Corporation Bank posts Rs 61 cr Q3 profit

Mangaluru: The city-based Corporation Bank clocked a net profit of Rs 61 crore in the October-December 2018 period.

The bank had reported a net loss of Rs 1,240 crore during the same period of last fiscal.

For the nine-month period ended December 2018, the bank posted Rs 249 crore net profit as against the net loss of Rs 2,216 crore year ago, a release from the bank here said Tuesday.

Several measures undertaken by the bank to improve its performance had helped it to come out of the losses, the release said.

While its current and savings bank deposits ratio to total deposits increased from 25.69 percent as in December 2017 to 29.3 percent in December 2018, the net interest margin also rose from 2.23 percent to 3.19 percent during the period.

In recovering dues from written off accounts, the bank said it made substantial progress by getting Rs 3,954 crore for nine month ending December 2018, as against Rs 3,152 crore recovered same period of last fiscal.

By focussing on retail business, the bank was able to cut bulk deposits from 35.77 per cent in December 2017 to 27.58 percent in December 2018, it added.