Mangalore : Corporation Bank has witnessed the decline in net profit to Rs.41.57 crore for the fourth quarter ended March 31, 2014, said S. R. Bansal, Chairman and Managing Director of the Bank.

Addressing the press meet held at Conference Hall of the Bank on May 9, Friday, he said in the previous year, the net profit was Rs.355.53 crore and this year there is a decline of 88.32 per cent.

The reason for the decline of the net profit of the Bank is due to the increase in provisions, investment and other provisions on account of restructured advances over the previous fiscal.

He also said that Bank’s operating profit for the January-March quarter has been declined to Rs.285.91 crore on the yearly basis and reached at Rs.636.55 crore.

Bansal also said that in the year 2013-14 the net profit has dropped to Rs.561.72 crore from Rs.1,434.67 crore during the year