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Corporation Bank posts loss of Rs 6,581 cr in Q4 on higher provisioning for bad loans; reports cut in NPAs

Mumbai: Public sector lender Corporation Bank on Friday said its loss widened to Rs 6,581.49 crore during the fourth quarter ended 31 March, mainly due to higher provisioning for bad loans.

The bank had reported loss of Rs 1,838.39 crore during January-March quarter of 2017-18.

 Corporation Bank posts loss of Rs 6,581 cr in Q4 on higher provisioning for bad loans; reports cut in NPAs

Representational image. Reuters.

The total income of Corporation Bank during the fourth quarter of 2018-19 stood at Rs 4,187.65 crore down from Rs 4,642.45 crore in the same period of the previous fiscal, the lender said in a regulatory filing.

The bank, however, has reported reduction in non-performing assets (NPAs).

The gross NPA as a percentage of total advances was 15.35 percent compared to 17.35 percent during the fourth quarter of 2017-18.

The bank has made a provision of Rs 8,505.87 crore for NPAs almost double from Rs 4,441.29 crore in the year-ago quarter.

Corporation Bank's net loss stood at Rs 6,325.29 crore during the year 2018-19, as against Rs 4,049.93 crore in the preceding fiscal.

The shares of Corporation Bank closed at Rs 25.50 a piece on BSE, almost flat over Thursday close.

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Updated Date: May 17, 2019 19:08:06 IST