BackHigh provisions hit Central bank’s Q2 net profit
High provisions hit Central bank’s Q2 net profit
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Mumbai: High provisions and a sharp fall in its non-interest income have hit the second quarter numbers of public sector lender, Central Bank of India as its net profit for the quarter fell to Rs96 crore.
The lender had reported a net profit of Rs124 crore in the year-ago period, Central Bank said today.
Total income of the bank during the period rose marginally to Rs2,769 crore as against Rs2,107 crore in the same period last year, the bank said in a statement.
During the period, non-interest income of the bank dipped to Rs95 crore as compared to Rs188 crore in the year-ago period.
The bank’s total deposits during the period rose to Rs1,16,365 crore as on 30 September from Rs90,845 crore a year back, while advances grew to Rs80,827 crore from Rs53,971 crore, the bank said.
The lender made a total Rs198 crore in provisions during the quarter, as compared to Rs123 crore in the corresponding period in the previous year, the bank said.
For the half-year ended 30 September, Central Bank posted a net profit of Rs155 crore, down from Rs222 crore in the same period last year.
Total business of the bank as on 30 September stood at Rs1,97,192 crore up from Rs1,44,816 crore in the same period in the last fiscal.
Gross non-performing assets (NPAs)of the bank during the period stood at 2.79% from 4.81% last year.
Similarly, net NPAs improved to 1.17% from 1.41% in the previous year, the bank said.
The bank’s capital adequacy ratio fell to 9.85% from 12.38% in the year-ago period.
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