Corporation Bank surges as Q4 profit beats forecasts
Q4 profit at Rs 356 crore against an average analyst estimates of Rs 315 crore.
Corporation Bank has surged over 6% to Rs 400 after reporting better-than-expected net profit of Rs 356 crore for the quarter ended March 31, 2013 on back of strong growth reported in retail banking segment.
Analyst on an average had expected profit of Rs 315 crore. The state-owned bank had profit of Rs 351 crore in a year ago quarter.
Net interest income (interest income minus interest expanded) grew 11.6% at Rs 931 crore against Rs 834 crore during the recently concluded quarter.
On the asset quality front, gross non performing assets (NPA) declined to 1.72% from 2.18% and net NPA to 1.19% from 1.63% on sequential basis, however provisioning expenses grew by 36% at Rs 460 crore on year-on-year basis.
The stock opened at Rs 380 and hit a high of Rs 402 on NSE. The counter has seen huge trading activity with a combined 1.55 million shares changing hands so far against an average around 100,000 shares that were traded daily in past two weeks.
Analyst on an average had expected profit of Rs 315 crore. The state-owned bank had profit of Rs 351 crore in a year ago quarter.
Net interest income (interest income minus interest expanded) grew 11.6% at Rs 931 crore against Rs 834 crore during the recently concluded quarter.
On the asset quality front, gross non performing assets (NPA) declined to 1.72% from 2.18% and net NPA to 1.19% from 1.63% on sequential basis, however provisioning expenses grew by 36% at Rs 460 crore on year-on-year basis.
The stock opened at Rs 380 and hit a high of Rs 402 on NSE. The counter has seen huge trading activity with a combined 1.55 million shares changing hands so far against an average around 100,000 shares that were traded daily in past two weeks.