Central Bank Q2 net dips 23%

High provisions and a sharp fall in its non-interest income have hit the second quarter numbers of public sector lender Central Bank of India as its net profit for the quarter fell 22.6 per cent to Rs 96 crore.

The lender had reported a net profit of Rs 124 crore in the year-ago period, the bank said on Wednesday.

Total income during the period rose marginally to Rs 2,769 crore (Rs 2,107 crore), the bank said in a statement on Wednesday.

During the period, non-interest income dipped to Rs 95 crore as compared to Rs 188 crore in the year-ago period.

Total deposits rose to Rs 1,16,365 crore as on September 30 from Rs 90,845 crore a year back, while advances grew to Rs 80,827 crore from Rs 53,971 crore, the bank said.

The lender made a total Rs 198 crore in provisions during the quarter, as compared to Rs 123 crore in the corresponding period in the previous year, the bank said. For the half-year ended September 30, the bank posted a net profit of Rs 155 crore, down from Rs 222 crore in the same period last year.

Total business as on September 30 stood at Rs 1,97,192 crore, up from Rs 1,44,816 crore in the same period in the last financial year.

Gross non-performing assets (NPAs) stood at 2.79 per cent from 4.81 per cent last year. Similarly, net NPAs improved to 1.17 per cent from 1.41 per cent in the previous year, the bank said.

Capital adequacy ratio fell to 9.85 per cent from 12.38 per cent in the year-ago period.