Mumbai : Central Bank of India has posted a 35 per cent rise in net profit at Rs 330 crore during the July-September quarter against Rs 244 crore in the same period last fiscal.
Lower tax expense at Rs 59 crore during the reporting period against Rs 122 crore in the year-ago period helped boost bottomline. Its net interest income rose 1.2% to Rs 1397 crore and non-interest income rose 9% to Rs 324 crore.
Net interest income or the difference between interest earned and paid out, was up 1.29% y-o-y to Rs 1,415 crore.
Its gross non-perfoming asset ratio rose 5.54% versus 4.87% in the previous quarter. Net NPA ratio rose to 3.80% from 3.22% in April-June quarter.
Meanwhile, the bank aims at 15% growth in credit and deposits. It advances rose 17.7% on a year on year basis to Rs 153601 crore while deposits rose to 18.4% to Rs 149687 crore.
Total income rose by 8.5 per cent to Rs 5,328 crore.
The bank expanded its loan book by 17% y-o-y to Rs 1.50 lakh crore surpassing RBI’s projected industry credit growth of 16% in FY13.
Its capital adequacy ratio stood at 11.61% as against 11.58%, a quarter back. Deposits grew 8% y-o-y to Rs 2.03 lakh crore.
“Our bad loans are highest among peer and we are working towards lowering it. we have undertake lot of recovery measures,” said M V Tanksale, bank’s CMD.
Central Bank shares rose more than 4% to close at Rs 73.10 at the end of Tuesday’s trade on NSE.