Corporation Bank Q3FY07 swings 27 pc; beats forecast

By Staff
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Google Oneindia News

New Delhi, Jan 24 (UNI) State-run Corporation Bank today posted a double-than-expected jump in its net profit for the third quarter ended December 31, 2006 at 27.24 per cent.

The net profit stood at Rs 146.42 crore as against Rs 115.07 crore for the corresponding period an year ago. The market had expectated the bank to clock a net profit of Rs 131 crore, a growth of 13.5 per cent.

''The profits would have been higher but for the addition of non performing assets of Rs 40.68 crore of our housing finance arm, which was merged with the bank this year. An additional provision of Rs 16.81 crore has been made during the quarter,'' bank's Chairman and Managing Director B Sambamurthy told reporters here.

The aggregate deposits for nine-month period increased 33.5 per cent to Rs 39,649 crore from Rs 29,702 crore during the same period last fiscal. The advances grew 30.7 per cent to Rs 28,855 crore from Rs 22,084 crore in same period previous year.

The bank added 4.5 lakh new clients during the quarter and its total business as on December 31, 2006 stood at Rs 68,504 crore compared to Rs 51,786 crore in the corresponding period last fiscal.

The total income of the bank for the quarter was up by 33.5 per cent at Rs 1,046.11 crore as compared to Rs 783.48 crore for the third quarter of fiscal 2006.

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