Executive Director of Central Bank of India (CBI) Malay Mukherjee, Chairman & MD M.V Tanksale and Executive Director R.K Dubey interact with the media during the   announcement of the bank's second quarter results in Mumbai on Tuesday.
Executive Director of Central Bank of India (CBI) Malay Mukherjee, Chairman & MD M.V Tanksale and Executive Director R.K Dubey interact with the media during the announcement of the bank's second quarter results in Mumbai on Tuesday.

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.

Executive Director of Central Bank of India (CBI) Malay Mukherjee, Chairman & MD M.V Tanksale and Executive Director R.K Dubey interact with the media during the announcement of the bank’s second quarter results in Mumbai on Tuesday.
Executive Director of Central Bank of India (CBI) Malay Mukherjee, Chairman & MD M.V Tanksale and Executive Director R.K Dubey interact with the media during the announcement of the bank’s second quarter results in Mumbai on Tuesday.

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.

(To view our epaper please click here. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal

www.freepressjournal.in