The Central Bank of India on Monday reported a 14.2 percent rise in standalone net profit to Rs.234.78 billion in the first quarter ended June of this fiscal year, on a drop in bad loans even as its spending rose.
The state-owned lender posted a net profit of Rs 205.58 crore for the same quarter a year ago.
However, in sequential comparison, profit fell 24.3 per cent from Rs 310.31 crore in the quarter ended March 2022.
Total revenue in April-June 2022-23 increased slightly to Rs.6,357.48 crore compared to Rs.6,299.63 crore in the same quarter of 2021-22, the Central Bank of India said in an regulatory filing.
Total revenue decreased from Rs 6,419.58 crore in the March 2022 quarter.
The bank’s non-performing loan ratios remained high but fell to 14.90 percent of gross advances by the end of June 30, 2022, compared to 15.92 percent in the same period last year.
In terms of value, gross NPAs were worth Rs. 29,001.63 crore compared to Rs. 27,891.70 crore in June 2021.
NPAs, or non-performing loans, were cut to 3.93 per cent (Rs.6,784.70 crore) from 5.09 per cent (Rs.7904.03 crore).
However, Bank’s provisions (other than tax) and contingent liabilities for Q1FY23 were held at Rs 913.67 crore higher than Rs 610.64 crore set aside for the June 2021 quarter. However, it fell quarter-on-quarter by Rs 1,061 crore for three months to March 2022.
On a consolidated basis, the bank’s net profit increased by 17.6 per cent to Rs 243.52 crore in the quarter compared to Rs 207.15 crore in the same period last year.
Total revenue increased only slightly to Rs.6,387.24 crore in the first quarter of FY23 versus Rs.6,323.23 crore.
Central Bank of India securities were trading on BSE at Rs 18.10 apiece, down 2.16 percent from the previous close.
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