Corporation Bank posted a revenue in March quarter against a loss last
year same quarter due to lower provisions and higher other income. Remaining
profit for the quarter stood at Rs 159.9 crore against a loss of Rs 510.9 crore
from a year ago.
The bank got tax write-back of Rs 53.4 crore against Rs 724.3
crore last year. Provisions declined 51.6% to Rs 948 crore from Rs 1,960.2
crore on year basis. Net interest income fell 5.7% to Rs 934.2 crore from Rs
990.5 crore in the year-ago period.
Other income surged 84.33% to Rs 892.4 crore from Rs 484.2 crore in the same period last year. Gross
non-performing assets (NPAs) rose 17.2% to Rs 17045.2 crore at the end of the
March quarter from Rs 14,544.2 crore a year ago.
The bank reported gross NPA of
Rs 15,828 crore a quarter ago. As a
percentage of total loans, gross NPAs rose to 11.7% at the end of the March quarter
compared with 11.26% in the previous quarter and 9.98% in the year-ago quarter.
Net NPAs were at 8.33% compared with 6.53% in the same quarter last year.
Deposits rose 7.5% year-on-year to Rs 22,056 crore, while advances were little
changed to Rs 14,036 crore.
Sensex, on Friday, closed 30points up at 30645
as revenue-booking pared on the whole gains led by consumer stocks that rallied
after tax for goods and services under a new tax were finalized. surrounded by
sectors, Power, Bank and FMCG gained over 0.2% to 1.9% each. Among stocks,Axis
bank, Hindustan Unilever and ITC gained over 1.8% to 2.8% each. Stock Market breadth
was negative with 1834 declines against 911 advances.
Nifty closed 1.6 points down at 9,428. Today, we
expect markets to open on a positive note on the back of positive worldwide
cues.
US Markets closed on a positive note. Dow closed
0.7% up while Nasdaq closed 0.5% up. U.S. stocks climbed, paring more of
Wednesday’s loss as investors assess the opinionated scrutiny surrounding
President Donald Trump. Today US markets
will see data releases on FOMC Member Brainard Speaks and FOMC Member
Kashkari Speaks.
Asian markets are trading on a positive note;
Nikkei is trading 0.3% up and Hang Seng is trading 0.9% up. SGX Nifty is
trading 24 points up at 9,478. Indian ADRs finished the day on a positive note.
Among financial ADRs, ICICI Bank closed 2.3% up, while HDFC Bank closed0.1%
down. Among IT ADRs, Wipro closed 0.7% up and Infosys closed 1.2% up. Tata Motors
ADR closed 1.7% up.
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