Central Bank net up 7.4%, asset quality improves

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Mumbai | Published: May 13, 2015 12:16:43 AM

Public sector lender Central Bank of India on Tuesday reported a net profit of R174 crore in Q4FY15.

Public sector lender Central Bank of India on Tuesday reported a net profit of R174 crore in Q4FY15, up 7.4% from the same period last year.

Net interest margin improved 12 bps y-o-y to 2.88% and rose 32 bps sequentially. Total income in the March quarter increased to R7,322 crore from R6,962 crore in the corresponding quarter last year.

Asset quality improved marginally, and gross non-performing assets as a percentage of gross advances stood at 6.09%, down 28 bps from Q4FY14 and 21 bps sequentially. The net NPA ratio also fell 14 bps on a y-o-y basis, but rose 3 bps sequentially. Central Bank’s slippages during the quarter were R1,471 crore and the bank made recoveries worth R635 crore and sold bad loans worth R55 crore to asset reconstruction companies.

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Total advances grew 6.35% y-o-y to R1.94 lakh crore, but corporate advances fell 4.77% y-o-y to R98,969 crore.

However, the total retail portfolio grew 22% y-o-y to R33,538 crore and housing loans grew 29% y-o-y to R14,004 crore.

The scrip closed at R109.4 on the BSE, down 2.06%.

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