Corporation Bank posts loss of Rs 6,581 crore for March quarter

Public sector lender Corporation Bank Friday said its loss widened to Rs 6,581.49 crore during the fourth quarter ended March 31, mainly due to higher provisioning for bad loans.

The bank had reported loss of Rs 1,838.39 crore during January-March quarter of 2017-18.

The total income of Corporation Bank during the fourth quarter of 2018-19 stood at Rs 4,187.65 crore down from Rs 4,642.45 crore in the same period of the previous fiscal, the lender said in a regulatory filing.

The bank, however has reported reduction in non-performing assets (NPAs).

The gross NPA as a percentage of total advances was 15.35 per cent compared to 17.35 per cent during fourth quarter of 2017-18.

The bank has made a provision of Rs 8,505.87 crore for NPAs almost double from Rs 4,441.29 crore in the year-ago quarter.

Corporation Bank's net loss stood at Rs 6,325.29 crore during the year 2018-19, as against Rs 4,049.93 crore in the preceding fiscal.

The shares of Corporation Bank closed at Rs 25.50 a piece on BSE, almost flat over Thursday close.