Central Bank of India Q2 net profit jumps 55% to Rs 250 crore

Central Bank of India Q2 net profit jumps 55% to Rs 250 crore

Public sector Central Bank of India on Tuesday reported an over 55 percent jump in net profit at Rs 250 crore for the quarter ended September.
The lender had posted a net profit of Rs 161 crore during the same quarter of the former financial.
Still, total income of the bank during July-September period of 2021-22 was down at Rs crore, as against Rs crore in the time-ago period, it said in a nonsupervisory form.
Net interest income rose5.99 percent to Rs crore, as against Rs crore earlier.
Net interest periphery (NIM) bettered from3.21 percent to3.36 percent on a time-on- time base, registering an enhancement of 15 base points, itadded.On the asset quality front, netnon-performing means (NPAs or bad loans) reduced to4.51 percent as of September 30, 2021, from5.60 percent by end of the same month last time.
Gross NPAs moderated to15.52 percent from17.36 percent.
Also, the bank’s cost of deposit declined to3.84 percent from4.45 percent for the reported quarter.
Still, there was a slight supplement in vittles and contingencies for the quarter at Rs crore, as against Rs crore situated away in the September 2020 quarter.
The state- possessed lender said its slippage rate stood at1.45 percent as against0.08 percent as there was a doldrums granted by RBI due to the COVID-19 epidemic. In the June 2021 quarter, it was0.95 percent.
“Slippage rate during the quarter increased due to slippage of two commercial accounts of Rs crore. Had these accounts not slipped during the quarter also the slippage rate for Q2FY22 would have been0.67 percent,”the bank said in a release.
Total business stood at Rs crore as on September 30, 2021, compared to Rs crore earlier, registering a growth of Rs crore (2.27 percent) time-on- time.
Total deposits have increased by Rs crore and stood at Rs crore at the end of the quarter, from Rs crore in the time-ago period, reflecting an increase of4.04 percent, it added.
Central Bank of India scrip closed at Rs23.60 all on BSE, up4.66 percent from the former close.

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