Central Bank of India posts Rs600 crore loss in Q1
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Mumbai: Central Bank of India Ltd on Friday reported a net loss of Rs.600 crore for its first quarter compared to a net profit of Rs.203.60 crore a year ago as the bank had to set aside more money against bad loans. Provisions more than doubled to Rs.1,543.86 crore compared to Rs.580.75 crore a year ago.
Gross non-performing assets (NPAs) almost doubled from a year ago to Rs.25,107.47 crore at the end of June. As a percentage of total loans, gross NPAs were at 13.52% at the end of the June quarter compared with 11.95% three months ago.
Also Read: SBI Q1 profit falls 32% on higher provisions
Net interest income, or the core income a bank earns by giving loans, decreased to Rs.1,658.94 crore compared to Rs.1,844.14 crore a year ago.
Capital adequacy ratio stood at 9.91% for the quarter, according to Basel III norms.
At 1.37pm, Central Bank of India shares were trading at Rs.98.15 on the BSE, down 0.86% from its previous close, while India’s benchmark Sensex index rose 0.97% to 28,126.47 points.