Central Bank of India Q1 profit rises 14.2% to Rs 234 cr; bad loans drop

Central Bank of India on Monday reported a 14.2 per cent rise in standalone net profit at Rs 234.78 crore in first quarter ended June this fiscal on fall in bad loans, even as its expenses increased.

The State-owned lender had posted a net profit of Rs 205.58 crore in the same quarter a year ago.

However, compared sequentially, the profit was down by 24.3 per cent from Rs 310.31 crore in the quarter ended March 2022.

Total income during April-June period of 2022-23 increased slightly at Rs 6,357.48 crore, as against Rs 6,299.63 crore in the same quarter of 2021-22, Central Bank of India said in a regulatory filing.

Total income was down from Rs 6,419.58 crore in the March 2022 quarter.

Bank's bad loans proportions remained high, but fell to 14.90 per cent of the gross advances by the end of June 30, 2022, as compared to 15.92 per cent in the year-ago period.

In value-terms, the gross NPAs were worth Rs 29,001.63 crore, up from Rs 27,891.70 crore by June 2021.

Net NPAs or bad loans were trimmed to 3.93 per cent (Rs 6,784.70 crore), from 5.09 per cent (Rs 7,904.03 crore).

However, bank's provisions (other than tax) and contingencies for Q1FY23 were kept higher at Rs 913.67 crore from Rs 610.64 crore put aside for June 2021 quarter. However, it fell quarter-on-quarter from Rs 1,061 crore for three months to March 2022.

On a consolidated basis, the bank's net profit grew by 17.6 per cent in the reported quarter to Rs 243.52 crore, from Rs 207.15 crore in the year-ago period.

Total income during Q1FY23 rose only marginally to Rs 6,387.24 crore, as against Rs 6,323.23 crore.

Central Bank of India scrip was trading at Rs 18.10 apiece on BSE, down 2.16 per cent from its previous close.