New Delhi: State-owned Central Bank of India on Tuesday said that its net loss has been trimmed to Rs592 crore during the last quarter which ended on March 2017 on improved recovery, even though bad loans soared.
There was a net loss of Rs898 crore on bank’s books for the same quarter which ended on March 2016. Provisions and contingencies for the quarter came down to Rs1,927 crore from Rs2,287 crore in the same quarter a year ago. For full fiscal 2016-17, there was a net loss of Rs2,439 crore, up from Rs1,418 crore in 2015-16, the bank said in a release. Income during the March quarter grew to Rs7,121 crore from Rs6,719 crore a year ago.
For the entire 2016-17, the income of the bank fell to Rs27,537 crore against Rs27,827 crore. “Cash recovery increased to Rs2,378 crore in the year ended March 2017 as compared to Rs1,287 crore in previous financial year. Upgradation of assets improved to Rs1,183 crore in the financial during the year from Rs608 crore year ago,” it said.
Gross NPA to gross advances increased to 17.81% as on March 2017 from 11.95% a year ago. Net non-performing assets rose to 10.20% of net advances from 7.36% a year ago. Shares of the bank closed 4.44% up at Rs118.80 on the BSE.