Central Bank of India Q2 profit jumps 90% to Rs 605 crore

New Delhi: State-owned Central Bank of India on Friday reported a 90 percent jump in net profit to Rs 605 crore for the September quarter on a healthy growth core income and a fall in bad loans.

The bank had posted a net profit of Rs 318 crore in the year-ago period.

During the quarter, total income rose to Rs 8,412 crore from Rs 7,065 crore a year ago, Central Bank of India said in a regulatory filing.

Interest income during the September quarter grew to Rs 7,351 crore as against Rs 6,155 crore in the year-ago period.

Net Interest Income (NII) grew 10.23 percent to Rs 3,028 crore in the second quarter of the current fiscal as against Rs 2,747 crore a year ago.

Gross non-performing assets (NPAs) reduced to 4.62 percent of gross advances as of September 30.

Net NPAs were also brought down to 1.64 percent as compared to 2.95 percent in the same period previous fiscal.

As a result, provision and contingencies declined to Rs 967 crore as against Rs 1,125 crore in the same period a year ago.

Provision Coverage Ratio improved to 92.54 in the quarter from 89.20 in the corresponding period a year ago.

Net Interest Margin improved to 3.53 percent as against 3.12 percent last year, it said.

Capital adequacy ratio of the bank increased to 14.82 percent as compared to 13.56 percent.

The bank's total business grew by 11.51 percent to Rs 6,02,284 crore vis- -vis Rs 5,40,130 in the second quarter of previous fiscal.

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