Central Bank Oct-Dec net declines 66%

Although bank says that their total income has increased

Central Bank of India has reported 65.8% slump in net profit at Rs 61.53 crore for the third quarter ended December 31, 2013-14.

It had reported net profit of Rs 179.94 crore in the October-December quarter 2012-13.

"Total income has increased from Rs 5,818.81 crore for the quarter ended December 31, 2012 to Rs 6,708.5 crore for the quarter ended December 31, 2013," the bank said in a regulatory filing to the BSE.

It said that with effect from July 1, 2013 the recovery in the Non-Performing Assets (NPAs) is appropriated towards principal against interest income earlier.

"The impact on financial results due to this change is that interest income for the quarter and for nine months period ended December 2013 is approximately less by Rs 42.86 crore and Rs 86.52 crore respectively," it said.

Bank's net NPAs during the quarter declined to 3.69% (Rs 6,377.19 crore) from 3.79% (Rs 5,863.62 crore).

However, gross NPAs were higher at 6.48% (Rs 11,598.70 crore) from 5.64% (Rs 8,938.47 crore) a year ago.

Central Bank scrip was trading at Rs 47.30, up 3.84%, on the BSE.