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Central Bank of India's Net Profit Up by 6.5% at ₹165 Crore in Q3 FY21

The state-owned Central Bank of India on Tuesday reported a 6.5% rise in its net profit to ₹165.41 crore in the third quarter which ended on December. The bank had posted a net profit of ₹155.32 crore in the corresponding year-ago period.

Total income, however, fell to ₹6,556.98 crore in October-December period of 2020-21 as against ₹7,278.29 crore in same period of 2019-20, the bank said in a regulatory filing. Interest income for the quarter under review was down to ₹5,782.61 crore from ₹6,028.88 crore in the year-ago quarter.

The bank's asset quality improved with gross non-performing assets (NPAs) falling to 16.30% of the gross advances as of December 31, 2020, from 19.99% by end of December 2019. In value terms, gross NPAs or bad loans stood at ₹29,486.07 crore as against ₹33,259.59 crore.

Stocks of the bank were trading at ₹15.03 apiece in afternoon session on BSE, up 1.35% over previous close

Net NPAs in the said quarter also came down to 4.73% ( ₹7,514.65 crore) from 9.26% ( ₹13,568.05 crore) in the year-ago period. Provisions for bad loans and contingencies also decreased to ₹743.74 crore for Q3FY21 from ₹1,249.21 crore kept aside for the year-ago quarter. Stocks of the bank were trading at ₹15.03 apiece in afternoon session on BSE, up 1.35% over previous close.

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