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.