Public sector lender Corporation Bank's loss widened to Rs 6,581.49 crore during the fourth quarter ended March 31, mainly due to higher provisioning for bad loans. The bank had reported a loss of Rs 1,838.39 crore during January-March quarter of 2017-18. The total income of Corporation Bank during the fourth quarter of 2018-19 stood at Rs 4,187.65 crore down from Rs 4,642.45 crore in the same period of the previous fiscal. The bank, however, has reported a reduction in non-performing assets (NPAs).
PV Bharathi, MD and CEO, Corporation Bank, shared her views and outlook.
“The government has infused a capital of Rs 9,086 crore with a specific purpose that our NPAs should be less than 6 percent and we should come out of prompt corrective action (PCA),” Bharathi said.
In terms of slippages, Bharathi said, “Rs 6,282 crore is our total slippage for the year. For the quarter (Q4) it is around Rs 1,200 crore.”
On loan growth, she said, “We have forecasted around 7 percent growth in our loan book.”