Central Bank of India net profit up 6.5% at ₹165 crore in Q3 FY21

Total income, however, fell to ₹6,556.98 crore in October-December period of 2020-21 as against ₹7,278.29 crore in same period of 2019-20, the bank said in a regulatory filing.

State-owned Central Bank of India on Tuesday reported a 6.5% rise in its net profit to ₹165.41 crore in the third quarter ended December.

Since October 4, the Central Bank of India has refused to accept coin deposits from the PMPML citing lack of space. This public sector bank holds the account of the PMPML. (HT PHOTO)

The bank had posted a net profit of ₹155.32 crore in the corresponding year-ago period.

Total income, however, fell to ₹6,556.98 crore in October-December period of 2020-21 as against ₹7,278.29 crore in same period of 2019-20, the bank said in a regulatory filing.

Interest income for the quarter under review was down to ₹5,782.61 crore from ₹6,028.88 crore in the year-ago quarter.

The bank's asset quality improved with gross non-performing assets(NPAs) falling to 16.30% of the gross advances as of December 31, 2020, from 19.99% by end of December 2019.

In value terms, gross NPAs or bad loans stood at ₹29,486.07 crore as against ₹33,259.59 crore.

Net NPAs in the said quarter also came down to 4.73% ( ₹7,514.65 crore) from 9.26% ( ₹13,568.05 crore) in the year-ago period.

Provisions for bad loans and contingencies also decreased to ₹743.74 crore for Q3FY21 from ₹1,249.21 crore kept aside for the year-ago quarter.

Stocks of the bank were trading at ₹15.03 apiece in afternoon session on BSE, up 1.35% over previous close.