State-run Central Bank of India today said its profit after tax more than doubled to Rs 138 crore in the three months to December on better recoveries, loan upgrades and low base effect as it was able to contain NPAs.
"We have been consistent on our path of recovery. We have managed to hold on to our gross and net NPA figures. The profit has also come on the back of good recoveries and upgrades," chairman and managing director Rajeev Rishi told reporters here today.
The bank recovered Rs 283 crore of loans, while it upgraded Rs 321 crore in the quarter.
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Net interest margin stood at 2.56 per cent against 2.99 per cent last year.
Gross non-performing assets improved to 6.20 percent from 6.48 percent while net NPAs stood at 3.58 percent against 3.69 percent. Fresh slippages in the quarter was Rs 1,604 crore.
"The fact remains that there are stressed assets. We must also admit that these are not stressed assets which are dead but these are the assets which need some resolution. The resolution could be either by way of more funds or by changes in policy. I guess that is likely to happen in the next two quarters," Rishi said.
Provision coverage ratio of the bank stood at 54.51 per cent against 52.28 per cent. The bank wrote off Rs 647 crore worth of loans as against Rs 287 crore in the year ago period.
Deposits grew 7.83 percent to Rs 2.51 trillion and advances 6.19 per cent to Rs 1.90 trillion, while business increased 7.12 percent to Rs 4.41 trillion.
