Central Bank of India narrows loss to Rs 718 cr in Q3

Asset quality of the bank further deteriorated as gross non-performing assets (NPAs) grew to 20.64 per cent of gross advances during the December quarter, as against 18.08 per cent in the year-ago period.

Central Bank of India on Friday reported a loss of Rs 718.23 crore, Image source: Central Bank of India website

Central Bank of India on Friday reported a loss of Rs 718.23 crore for the third quarter ended December 2018 against that of Rs 1,664.22 crore in the October-December quarter of previous fiscal.

Its total income decreased to Rs 6,329.17 crore during the quarter under review, as against Rs 6,589.32 crore in the year-ago period, the bank said in a regulatory filing.

Asset quality of the bank further deteriorated as gross non-performing assets (NPAs) grew to 20.64 per cent of gross advances during the December quarter, as against 18.08 per cent in the year-ago period. Net NPAs also increased at 10.32 of advances from 9.45 per cent a year ago.

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However, the provisioning for bad loans and contingencies on net basis was at Rs 1,818.85 crore during the quarter, down from Rs 3,427.03 crore a year ago.

The provision for bad loans also declined to Rs 2,039.19 crore against Rs 3,081.56 crore in the same period a year ago.

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Central Bank of India