Corporation Bank has got into the league of big banks by crossing a business of Rs.3 lakh-crore mark, said S. R. Bansal, Chairman and Managing Director (CMD), Corporation Bank.
He was speaking at a press meet held here on Friday. As of December 31, 2013, total business has increased year-on-year by 23 per cent to Rs.3,01,375 crore. Deposits have increased by 26.7 per cent to Rs.1,77,845 crore and advances by 18.3 per cent to Rs.1,23,530 crore.
On a sequential quarter basis, the net profit has increased by Rs.111.21 crore to Rs.126.69 crore for the quarter ended December 31, 2013, from Rs.15.48 crore for the quarter ended September 30, 2013.
However, the net profit for the third quarter ended December 31, 2013, has decreased by Rs.176.48 crore against Rs.303.17 crore for Q3 of the previous fiscal. The reason for the decline in net profit was attributed to ‘a huge increase in provisions’.
Mr. Bansal said ‘provisions’ were of bad and doubt debts, non performing assets (NPAs), investment depreciation and income tax. “Coupled with this, economy is reeling under impact of the slowdown,” he said.
Net interest income for the third quarter ended December 31, 2013, was Rs.1,001.60 crore against Rs.883.39 crore for Q3 of FY 2012, a growth of 13.48 per cent.
The bank has branchless banking operations in 3,926 locations in India.
