Corporation Bank reports Rs 511-cr loss

State-owned Corporation Bank on Wednesday posted a net loss of Rs 510.9 crore for the quarter ended March because of a rise in provisions for bad loans. The bank had a net profit of Rs 45 crore in the corresponding period a year ago, it said. The bank’s provision during the quarter doubled to Rs 1,960.20 crore, against Rs 926.49 crore a year ago.

Total income declined to Rs 5,218.62 crore in the quarter, against Rs 5,385.28 crore a year ago. For the full financial year 2015-16, the bank recorded a loss of Rs 506.48 crore, compared to Rs 584.25 crore profit in the year-ago period.

However, total income rose to Rs 21,146.39 crore in the last financial year from Rs 21,038.09 crore in 2014-l5. As far as asset quality of the bank is concerned, the gross NPAs as a percentage to total advances rose to 9.98 per cent from 4.81 per cent in the same quarter a year ago.

Its net NPAs also increased to 6.53 per cent, from 3.08 per cent at the end of March 2015.