The Corporation Bank on Friday announced its results for the third quarter ending December 31, 2016 posting a net profit of ₹159.05 crore as against a net loss of ₹388.38 crore posted in the same quarter the previous year.
Announcing the results at a media conference here, Bank Managing Director and CEO Jai Kumar Garg said sustained efforts by the employees to cut down operational costs and increase revenues has yielded results. The bank had posted ₹206.25 crore net profit for the second quarter ending September 2016.
While current and savings (CASA) deposits grew exponentially, from ₹39,048.42 crore in December 2015 to ₹54,026.15 crore in the present quarter, advances witnessed marginal decline, from ₹1.42 lakh crore to ₹1.35 lakh crore. Mr. Garg attributed this to the bank’s reduced exposure towards large clientèle where NPA was high and focus towards retail credit where NPA was low.
The total deposits of the bank increased to ₹2.23 lakh crore in December 2016 from ₹1.97 lakh crore in December 2015. The total business of the bank reached ₹3.58 lakh crore as against ₹3.40 lakh crore in December 2015, he said.
For the nine month period ending December 2016, the bank posted a net profit of ₹401.23 crore as against ₹4.49 crore reported in December 2015. The net NPAs stood at 7.64% in December 2016 as against 4.84% in December 2015.
Executive Directors Sunil Mehta and Gopal Murali Bhagat were present.
