Corporation Bank's profit rises 5.2% at $81.9M

Corporation Bank posted a marginal 5.2 per cent increase in its net profit at US$81.9 million for the third quarter ended December.

This is caused by a rise in the cost of funds and higher provisions for bad loans and restructured assets.

The bank's total income for the reporting quarter rose to 39.1 per cent to US$774 million.

The net interest income went up 4.5 per cent and stood at US$175.5 million.

The net interest margin declined to 2.66 per cent, from 2.96 per cent a year ago, due to increase in cost of deposits of about 192 basis points, said its chairman and managing director Ajai Kumar. The cost of deposits went up to 7.64 per cent from 5.72 per cent.

The non-interest income grew robust 56.6 per cent at US$89.9 million.

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