New Delhi: Corporation Bank’s shares on Friday zoomed nearly 10 per cent after the company reported a seven-fold increase in consolidated net profit in December quarter. The scrip climbed 9.68 per cent to close at Rs 25.50 on the BSE. During the day, it jumped 16.12 per cent to Rs 27. On the NSE, it advanced 9.89 per cent to close at Rs 25.55.
Corporation Bank on Friday said its consolidated net profit increased seven fold to Rs 420.83 crore in third quarter ended on December 31, 2019, on higher interest income, albeit provisions for bad loans surged. The bank had posted a net profit of Rs 59.94 crore during the corresponding period a year ago.
Income increased to Rs 6,051.93 crore, from Rs 4,112.29 crore, the lender said in a regulatory filing.
On a standalone basis, the net profit increased to Rs 420.68 crore in third quarter ended on December 31, 2019, from Rs 60.53 crore a year ago. In absolute terms, the gross NPAs stood at Rs 19,557.16 crore in the quarter under review, as against Rs 21,921.42 crore a year ago.
Net NPAs for the said quarter were valued at Rs 6,321.81 crore, down from Rs 13,521.22 crore in the year-ago quarter.