Home >Industry >Banking >Central Bank of India net loss narrows to 1,529 crore in Q4

MUMBAI: Public sector lender Central Bank of India's net loss narrowed in the March quarter to 1,529 crore owing to a substantial decrease in provisioning and higher net interest income (NII).

The bank had posted a net loss of 2,477.41 crore in the same period a year ago. In the December quarter, the bank had made a profit of 155.32 crore.

The bank had set aside provisions of 2,178.33 crore during the quarter under review, of which provisions for bad loans stood at 1,583.25 crore. Its total provisions were down 53.98% from 4,733.82 crore parked aside for the year-ago period.

Total income during the quarter under review was at 6,723.73 crore as against 6,620.51 crore in the year-ago period, Central Bank of India said in a regulatory filing.

The bank's net interest income (NII) was at 1,925.81 crore, up 20.18% from 1,602.46 crore in Q4 of FY19. Other income fell 30.52% to 794.68 crore for the quarter ended 31 March, against 1,143.69 crore for the same quarter last year.

Its gross non-performing assets (NPAs) of the bank stood at 18.92% of gross advances as at March-end, down from 19.29% in the year-ago period. The bank's net NPAs were at 7.63%, down from 7.73%.

Central Bank of India's total deposits were up 4.64% to 3.14 trillion for the year ended 31 March against 3 trillion a year ago. Its advances grew 3.12% to 1.51 trillion as on 31 March 2020, over 1.47 trillion for the same period last year.

Shares of Central Bank of India today closed at 20.27 on the BSE, up 2.43%, while the benchmark index Sensex lost 0.60% to close at 34,961.52 points.

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