Corporation Bank business registers growth of 5.35% in Q3

MANGALURU: Corporation Bank managing director and CEO Jai Kumar Gargannounced here on Friday the performance highlights for the quarter/ 9 months ended December 31, 2016.

In Q3 that ended on December 31, 2016, the deposits of the Bank has increased to Rs 2,23,384.02 crore from Rs 1,97,738.33 crore as on December 31, 2015, exhibiting a growth of 12.97%. Meanwhile, the bank has recorded a reverse growth of -5.23% in advances which stood at Rs 1,35,012.28 crore as at December 31, 2016 as against Rs 1,42,460.72 crore during the corresponding period in 2015. The total business of the Bank reached to the level of Rs. 3,58,396.30 crore as on December 31, 2016 as against Rs 3,40,199.05 crore as on December 31, 2015, registering growth of 5.35%.

The net interest income of the Bank stood at Rs 1,229.76 crore against Rs1,006.88 crore in 2015, exhibiting growth of 22.14%. Non-interest income of the Bank stood at Rs 885.80 crore against Rs 417.41 crore in 2015, exhibiting growth of 112.21%. Interest income and total income also registered a growth rate of 4.49% and 13.20% respectively.

Operating profit of the Bank increased to Rs 1,321.18 Crores as on December 31, 2016 from Rs 699.04 Crores as on December 31, 2015, exhibiting a growth of 89%. Net Profit of the Bank for the quarter ended December 31, 2016 stood at Rs 159.05 Crores as against loss of Rs 388.38 crore as on December 31, 2015, there by registering growth of 140.95%.

On performance highlights of the bank for the nine months ended December 12, 2016, Garg said, the business of the Bank stood at Rs.3,58,396.30 Crore, recording an increase of Rs.18,197.25 Crores (growth rate of 5.35%) over the corresponding figure of previous year. Deposits of the Bank as at stood at Rs.2,23,384.02 Crore registering a growth of Rs.25,645.69 Crores, (12.97%) over the corresponding figure of previous year. Advances of the Bank stood at Rs 1,35,012.28 Crore as against Rs 1,42,460.72 Crore as on December 31, 2015, he added.

source”cnbc”