Corporation Bank reports Rs 60.53 cr profit in Q3

NEW DELHI: Corporation Bank has swung into the black with a profit of Rs 60.53 crore in December quarter 2018, as provisioning for bad loans saw a sharp decline, the lender said on Monday. The bank had posted a net loss of Rs 1,240.49 crore in October-December 2017-18. Total income of the lender came down to Rs 4,112.32 crore in the latest quarter as against Rs 4,841.37 crore in the same period of 2017-18, it said in a regulatory filing. The bank said its provisioning for non-performing assets (NPAs) or bad loans was reduced to Rs 842.28 crore for the latest quarter as against Rs 2,494.71 crore in the same period a year ago. However, the bank's assets worsened with gross NPAs growing to 17.36 per cent of gross advances as at December-end 2018, against 15.92 per cent by December 2017.