Central Bank shares surge over 7% on stellar earnings

Shares of Central Bank of India today surged over 7 per cent as investor sentiment became buoyant after the company reported over eight-fold rise in net profit for the quarter ended June 30.
The bank's scrip ended at Rs 71.80, up 7.24 per cent on the BSE. In intra-day, it zoomed 11.87 per cent to Rs 74.90.
At the NSE, it climbed 6.88 per cent to settle at Rs 71.45.
State-run Central Bank of India had on Saturday reported over eight-fold rise in net profit to Rs 192 crore for the quarter ended June 30 on low base in the year-ago period when it had reported Rs 22 crore net profit.

The bank's net interest income grew 18.54 per cent to Rs 1,882 crore from Rs 1,537 crore a year ago.
Net interest margin, which is the difference between what it pays to depositors and what it earns from on-lending, improved to 2.87 per cent in the reporting quarter from 2.68 per cent earlier.
However, gross non-performing assets in the quarter rose to 6.15 per cent from 6.03 per cent in the year ago period, but net NPAs declined a tad to 3.62 per cent from 3.85 per cent as the bank could recover Rs 208 crore.