Public sector bank Corporation Bank today reported standalone net loss at Rs.1,035 crore in Q2FY18, The bank had reported net profit of Rs. 206.28 crore for September quarter last year
Corporation bank reported its quarterly earnings today. The NII for the quarter declined by 1.2% yoy to Rs.1239 crore. This was largely due to 6.6% yoy decline in interest earned.
The asset quality remained poor as GNPA’s increased by 33% yoy to Rs.20684 crore for Q2FY18. The GNPA’s as percentage of total advances rose by 450 bps to 15.28% vs 10.81% in Q2FY17.
Provisions for the quarter jumped two times to Rs.2668 crore vs Rs.826 crore in Q2FY17. Thus, the bank reported net loss for the quarter to Rs.1035 crore in Q2FY18 vs net profit of Rs.206 crore in Q2FY17.
The advances for the quarter also showed subdued performance as they declined by 8% yoy to Rs.127811 crore.
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