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In Q4 FY2018-19, Corporation Bank posts loss of Rs 6,600 cr

PW Bureau

However, what emerged as a bright spot in an otherwise dim financial report for 2018-19 was the reduction in non-performing assets

New Delhi: State-owned lender Corporation Bank posted a loss of Rs 6,581.49 crore during the fourth quarter of the financial year that ended on March 31, mainly because the bank had to make higher provisioning for bad loans. The bank had registered a loss of Rs 1,838.39 crore during the corresponding quarter of financial year 2017-18.

Total income goes down to Rs 4,187.65 crore

For Q4 of FY2018-19, Corporation Bank posted a total income of Rs 4,187.65 crore, down from Rs 4,642.45 crore in the same period of the previous fiscal, the bank said in a regulatory filing.

NPAs down

However, what emerged as a bright spot in an otherwise dim financial report for 2018-19 was the reduction in non-performing assets (NPAs). The gross NPA as a percentage of total advances was 15.35 percent as opposed to 17.35 percent during the fourth quarter of 2017-18.

Corporation Bank made provision totalling Rs 8,505.87 crore for NPAs in Q4 of FY2018-19,  almost double from Rs 4,441.29 crore in the year-ago quarter.

Net loss at Rs 6,325.29 crore

For the entire financial year, the bank’s net loss stood at Rs 6,325.29 crore during the year 2018-19, against Rs 4,049.93 crore in the preceding fiscal.