Central Bank of India profit slumps 93%

Gross NPA rose 6.03% from earlier 4.08% q-o-q basis

Central Bank of India on Wednesday posted 93.5 per cent plunge in net profit to Rs 21.9 crore for the April-June quarter this financial year due to higher provisions for rising bad loans.

The bank had reported a net profit of Rs 335.9 crore for the quarter ended June 30, 2012. Total income of the bank during the quarter rose to Rs 6,443.4 crore, from Rs 5,624.9 crore in the corresponding period of previous fiscal, it said in a filing with the BSE.

The bank made provisions and contingencies of Rs 983.2 crore in the first quarter of the current fiscal, up from Rs 352.9 crore in the corresponding period of 2012-13.

The net non-performing assets or bad loans of the bank during the quarter under review rose to 3.85 per cent from 3.22 per cent in the corresponding period of previous fiscal. Gross NPA during the quarter under review increased to 6.03 per cent from 4.87 per cent in the corresponding period of previous fiscal. Shares of the bank closed at Rs 62.05 apiece on the BSE, down 3.8 per cent from its previous close.