the quarter, said a company statement.
Arvind Remedies, producer of branded and generic pharmaceutical products, has achieved a 30 per cent growth in net sales at Rs. 403 crore in the half-year ended September 30, 2013, against Rs 309 crore in the same period in the previous year. The net profit for the half-year rose by 85 per cent to Rs. 30 crore from Rs. 16 crore in the year-ago period.
Apollo Tyres has reported a 45 per cent rise in its net profit at Rs.109.12 crore for the quarter ended September 30, 2013 against Rs.75.19 crore in the year-ago period. However, net sales were down 8 per cent at Rs.2106.84 crore against Rs.2282.86 crore. On a consolidated basis, the net profit stood at Rs.219.47 crore against Rs.152.2 crore, while net sales increased to Rs.3,433.45 crore from Rs.3374.82 crore.