Central Bank of India returns to black with ₹310 crore net profit in March quarter; FY22 net at ₹1,045 crore
The Hindu
New Delhi State-owned Central Bank of India on may 9 reported a standalone net profit of ₹310 cror
State-owned Central Bank of India on may 9 reported a standalone net profit of ₹310 crore in quarter ended March 2022, on the back of less provisioning for bad loans.
The lender had posted a net loss of ₹1,349 crore in the same quarter a year-ago.
Total income during Q4 of FY22 rose to ₹6,419.58 crore, from ₹5,729.38 crore in the same period of FY21, Central Bank of India said in a regulatory filing.
For the full fiscal year 2021-22, the bank witnessed a turnaround and recorded a net profit of ₹1,045 crore. It had a net loss of ₹888 crore in 2020-21.
Total income during the year rose to ₹25,770.13 crore, from ₹25,845.90 crore in FY21.
The lender improved on its asset quality and brought down the gross non-performing assets (NPAs) to 14.84% of the gross advances at the end of March 2022, as against 16.55% in the year-ago period.
Net NPAs or bad loans fell to 3.97%, from 5.77%.
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