Central Bank of India third quarter net profit up 6.5% at Rs 165 crore

The firm reported a 6.5 per cent rise in its net profit to Rs 165.41 crore in the third quarter ended December

State-owned Central Bank of India on Tuesday reported a 6.5 per cent rise in its net profit to Rs 165.41 crore in the third quarter ended December.

The bank had posted a net profit of Rs 155.32 crore in the corresponding year-ago period.

Total income, however, fell to Rs 6,556.98 crore in October-December period of 2020-21 as against Rs 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 Rs 5,782.61 crore from Rs 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 per cent of the gross advances as of December 31, 2020, from 19.99 per cent by end of December 2019.

In value terms, gross NPAs or bad loans stood at Rs 29,486.07 crore as against Rs 33,259.59 crore.

Net NPAs in the said quarter also came down to 4.73 per cent (Rs 7,514.65 crore) from 9.26 per cent (Rs 13,568.05 crore) in the year-ago period.

Provisions for bad loans and contingencies also decreased to Rs 743.74 crore for Q3FY21 from Rs 1,249.21 crore kept aside for the year-ago quarter.

Stocks of the bank were trading at Rs 15.03 apiece in afternoon session on BSE, up 1.35 per cent over previous close.