Corporation Bank vaults after stellar Q3 numbers

Corporation Bank jumped 10.75% to Rs 25.75 after surge in net profit and improvement in asset quality.

Corporation Bank reported a 594.98% jump in net profit to Rs 420.67 crore in Q3 December 2019 as against net profit of Rs 60.53 crore in Q3 December 2018. Total income rose 47.11% to Rs 6049.67 crore year-on-year (YoY).

Profit before tax surged to Rs 722.63 crore in Q3 December 2019 as against Rs 15.98 crore in Q3 December 2018.

Gross non-performing assets (NPAs) stood at Rs 19,557.16 crore as on 31 December 2019 as against Rs 20,822.82.crore as on 30 September 2019 and Rs 21,921.42 crore posted in 31 December 2018.

The ratio of gross NPAs to gross advances stood at 14.80% as on 31 December 2019 as against 15.43% as on 30 September 2019 and 17.36% as on 31 December 2018. The ratio of net NPAs to net advances stood at 5.32% as on 31 December 2019 as against 5.59% as on 30 September 2019 and 11.47% as on 31 December 2018.

Provisions and contingencies (excluding tax provisions) jumped 73.82% to Rs 1312.57 crore in Q3 December 2019 over Q3 December 2018.

Provision coverage ratio as on 31 December 2019 stood at 84.58% compared with 66.13% reported on 31 December 2018.

Corporation Bank is engaged in lending and borrowing activities. The bank's segments include treasury operations, wholesale banking, retail banking and other banking operations. The bank offers personal, corporate, Non-Resident Indian (NRI), priority banking products and services.

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