Corporation Bank rose 11.64% to Rs 47 at 11:20 IST on BSE after net profit net profit rose 9.4% to Rs 206.28 crore on 5.8% decline in operating income to Rs 5750.62 crore in Q2 September 2016 over Q2 September 2015.
The result was announced on Monday, 14 November 2016, when the stock market was closed for a public holiday.Meanwhile, the BSE Sensex was down 375.96 points, or 1.40%, to 26,442.86.
On BSE, so far 4.77 lakh shares were traded in the counter, compared with average daily volume of 65,560 shares in the past one quarter. The stock hit a high of Rs 47.80 so far during the day, matching the stock's 52-week high level. The stock hit a low of Rs 44.40 so far during the day. The stock hit a 52-week high of Rs 47.80 on 9 September 2016. The stock hit a 52-week low of Rs 30.75 on 25 February 2016. The stock had outperformed the market over the past 30 days till 11 November 2016, rising 2.31% compared with the 2.98% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 3.82% as against Sensex's 4.74% decline.
The mid-cap company has equity capital of Rs 229.41 crore. Face value per share is Rs 2.
Corporation Bank's gross non-performing assets (NPAs) stood at Rs 15611.06 crore as on 30 September 2016 as against Rs 15726.12 crore as on 30 June 2016 and Rs 7729.07 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 10.81% as on 30 September 2016 as against 11.01% as on 30 June 2016 and 5.32% as on 30 September 2015. The ratio of net NPAs to net advances stood at 6.91% as on 30 September 2016 as against 7.22% as on 30 June 2016 and 3.54% as on 30 September 2015. The bank's provisions and contingencies (excluding tax provisions) rose 46.66% to Rs 826.80 crore in Q2 September 2016 over Q2 September 2015. Provision coverage ratio of the bank was at 57.39% as on 30 September 2016.
Government of India holds 70.765% stake in Corporation Bank (as on 30 September 2016).
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