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Corporation Bank net grows 29% - Views on News from Equitymaster
Corporation Bank has registered a 29% growth in net during the quarter ended 31st December 1999. This was driven by higher spreads and a 20% jump in non-fund based income. The net margins have improved from 14% to 16.3%.
(Rs m)
3QFY2000
3QFY1999
Change
Interest Earned
4,026.1
3,626.8
11.0%
Other Income
575.2
481.0
19.6%
Operating Expenditure
728.9
617.4
18.1%
Interest Expended
2,808.9
2,685.5
4.6%
Profit before Tax
1,063.5
804.9
32.1%
Provisions & Contingencies
406.7
296.3
37.3%
Profit after Tax/(Loss)
656.8
508.6
29.1%
Net profit margin (%)
16.3%
14.0%
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Asset quality was under pressure on account of farm loan waivers. Despite the higher provisioning, the company reported a healthy profit growth of 20%.
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