Central Bank of India has reported a 35.61 per cent fall in net profit at Rs.244.26 crore for the second quarter ended September 30, 2011, due to increase in bad assets. It had posted a net profit of Rs.379.38 crore in the July-September quarter of 2010.
Total income during the quarter rose to Rs.6,234.05 crore from Rs.3,889.84 crore, the bank said in a filing to the Bombay Stock Exchange.
“After system-based recognition of loan accounts, there has been some rise in the non-performing assets. Our net profit has declined as provisions for NPAs were increased during the second quarter,” Chairman and Managing Director, M. V. Tanksale, told reporters here.
As regards asset quality, the bank's gross non-performing assets (NPA) as a percentage of total advances rose to 2.94 per cent from 2.28 per cent in the same quarter a year ago. Net NPAs rose to 1.37 per cent of total loans from 0.68 per cent.
