India-based Corporation Bank today announced there first quarter results in Mangalore today. J M Garg, CM & MD, Corporation bank, today announced the performance of the bank.
Corporation Bank’s net profit for the quarter ended June 2010 increased from Rs.261.25 crore as on June 2009 to Rs 333.78 crore. With this a growth of 27.76% was recorded and total business done by the bank stood at Rs. 1,55,849 crore also increased compared to Rs.1,19,505 crore as on June 2009 up by 30.40%.
Chairman and Managing Director of Central Bank said, “The Bank also got the sharp increase in its non-performing assets during the quarter ended June 30. This increase is achieved because of a one large corporate account amounting to around Rs 100 crore”.
Central Bank has asked the government to lend the amount of around Rs 2,500 crore in the current fiscal. The talks on this issue is currently going on with the government,on how to raise this amount, Sridhar said.
Corporation Bank also suffered with the bad loans of around Rs. 289 crore in its first quarter against Rs. 71 crore in the last year. Net non-performing assets went up by 0.77% as compared to 0.70% in the first quarter of last year.
