Central Bank of India shares slipped as much as 5 per cent on Friday after the lender reported net loss of Rs 599.81 crore for the quarter ended June 30, 2016 against net profit of Rs 203.60 crore in the corresponding quarter a year ago. Net interest margin of the bank declined by 10 per cent to Rs 1658.94 crore for the quarter under review against Rs 1844.14 crore in the same quarter last year.
At 12.17 pm, shares of Central Bank of India were trading 2.22 per cent down at Rs 96.80 and has touched a high and low of Rs 100.85 and Rs 94, respectively, in trade so far. The scrip later settled the day1.77 per cent down at Rs 97.25.
Asset quality of the bank deteriorated during the quarter as percentage of gross non-performing assets (NPA) of the bank stood at 13.52 per cent against 11.95 per cent for the sequential quarter ended March 31, 2016. Percentage of net non-performing assets increased to 8.17 per cent for the quarter ended June 30, 2016 from 7.36 per cent in the previous quarter ended March 31, 2016.
For April-June period, provisions and contingencies of the bank jumped to Rs 1543.66 crore, up 165 per cent, against Rs 580.75 crore in the corresponding quarter a year ago. Provisioning Coverage Ratio of bank stood at 52.14 per cent as on June 30, 2016.