Corporation Bank posts loss of Rs 6,581 cr in Q4 on higher provisioning for bad loans; reports cut in NPAs

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Mumbai: Public sector lender Company Financial institution on Friday mentioned its loss widened to Rs 6,581.49 crore through the fourth quarter ended 31 March, primarily as a consequence of larger provisioning for unhealthy loans.

The financial institution had reported lack of Rs 1,838.39 crore throughout January-March quarter of 2017-18.

 Corporation Bank posts loss of Rs 6,581 cr in Q4 on higher provisioning for bad loans; reports cut in NPAs

Representational picture. Reuters.

The entire earnings of Company Financial institution through the fourth quarter of 2018-19 stood at Rs 4,187.65 crore down from Rs 4,642.45 crore in the identical interval of the earlier fiscal, the lender mentioned in a regulatory submitting.

The financial institution, nonetheless, has reported discount in non-performing belongings (NPAs).

The gross NPA as a share of complete advances was 15.35 p.c in comparison with 17.35 p.c through the fourth quarter of 2017-18.

The financial institution has made a provision of Rs 8,505.87 crore for NPAs virtually double from Rs 4,441.29 crore within the year-ago quarter.

Company Financial institution’s web loss stood at Rs 6,325.29 crore through the 12 months 2018-19, as towards Rs 4,049.93 crore within the previous fiscal.

The shares of Company Financial institution closed at Rs 25.50 a bit on BSE, virtually flat over Thursday shut.

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