Corporation Bank Q2 net profit rises 21%

State-owned Corporation Bank on Thursday posted a 20.6 per cent rise in net profit at Rs 351.7 crore for the second quarter ended September 30, driven by the increase in net interest income.

It had a net profit of Rs 291.6 crore in the same quarter of the last financial year, Corporation Bank said in a filing on the Bombay Stock Exchange.

At the same time, Mangalore-based lender also reported a 14.1 per cent rise in total income for the quarter at Rs 2,364.2 crore, against Rs 2,072.3 crore in the year-ago period.

The Net Interest Income (NII) of the bank rose 42 per cent at Rs 715.3 crore, against Rs 503.5 crore in the same quarter a year ago.

Further, the bank earned an interest of Rs 2,158.1 crore during the quarter, compared to Rs 1,769.5 crore during the same period last fiscal.

During the first half of the current financial year, the bank clocked a 23.9 per cent rise in net profit to Rs 685.5 crore, compared to Rs 552.9 crore in the same period a year ago.

Shares of Corporation Bank were trading at Rs 738.60 per piece, up 4.2 per cent on the Bombay Stock Exchange.