Mangalore, May 10: S. R. Bansal, Chairman and Managing Director of Corporation Bank said that the Bank has dropped the net profit to Rs.41.57 crore for the fourth quarter ended March 31, 2014.
Speaking at the press meet held at Corporation Bank on May 9, Friday, he said that the net profit in the previous year was Rs.355.53 crore and this year there is a decline of 88.32 per cent.
He also said the reason for the decline of the net profit is due to the increase in provisions, investment and other provisions on account of restructured advances over the previous fiscal.
He also said that the operating profit of the Bank for the January-March quarter has decreased to Rs.285.91 crore on the year on basis and has reached at Rs.636.55 crore.
Bansal also said that net profit in the year 2013-14 on the whole had dropped to Rs.561.72 crore from Rs.1,434.67 crore, which was in 2012-13.
