New Delhi: Central Bank of India on Saturday reported a net loss of Rs605.70 crore for the quarter ended December 2016 on persisting bad loans.
The bank trimmed its losses for the quarter against a Rs836.62 crore in the corresponding period of the previous fiscal. “Total income has decreased to Rs 6,787.87 crore during the quarter against Rs 6,911.620 crore in the same quarter of the previous fiscal,” the bank said in a regulatory filing.
On asset quality, the bank’s gross non-performing assets (NPA) grew to 14.14% of gross advances during the quarter against 8.95% in the year-ago period. Net NPA stood at 8.54% of net advances, up from 5.30% a year ago. The provisioning for bad loans and contingencies was at Rs1,486 crore during the quarter, slightly down from Rs1,499.05 crore year ago.
Central Bank of India also said it allotted over 1.71 crore shares to Life Insurance Corporation of India on a preferential basis for Rs139.65 crore.