Corporation Bank, a Mangalore-based lender is likely to restructure Uttar Pradesh Electricity Distribution Company’s Rs 600-crore loans. It has received request for the same by the electricity distribution company. The bank’s restructured loan book grew sharply by Rs 3,000 crore, to Rs 7,539 crore in 2011-12. The major restructured accounts were Air India and the Rajasthan State Electricity Board.
The bank has posted a rise of 1.72% in its net profit at Rs 351.26 crore for the quarter ended March 31, 2012 as compared to Rs 345.33 crore for the same quarter in the previous year. Total income has increased by 32.35% at Rs 4009.17 crore for quarter under review as compared Rs 3029.21 crore for the quarter ended March 31, 2011.
