Mangaluru-based public sector lender Corporation Bank on Saturday reported 8.4 per cent growth in net profit at Rs 45 crore for the fourth quarter ended March 2015 compared to Rs 41.5 crore in the corresponding quarter last year. The total income for the quarter went up 7 per cent to Rs 5,385 crore compared to Rs 5,033 crore in the year ago quarter.
The operating profit for the fourth quarter went up 52 per cent to Rs 965 crore from Rs 637 crore a year ago.
The rise in net profit was on account of a 23 per cent jump in net interest income at Rs 1,114 crore as against Rs 907 crore a year ago. The net interest margin improved to 2.26 per cent from 1.91 per cent a year ago.
The bank recorded 6 per cent growth in credit at Rs 145,066 crore compared to Rs 137,086 crore in the same quarter last year. The total business increased 4.22 per cent to Rs 344,412 crore from Rs 330,479 crore in the March quarter of 2014.
Gross non-performing assets went up to 4.81 per cent from 3.42 per cent, while the net non-performing assets increased to 3.08 per cent from 2.32 per cent in the same quarter last year. The return on assets remained static at 0.08 per cent year-on-year. The capital adequacy ratio under Basel-III dipped to 11.09 per cent from 11.64 per cent.
The Board has recommended dividend of 70 per cent (Rs 1.40 per share of Rs 2 each) for the year ended March 31, 2015.
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