Central Bank of India Q3 Loss at Rs836.62 crore

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Central Bank of India on Tuesday reported a net loss of Rs.836.62 Crore for the quarter ended December 31, in connection with the provisions for mounting bad loans. Net profit last year was Rs.138 Crore.

Central Bank of India

The provisions of the Bank for the quarter stands at Rs.1,499 Crore as compared to Rs.699 Crore a year ago. Provisions for the quarter from July to September amounted to Rs.645.44 Crore.

Provisions increased due to intensive review of the quality of assets held by the Reserve Bank of India property (RBI) in the quarter from October to December, when the regulator asked banks to consider providing a very stressful assets that were classified as standard.

Gross non-performing assets (NPA) for the third quarter amounted to Rs.17,564 Crore, up 31.5% compared to Rs.13,358 Crore reported in the second quarter. Rough the NPA ratio, as a percentage of gross advances was 8.95% as of December 31, higher than the 6.86% at the end of September.

As a result of increased provisions, NPA net rate for the quarter in December amounted to 5.3% of total assets. It was 3.83% during the quarter in September.

Net interest income, or the difference between paid on deposits and earned from loans amounted to Rs.1,745 Crore for the third quarter, up 4 percent compared with a year ago Rs.1,676 Crore interest.

Non-interest income of Rs.491 Crore, less than Rs.509 Crore reported a year ago.

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On Tuesday, the Central Bank of India shares closed at Rs.61.85 on the BSE, up 0.8 percent compared to the previous close, while the benchmark Sensex index closed at 24,020.98 points, down 1.1%.

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