Public sector Central Bank of India on Tuesday reported a 21 per cent rise in its consolidated net profit at ₹147.21 crore in the quarter ending June.
The bank had posted a net profit of ₹121.61 crore during the same quarter a year ago.
Total income of the bank (consolidated) rose to ₹6,751.86 crore during April-June quarter of 2020-21 as against ₹6,518.37 crore in the same period of 2019-20, Central Bank of India said in a regulatory filing.
On a standalone basis, the net profit of the bank was up 14.5 per cent at ₹135.43 crore during the first quarter of FY 2021 as against ₹118.33 crore a year ago. Income increased to ₹6,726.68 crore from ₹6,493.55 crore.
The bank showed improvement in its asset quality as the gross non-performing assets (NPAs) or bad loans, as a percentage of gross advances as on June 30, 2020, fell to 18.10 per cent from 19.93 per cent as on June 30, 2019.
Likewise, the net NPA ratio came down to 6.76 per cent from 7.98 per cent.
This helped the bank cut down on its provisions for bad loans and contingencies, which stood at ₹974.64 crore for June quarter FY 2021 as against ₹1,034.78 crore a year-earlier period.
Shares of Central Bank of India closed at ₹18 apiece on the BSE, up 1.12 per cent from the previous close.
This story has been published from a wire agency feed without modifications to the text.
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