Central Bank Of India Posts Rs 310 Crore Net Profit In March Quarter

Central Bank of India’s bad loans fell from 5.77 per cent to 3.97 per cent.

New Delhi:

State-owned Central Bank of India on Monday reported a net profit of Rs 310 crore for the quarter ended March 2022, on the back of lower provisioning for bad loans.

The lender had posted a net loss of Rs 1,349 crore in the same quarter a year ago.

Total income rose to Rs 6,419.58 crore during the fourth quarter of FY12 from Rs 5,729.38 crore in the same period of FY11, the Central Bank of India said in a regulatory filing.

For the entire financial year 2021-22, the bank saw a turnaround and reported a net profit of Rs 1,045 crore. It had a net loss of Rs 888 crore in 2020-21.

Total income increased to Rs 25,770.13 crore during the year from Rs 25,845.90 crore in FY2011.

The lender improved its asset quality and reduced gross non-performing assets (NPAs) to 14.84 per cent at the end of March 2022, as against 16.55 per cent in the year-ago period.

Net NPAs or bad loans fell to 3.97 per cent from 5.77 per cent.

The fall in the bad debt ratio for Q4FY22 narrowed significantly to Rs 1,061 crore, as against Rs 3,080 crore set aside in the year-ago quarter.

For the full year, provision for contingencies declined to Rs 3,480 crore from Rs 5,902 crore.

The total business of the bank increased from Rs 5,06,886 crore to Rs 5,32,404 crore, registering a growth of 5.03 per cent year-on-year.

The lender said the total deposits have increased by Rs 12,719 crore to Rs 3,42,692 crore as on March 31, 2022, as against Rs 3,29,973 crore, showing a growth of 3.85 per cent.

Credit cost for FY22 increased from 2.95 per cent to 1.41 per cent, registering an improvement of 154 basis points (bps) year-on-year.

The slippage ratio for the financial year 2021-22 stood at 3.20 per cent as compared to 4.40 per cent in the previous fiscal, registering an improvement of 120 bps.

Further, the bank said that the turnover per employee for FY22 increased from Rs 15.60 crore to Rs 17.15 crore on a year-on-year basis, registering a growth of around 10 per cent.

Shares of Central Bank of India were trading at Rs 18.10 on BSE, down 1.63 per cent from the previous close.


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