Corporation Bank net up 5%

Public sector lender Corporation Bank on Thursday posted a 5% year-on-year rise in the net profit at Rs 402 crore for the quarter ended December, 2011 on low growth in net interest income and higher provision for bad loans. HT reports.

Public sector lender Corporation Bank on Thursday posted a 5% year-on-year rise in the net profit at Rs 402 crore for the quarter ended December, 2011 on low growth in net interest income and higher provision for bad loans. The company reported Rs 382 crore in the corresponding quarter last year.

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Net interest income of the bank grew by 5% Rs 862 crore during the quarter under review from Rs 825 crore a year earlier.

Provisions for bad loans increased by 15% to Rs 177 crore from Rs 153 crore a year ago.