Central Bank of India on Monday reported narrowing of loss to Rs 1,529.07 crore for March quarter 2019-20 as provisions for bad loans declined. The bank reported a loss of Rs 2,477.41 crore in January-March, 2018-19.
Total income grew to Rs 6,723.73 crore in the three months to March from Rs 6,620.51 crore in the year-ago period, Central Bank of India said in a statement.
During the quarter, the state-owned bank earned an operating profit of Rs 517.24 crore as against Rs 1,518.83 crore in the same period of the previous fiscal.
Gross non-performing assets (NPAs) came down to 18.92 per cent of gross advances at the end of March 2020, as against 19.29 per cent by the same period last year.
Net NPAs also came down to 7.63 per cent as against 7.73 per cent in the year-ago period.
As a result of improvement in asset quality, provisions for bad loans during March quarter slipped to Rs 1,583.25 crore compared to Rs 4,523.57 crore in the year-ago period.
Provision other than tax and contingencies too declined to Rs 2,178.33 crore from Rs 4,733.82 crore in the same period a year ago.
In the full fiscal, the bank's loss reduced Rs 1,121 crore, as against Rs 5,641.48 crore in 2018-19. Income during the year rose to Rs 27,200 crore from Rs 25,051.51 crore a year earlier.
Non-Interest Income of the bank improved to Rs 3,637 crore in 2019-20 from Rs 2,413 crore in the preceding financial year, registering a growth of 50.73 per cent.
Total Business, a mix of deposit and advances, increased to Rs 4,86,007 crore from Rs 4,67,584 crore at the end of the same quarter a year ago.