Central Bank Of India Q4 Net Loss Narrows To ₹1,529 Crore
Money & Banking
Mumbai |
Updated on
June 29, 2020
Published on
June 29, 2020
Central Bank of India’s net loss narrowed to ₹1,529 crore in the fourth quarter ended March 31, 2020, against ₹2,477 crore in the year-ago quarter.
The public sector bank, which is currently under prompt corrective action, had reported a net profit of ₹155 crore in the quarter ended December 31, 2019.
Net interest income (difference between interest earned and interest expended) was up 20 per cent year-on-year at ₹1,926 crore (₹1,603 crore in the year-ago quarter).
Other income, comprising commission/ exchange, profit on sale of investments, recovery in written-off accounts and profit on exchange transactions, was down 30.51 per cent y-o-y at ₹795 crore (₹1,144 crore in the year-ago quarter).
Operating profit was down 66 per cent at ₹517 crore (₹1,519 crore in the year-ago quarter).
Loan-loss provision burden came down 64 per cent y-o-y to ₹1,628 crore (₹4,583 crore). However, provision on investments rose 65 per cent y-o-y to ₹445 crore (₹270 crore). Provision on standard assets, too, rose to ₹167 crore against a write-back of ₹89 crore in the year-ago period.
The bank, as a prudent measure, has made an additional provision of ₹307 crore in respect of one borrower classified as substandard asset (NPA) in the quarter ended March 31due to uncertainty of recovery.
As per the notes to accounts, Central Bank extended moratorium on advance accounts of ₹33,577 crore, which were special mention account (SMA)/overdue category as on March 1.
Further, it has extended the benefit of asset classification in advances accounts having outstanding of ₹2,865 crore and has made provision of ₹143 crore on these advances amount to during current quarter.
Gross non-performing assets (NPAs) declined to 18.92 per cent of gross advances as of March-end 2020 against 19.99 per cent as of December-end 2019.
Net NPAs position improved to 7.63 per cent of gross advances as of March-end 2020 against 9.26 per cent as of December-end 2019.
Published on
June 29, 2020
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Mumbai |
Updated on
Central Bank of India’s net loss narrowed to ₹1,529 crore in the fourth quarter ended March 31, 2020, against ₹2,477 crore in the year-ago quarter.
The public sector bank, which is currently under prompt corrective action, had reported a net profit of ₹155 crore in the quarter ended December 31, 2019.
Net interest income (difference between interest earned and interest expended) was up 20 per cent year-on-year at ₹1,926 crore (₹1,603 crore in the year-ago quarter).
Other income, comprising commission/ exchange, profit on sale of investments, recovery in written-off accounts and profit on exchange transactions, was down 30.51 per cent y-o-y at ₹795 crore (₹1,144 crore in the year-ago quarter).
Operating profit was down 66 per cent at ₹517 crore (₹1,519 crore in the year-ago quarter).
Loan-loss provision burden came down 64 per cent y-o-y to ₹1,628 crore (₹4,583 crore). However, provision on investments rose 65 per cent y-o-y to ₹445 crore (₹270 crore). Provision on standard assets, too, rose to ₹167 crore against a write-back of ₹89 crore in the year-ago period.
The bank, as a prudent measure, has made an additional provision of ₹307 crore in respect of one borrower classified as substandard asset (NPA) in the quarter ended March 31due to uncertainty of recovery.
As per the notes to accounts, Central Bank extended moratorium on advance accounts of ₹33,577 crore, which were special mention account (SMA)/overdue category as on March 1.
Further, it has extended the benefit of asset classification in advances accounts having outstanding of ₹2,865 crore and has made provision of ₹143 crore on these advances amount to during current quarter.
Gross non-performing assets (NPAs) declined to 18.92 per cent of gross advances as of March-end 2020 against 19.99 per cent as of December-end 2019.
Net NPAs position improved to 7.63 per cent of gross advances as of March-end 2020 against 9.26 per cent as of December-end 2019.
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all our readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. You can help us by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section.
Our subscriptions start as low as Rs 199/- per month. A yearly package costs just Rs. 999 – a mere Rs 2.75 per day, less than a third the price of a cup of roadside chai..
A little help from you can make a huge difference to the cause of quality journalism!
Support Quality Journalism
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