Corporation Bank recently announced that it registered a net loss of Rs.6,581.5 crore in the last quarter of the previous financial year, as against a net loss of Rs.1,838.4 crore in the year-ago period. The lender’s operating profit before contingencies and provisions during the period under review was Rs.694 crore, as against an operating profit of Rs.989 crore in Q4 of FY17-18.
Corporation Bank’s gross NPAs reduced to 15.35% as on 31 March 2019 from 17.35% in the year-ago period. Similarly, the lender’s net NPAs reduced by 5.71% in Q4FY19 from 11.74% in the year-ago period.
In an effort to cut its losses, Corporation Bank reduced its cost of deposit to around 5.40% during FY18-19 from 5.74% in the year-ago period. The lender’s cost of deposit during the last quarter of FY18-19 stood at 5.35%.
During the period under review, the bank’s cost of funds also reduced to 5.01%, in comparison to a cost of funds of 5.26%, as on 31 March 2018.
Source: The Times of India