Public sector lender Corporation Bank’s net profit increased
marginally to Rs 406 crore (above expectations) in the second quarter of
current financial year from Rs 401 crore in a year ago period due to higher
provisions.
But net interest income rose lower than expected 8 percent
year-on-year to Rs 803 crore for the quarter.
Analysts on an average were expecting net profit of Rs 361
crore and net interest income at Rs 851 crore.
Provisions against bad loans jumped 24.5 percent
quarter-on-quarter to Rs 269 crore in the second quarter. Provision coverage
ratio was 60.44 percent as on September 30.
Gross non-performing assets (NPAs) too increased 26 basis
points QoQ to 1.97 percent while net NPAs increased 18 basis points to 1.38
percent during the quarter.
Capital adequacy ratio was 13.05 percent in the three months
period ended September 2012 as against 12.92 percent in the previous quarter.
At 13:33 hours IST, the share fell 0.5 percent to Rs 402.25
amid high volumes on the Bombay Stock Exchange.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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