State-owned Central Bank of India today said that its net loss has been trimmed to Rs 592 crore during the last quarter ended March 2017 on improved recovery, even though bad loans soared.
There was a net loss of Rs 898 crore on bank's books for the same quarter ended March 2016.
Provisions and contingencies for the quarter came down to Rs 1,927 crore from Rs 2,287 crore in the same quarter year ago.
For full fiscal 2016-17, there was a net loss of Rs 2,439 crore, up from Rs 1,418 crore in 2015-16, the bank said in a release.
Income during March quarter grew to Rs 7,121 crore from Rs 6,719 crore year ago.
For the entire 2016-17, income of the bank fell to Rs 27,537 crore against Rs 27,827 crore.
"Cash recovery increased to Rs 2,378 crore in the year ended March 2017 as compared to Rs 1,287 crore in previous financial year. Upgradation of assets improved to Rs 1,183 crore in the financial during the year from Rs 608 crore year ago," it said.
Gross NPA to gross advances increased to 17.81 per cent as on March 2017 from 11.95 per cent year ago.
Net non-performing assets (NPAs) rose to 10.20 per cent of net advances from 7.36 per cent year ago.
Shares of the bank closed 4.44 per cent up at Rs 118.80 on BSE.
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