Central Bank of India reports 21% rise in Q1 net profit amid COVID-19

Public sector Central Bank of India on Tuesday reported a 21 per cent rise in its consolidated net profit at Rs 147.21 crore in the quarter ending June.

The bank had posted a net profit of Rs 121.61 crore during the same quarter a year ago.

Total income of the bank (consolidated) rose to Rs 6,751.86 crore during April-June quarter of 2020-21 as against Rs 6,518.37 crore in the same period of 2019-20, Central Bank of India said in a regulatory filing.

On a standalone basis, the net profit of the bank was up 14.5 per cent at Rs 135.43 crore during the first quarter of FY 2021 as against Rs 118.33 crore a year ago. Income increased to Rs 6,726.68 crore from Rs 6,493.55 crore.

The bank showed improvement in its asset quality as the gross non-performing assets (NPAs) or bad loans, as a percentage of gross advances as on June 30, 2020, fell to 18.10 per cent from 19.93 per cent as on June 30, 2019.

Likewise, the net NPA ratio came down to 6.76 per cent from 7.98 per cent.

This helped the bank cut down on its provisions for bad loans and contingencies, which stood at Rs 974.64 crore for June quarter FY 2021 as against Rs 1,034.78 crore a year-earlier period.

Shares of Central Bank of India closed at Rs 18 apiece on the BSE, up 1.12 per cent from the previous close.

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Free Press Journal