Mumbai: Central Bank of India returned to profit in the first quarter ended June 2019 aided by lower provisioning. The bank posted a net profit 118.33 crore for the three months ended 30 June, against a net loss of 1,522.24 crore in the year-ago period.

Provisions during the quarter decreased 62.62% to 1,034.78 crore, from 2,768.22 crore in the year-ago quarter. During the January-March quarter, the bank had set aside 4,733.82 crore in provisions.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 6.67% to 1,790.19 crore during the first quarter, against 1678.18 crore in the corresponding period last year.

Other income, including core fee income, rose more than three times to 7,79.11 crore in the first three months of the current financial year, from 212.95 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 19.93% in the June quarter, compared with 19.29% in the March quarter, and 22.17% a year ago.

Post-provision, the net NPA ratio was at 7.98%, against 7.73% during the January-March quarter and 10.58% in the year-ago quarter.

On Tuesday, shares of the bank gained 2.05% to close at 17.40 on the BSE, while the Sensex gained 0.75% to close at 36,976.85.

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