The Supreme Court (SC) on Friday said the National Company Law Appellate Tribunal (NCLAT) should not interfere with the decisions of the committee of creditors (CoC) in the Essar Steel
In terms of results, Corporation Bank
had reported a 26 per cent rise in its net profit to Rs 130 crore for the second quarter ended September 30, on the back of lower provisioning for bad loans.
The lender's asset quality witnessed improvement as the gross non-performing assets (NPAs) fell to 15.43 per cent (Rs 20,823 crore) of the gross advances at the end of September 2019, compared with 17.46 per cent (Rs 21,714 crore) by the year-ago period. Net NPA or bad loans fell substantially to 5.59 per cent (Rs 6,751 crore), against 11.65 per cent (Rs 13,534 crore) a year ago.
In a separate development, Union Bank of India has submitted to the exchanges that “The bank has received a communication from ministry of finance on November 16, 2019 stating that the alternative mechanism has accorded in-principle approval to proposed amalgamation of the Andhra Bank and Corporation Bank
into Union Bank of India.”