Mumbai:Central Bank of India’s net profit for the quarter ended 31 March fell at least 50% on higher provisions for non-performiing assets, or NPAs, and high cost of deposit. The Mumbai-based public sector bank reported net profits of Rs62.51 crore for the fourth quarter, against Rs127.20 crore in the corresponding quarter a year ago.
Provisions and contingencies rose to Rs347.28 crore from Rs183.85 crore as NPAs rose to Rs322 crore from Rs289 crore. For the full fiscal, the bank’s NPAs were Rs875 crore compared with Rs665 crore last fiscal. At least Rs700 crore of were from corporations.