Corporation Bank posts massive Q4 loss as provisions surge

State-owned lender Corporation Bank on Saturday reported a net loss of Rs1,838 crore for the March quarter of last fiscal, mainly on account of increased provisioning.

The bank had reported a net profit of Rs159 crore in the corresponding period of the 2016-17 fiscal.

Corporation Bank is among the 11 lenders which have been placed under the RBI’s prompt corrective action (PCA) framework on account of high bad loans.

Provisions for non-performing assets (NPAs) or bad loans increased to Rs4,441 crore during fourth quarter of 2017-18 as against Rs853 crore during the January-March period of the previous fiscal, the bank said in a filing to the BSE.

The gross NPAs of the bank soared to 16.21% in March quarter, from 11.70% in the same period of 2016-17.

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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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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Corporation Bank Q3 result, profit at Rs 159 cr

State-run Corporation Bank today reported a profit of Rs 159 crore for the third quarter ended December 31, as the provision for bad loans declined. 

The bank had posted a loss of Rs 388.3 crore in the same quarter last year. Total income rose to Rs 2,999.5 crore during the quarter from Rs 2,722.2 crore in the same period previous fiscal. 

However, gross NPAs as a percentage to total advances rose significantly to 11.26 per cent from 7.32 per cent in the same quarter a year ago. 

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Corporation Bank Q2 result, net profit up 9% at Rs 206 cr

Corporation Bank  today posted 9 per cent rise in net profit at Rs 206.28 crore for the quarter ending September despite rise in provisioning for bad loans. 

The state-owned bank had a profit of Rs 188.60 crore during the second quarter of the last financial year. Total income rose to Rs 5,750.61 crore during the second quarter of the current fiscal, from Rs 5,434.65 crore in the same period of 2015-16, Corporation Bank said in filing to stock exchanges. 

As of September 30, the bank's gross NPAs doubled to 10.81 per cent of gross advances, compared with 5.32 per cent a year ago. 

Similarly, the net NPAs rose to 6.91 per cent from 3.54 per cent. As a result, provision (other than tax) and contingencies rose significantly to Rs 826.80 crore as compared to Rs 563.76 crore in the same period a year ago.

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Corporation Bank Q1 Result, Profit slips 82% to Rs 36 cr

Corporation Bank registered a net profit of Rs.35.92 crore in the first quarter of 2016-17 as against a profit of Rs. 204.26 crore in the corresponding period of previous fiscal, recording a decline of 82.41 per cent.

Addressing press persons in Mangaluru on Wednesday, Jai Kumar Garg, Managing Director and Chief Executive Officer of the bank, attributed this decline in net profit to the increase in NPAs (non performing assets) and provisions related to that.

The gross and net NPAs of the bank stood at 11.52 per cent (5.43 per cent) and at 7.22 per cent (3.55 per cent), respectively, during the period. He said that total provision was Rs. 761.28 crore, and the operating profit was Rs. 797.20 crore during the quarter.

Total income of the bank also declined to Rs 5,241.1 crore during the quarter, as against Rs 5,334.60 crore a year ago. Provisions for bad loans and contingencies were increased substantially to Rs 894.6 crore in the reported quarter from Rs 621.39 crore in the same period a year ago.

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Corporation Bank posts Rs 511 crore loss for Q4 as bad loans rise

State-owned Corporation Bank on Wednesday 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 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. However, total income rose to Rs.21,146.39 crore in the last financial year from Rs.21,038.09 crore in 2014-l5.

As far as asset quality of the bank is concerned, the gross NPAs as a percentage to total advances rose to 9.98% from 4.81% in the same quarter a year ago. Its net NPAs also increased to 6.53%, from 3.08% at the end of March 2015

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Corporation Bank Q3 loss at Rs 383 crore

State-run Corporation Bank   reported a loss of Rs 383.37 crore for the third quarter ended December 31, 2015, due to significant jump in bad loans. 

The bank had earned a net profit of Rs 147.20 crore in the same quarter last year. Total income also declined to Rs 5,158.52 crore during the quarter from Rs 5,209.54 crore in the previous fiscal. 

Gross NPAs as a percentage to total advances rose significantly to 7.32 percent from 4.88 percent in the same quarter year ago. 

Net NPAs went up to 4.84 percent from 3.27 percent at the end of December 2014. Total provisions, excluding for income tax, increased three-fold to Rs 1,880.96 crore as against Rs 646.20 crore in the year-ago period.

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History of Corporation Bank

Corporation Bank, the oldest banking institution in the erstwhile undivided South Canara District of the Madras Presidency and one of the oldest banks in India, was founded on 12 March 1906 in the Temple Town of Udupi, by a small group of philanthropists led by Khan Bahadur Haji Abdulla Haji Kasim Saheb Bahadur. The need to start this bank was felt because there was no such facility at Udupi, an important trading centre next to Mangalore in South Canara district. The indigenous banking was largely in the hands of a few rich private individuals and something had to be done to provide relief to the common man from the clutches of the money lenders who held full sway.

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