Central Bank of India reports 14.5% rise in Q1 net profit; asset quality improves

Updated : August 11, 2020 04:40 PM IST

Net interest income (NII) during the quarter rose 19.8 percent to Rs 2,145.3 crore as compared to Rs 1,790 crore.

Net interest margin improved to 3.08 percent from 2.62 percent, YoY.

Public sector lender Central Bank of India reported 14.5 percent rise in net profit at Rs 135.3 crore for the first quarter of fiscal 2021 as against Rs 118.3 crore in the year-ago period. The bank had reported a net loss of Rs 1,529.07 crore in the March quarter.

Net interest income (NII) during the quarter rose 19.8 percent to Rs 2,145.3 crore as compared to Rs 1,790 crore. The net interest margin improved to 3.08 percent from 2.62 percent, compared to the year-ago period.

Bank has made provision of Rs 161.75 crore during the quarter in SMA Accounts where moratorium due to COVID-19 pandemic was extended. The total provision of Rs 305.00 crore is held by the Bank as on June 30, 2020, it said in a regulatory filing.

The provision coverage ratio rose to 79.12 percent from 76.85 percent, year on year, and versus 77.29 percent, compared quarterly.

Asset quality improved as Gross non-performing assets (NPA) in Q1FY21 fell 1,97 percent to Rs 31,946.17 crore from Rs 32,589.08 crore while net NPA declined 9.23 percent to Rs 10,469.44 crore from Rs 11,534.46 crore in the last quarter.

Gross NPA as a percentage of gross advances fell 82 bps by to 18.10 percent from 18.92 percent while net NPA as a percentage of net advances fell by 87 bps to 6.76 percent from 7.63 percent, sequentially.

Capital Adequacy Ratio - Basel III during the quarter was at 11.50 percent versus 11.72 percent, QoQ, and versus 9.58 percent, YoY.

Saving account deposits rose 11.46 percent to Rs 1,35,671 crore from Rs 1,21,723 crore. CASA Ratio increased by 153 bps to 47.30 percent from 45.77 percent, YoY.

On Tuesday, shares of Central Bank of India ended 1.12 percent higher at Rs 18.00 on the BSE.

(Read all Earnings here)

Published : August 11, 2020 04:40 PM IST

Central Bank of India reports 14.5% rise in Q1 net profit; asset quality improves

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