Corporation Bank reported a net profit of Rs 333.8 crore in Q1FY2011, up 27.8% yoy, supported by a strong growth of 49% yoy in NII to Rs 697.6 crore. The business growth remained very strong during the quarter with deposits and advances growing by 26.2% and 36.8% yoy respectively. The CASA expanded by 73 basis points on y-o-y basis to 24.1%. The cost-to-income ratio increased 500 basis points yoy to 36% (however qoq saw a 400 bps decline). The asset quality declined on a sequential basis, as the bank recognized NPAs from the agri-debt waiver scheme which expired during the quarter.