Corporation Bank plunges nearly 5% on disappointing Q4 show

Shares of Corporation Bank today went down by nearly 5 per cent after the company posted a net loss of Rs 510.9 crore for the last quarter of 2015-16 fiscal.
The stock declined by 4.35 per cent to settle at Rs 36.25 on BSE. During the day, it lost 5.14 per cent to Rs 35.95.
At NSE, shares of the company fell by 4.62 per cent to end at Rs 36.10.
State-owned Corporation Bank yesterday posted a net loss of Rs 510.9 crore for the last quarter of 2015-16 fiscal due to rise in provisions for bad loans.
The bank had a net profit of Rs 45 crore in the January-March quarter of 2014-15, Corporation Bank had said in a statement.

The bank's provision during the quarter doubled to Rs 1,960.20 crore as against Rs 926.49 crore in the same period a year ago.

Total income of the bank declined to Rs 5,218.62 crore in the January-March quarter, as against Rs 5,385.28 crore in the year-ago period.
For the entire 2015-16, the bank recorded a loss of Rs 506.48 crore, compared to Rs 584.25 crore profit in the previous fiscal.
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.