Central Bank of India on Friday posted a loss of Rs 641.80 crore for the second quarter ended September 30, 2016-17, as it increased provisions for bad loans. The state-owned bank had reported a net profit of Rs 112.80 crore during the same period last fiscal.
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Total income of the bank decreased to Rs 6,965.40 crore during the quarter, as against Rs 7,104.10 crore in the year-ago period, Central Bank of India said in a statement.
During the quarter, gross non-performing assets (NPAs) doubled to 13.7 per cent as against 6.56 per cent in the same period of the previous fiscal.
Net NPAs too moved up significantly to 8.17 per cent from 3.83 per cent in the year-ago period.
As a result, provisions for bad loans surged to Rs 1661.21 crore from Rs 654.44 crore a year ago.