Central Bank of India Q3 loss widens to Rs1,664 crore on rising bad loans
New Delhi: Central Bank of India on Friday reported widening of loss to a staggering Rs1,664.22 crore for the third quarter ended 31 December 2017-18, on persisting bad loans.
The state-owned bank had posted Rs605.70 crore loss in the October-December quarter of 2016-17. Its total income decreased to Rs6,589.32 crore during the quarter under review, as against Rs6,787.87 crore in the year-ago period, the bank said in a regulatory filing.
Asset quality of the bank further deteriorated as gross non-performing assets (NPAs) grew to 18.08% of gross advances during the December quarter, as against 14.14% in the year-ago period. Net NPAs stood at 9.45% of net advances, up from 8.54% a year ago.
The provisioning for bad loans and contingencies was at Rs3,427.03 crore during the quarter, slightly down from Rs1,486 crore a year ago. Similarly, the provision for bad loans doubled to Rs3,081.56 crore against Rs1,571.18 crore in the same period a year ago.