State-owned Central Bank of India has reported a lower net loss of Rs 592 crore during the last quarter ended March 2017 on improved recovery as against a loss of Rs 898 crore on bank’s books for the same quarter ended March 2016. However, bad loans soared for the quarter.
Provisions and contingencies came down to Rs 1,927 crore from Rs 2,287 crore in the same quarter year ago. For full fiscal, there was a net loss of Rs 2,439 crore, up from Rs 1,418 crore in 2015-16, the bank said.
Gross NPA to gross advances increased to 17.81 per cent as on March 2017 from 11.95 per cent year ago. Net NPAs rose to 10.20 per cent of net advances from 7.36 per cent year ago. Shares of the bank closed 4.44 per cent up at Rs 118.80 on the BSE.
Income during March quarter grew to Rs 7,121 crore from Rs 6,719 crore year ago. For the entire 2016-17, income of the bank fell to Rs 27,537 crore against Rs 27,827 crore. “Cash recovery increased to Rs 2,378 crore in the year ended March 2017 against Rs 1,287 crore in previous fiscal. Upgradation of assets improved to Rs 1,183 crore from Rs 608 crore a year ago,” it said.