Corporation Bank declines after reporting net loss in Q4

Corporation Bank lost 3.56% to Rs 36.55 at 11:52 IST on BSE after the bank reported net loss of Rs 510.97 crore in Q4 March 2016 compared with net profit of Rs 45.07 crore in Q4 March 2015.

The result was announced after market hours yesterday, 18 May 2016.

Meanwhile, the S&P BSE Sensex was down 77.47 points or 0.3% at 25,627.14.

On BSE, so far 36,000 shares were traded in the counter as against average daily volume of 47,985 shares in the past one quarter. The stock hit a high of Rs 37.20 and a low of Rs 35.95 so far during the day. The stock had hit a 52-week low of Rs 30.75 on 25 February 2016. The stock had hit a 52-week high of Rs 59 on 19 May 2015. The stock had underperformed the market over the past one month till 18 May 2016, sliding 2.7% compared with Sensex's 0.43% fall. The scrip had, however, outperformed the market in past one quarter, surging 11.47% as against Sensex's 8.69% rise.

The mid-cap state-run bank has equity capital of Rs 204.50 crore. Face value per share is Rs 2.

Corporation Bank's total income declined 3.1% to Rs 5218.62 crore in Q4 March 2016 over Q4 March 2015.

The bank's gross non-performing assets (NPA) stood at Rs 14544.25 crore as on 31 March 2016 as against Rs 10706.97 crore as on 31 December 2015 and Rs 7106.68 crore as on 31 March 2015. The ratio of gross NPA to gross advances stood at 9.98% as on 31 March 2016 as against 7.32% as on 31 December 2015 and 4.81% as on 31 March 2015. The ratio of net NPA to net advances stood at 6.53% as on 31 March 2016 as against 4.84% as on 31 December 2015 and 3.08% as on 31 March 2015.

The bank's provisions and contingencies jumped 111.6% to Rs 1960.21 crore in Q4 March 2016 over Q4 March 2015. Provision coverage ratio was at 55.05% as on 31 March 2016.

The Government of India held 67.2% stake in Corporation Bank as per the shareholding pattern as on 31 March 2016.

Powered by Capital Market - Live News