Corporation bank posts Q3 loss due to higher NPA

Corporation Bank has reported a net loss of Rs1,240.49 crore for the December quarter of the current fiscal on higher provisioning for bad loans.

The state-owned bank had, in contrast, registered net profit of Rs159.02 crore in the October-December period of last fiscal. Sequentially, the net loss widened from Rs1,035.20 crore in the second quarter (July-September) of 2017-18. The bank’s total income also decreased to Rs4,841.37 crore in the third quarter of 2017-18, as against Rs5,839.56 crore in the year-ago period as expenses were higher, showed the bank’s balance sheet in a regulatory filing.

Read More

RBI puts one more Bank under Prompt Corrective Action(PCA) framework

The state-run Corporation Bank said that the Reserve Bank of India (RBI) has enforced restrictions on it under the prompt corrective action (PCA) on account of steep rise in bad loans and the need to raise capital.

The lender’s net non-performing loans have crossed 10 percent and it incurred a loss of Rs 1,035 crore in the second quarter of fiscal 2018, as per an report in the Economic Times. Corporation Bank’s capital adequacy ratio is at 10.23 percent, but it needs to sustain at the level of 10.87 percent for March 2018.

Read More

Corporation Bank reported net loss in Q2FY18

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.

Read More

Corporation Bank Q1 net profit rises 67%

State-owned Corporation Bank has reported a rise of 67.5% in net profit at Rs 60.15 crore for the first quarter ended June 30, 2017.

Bank’s net profit in the April-June quarter of previous fiscal was at Rs 35.92 crore. However, total income of the bank was lower than a year earlier at Rs 5,112.99 crore during June quarter of 2017-18, as against Rs 5,241.11 crore in the same period year ago, due to fall in wholesale and retail earnings, it said in a regulatory filing.

Read More

Corporation Bank Recruitment for Specialist Officers (SO) Posts 2017

Corporation Bank has published Advertisement for below mentioned Posts 2017. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below.

Posts: Specialist Officers (SO) Manager (Law) in Middle Management Grade Scale-II – 2017-18

Total No. of Posts: 20 Posts

Read More

Corporation Bank Q4 result, profit at Rs159.98 crore

Corporation Bank on Saturday said it posted a profit in March quarter against a loss last year same quarter due to lower provisions and higher other income.

Net profit for the quarter stood at Rs159.98 crore against a loss of Rs510.97 crore from a year ago. The bank got tax write-back of Rs53.44 crore against Rs724.32 crore last year. Provisions declined 51.64% to Rs948.01 crore from Rs1,960.21 crore on year on year basis.

Read More

Government appoints heads of 7 PSU banks; MDs of PNB, BoI shifted

In a major restructuring in the PSU banking space, the government today appointed heads of various public sector banks besides carrying out rejigs at PNB and Bank of India. PNB Managing Director Usha Ananthasubramanian has been shifted to relatively small Kolkata-based Allahabad Bank while head of Bank of India (BoI) Melwyn Rego will move to Syndicate Bank with immediate effect, according to an official statement.

Read More

14 banks selected for facilitating government payments

 As part of facilitating payments to the government through banks (instead of depending on treasuries), it has shortlisted 14 banks. With effect from February 1, all payments received at the field offices of various government departments - including village offices, taluka offices, and sub-registrar offices - can be remitted to any branch of the banks that have been short-listed. Till date, government offices had to remit the money at the nearest branch of treasury or treasury branches of three banks.

The order issued by finance department on Tuesday said that during the initial stage, the facility will be extended to the public who can remit money at the banks directly, instead of remitting the same at government offices.

Read More