Central Bank of India shares jump nearly 19 pc on Q1FY19 results

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Published: August 7, 2019 1:11:11 PM

Shares of Central Bank of India on Wednesday zoomed nearly 19 per cent after the company reported a net profit of Rs 118.33 crore for the June quarter 2019-20. 

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.75% to its lowest since January. (Representational image)Central Bank of India shares surge after it posted profits for Q1FY19 against loss in the year-ago period

Shares of Central Bank of India on Wednesday zoomed nearly 19 per cent after the company reported a net profit of Rs 118.33 crore for the June quarter 2019-20. The scrip jumped 18.39 per cent to Rs 20.60 on the BSE. On the NSE, shares climbed 18.67 per cent to Rs 20.65. Central Bank of India on Tuesday reported a net profit of Rs 118.33 crore for the June quarter 2019-20 as against a loss in the year-ago period on falling provisions for bad loans.

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In April-June 2018-19, the public sector lender reported a loss of Rs 1,522.24 crore. Total income in the latest quarter rose to Rs 6,493.55 crore as against Rs 5,904.82 crore in the same period of the previous fiscal, the bank said in a regulatory filing. The lender witnessed an improvement in its asset quality as gross non-performing assets (NPAs) were brought down to 19.93 per cent of gross advances as at end of June 2019, from 22.17 per cent by the year-ago period. Net NPAs or bad loans came down to 7.98 per cent from 10.58 per cent.

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