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Central Bank of India has surged 9% to Rs 73.15 after reporting a nine-fold rise in net profit at Rs 192 crore in the April-June quarter (Q1), aided by a drop in provisions for bad loans and increase in net interest income. The state-owned lender had profit of Rs 22 crore in the same quarter last year.
The bank's net interest income grew 19% to Rs 1,882 crore from Rs 1,537 crore a year ago. Provisions for bad loans dropped 34% year-on-year to Rs 645 crore.
Net interest margin, which is the difference between what it pays to depositors and what it earns from on-lending, improved to 2.87% in the reporting quarter from 2.68% earlier.
However, gross non-performing assets (NPA) in the quarter rose to 6.15% from 6.03% in the year ago period, but net NPAs declined to 3.62% from 3.85%, the bank said.
The stock opened at Rs 71 and touched a high of Rs 75 on NSE. A combined 1.35 million shares changed hands on the counter in early morning deals on NSE and BSE.
The bank's net interest income grew 19% to Rs 1,882 crore from Rs 1,537 crore a year ago. Provisions for bad loans dropped 34% year-on-year to Rs 645 crore.
Net interest margin, which is the difference between what it pays to depositors and what it earns from on-lending, improved to 2.87% in the reporting quarter from 2.68% earlier.
However, gross non-performing assets (NPA) in the quarter rose to 6.15% from 6.03% in the year ago period, but net NPAs declined to 3.62% from 3.85%, the bank said.
The stock opened at Rs 71 and touched a high of Rs 75 on NSE. A combined 1.35 million shares changed hands on the counter in early morning deals on NSE and BSE.
