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25 % drop in Corporation Bank’s profit

Special Correspondent
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Corporation Bank recorded a net profit of Rs.303.17 crore in the third quarter of this fiscal as compared to Rs.402.22 crore in the corresponding period in the previous year, marking a 24.62 per cent fall.

Its operating profit was lower at Rs.758.93 crore against Rs.797.74 crore, a drop of 4.86 per cent.

Total income, however, grew by 12.8 per cent and reached Rs.4,257.85 crore against Rs.3,776.31 crore.

For the nine months of this fiscal, the bank’s net profit was Rs.1,079.14 crore against Rs.1,154.78 crore in the previous financial year, a fall of 6.55 per cent.

Chairman and Managing Director of the bank Ajai Kumar, who released the results at a press conference here on Friday, said the figures had to be seen in the context of many other things, including the Rs.115 crore earned in the third quarter of previous financial year owing to disinvestment in mutual funds as directed by the Reserve Bank of India and provisions.



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