Central Bank of India reported net profit for the first quarter increased 53% to ₹206 crore on account of improved performance, it said.
Net NPAs improved from 6.76% to 5.09%.
Provision Coverage Ratio (PCR) improved from 79.12% to 84.28% Y-o-Y, up 516 bps, it said. During the quarter the bank’s Net Interest Income (NII) decreased to ₹2,135 crore compared with ₹2,146 crore a year ago. The bank said its Gross NPAs improved from 18.10% to 15.92% Y-o-Y, up 218bps. Net NPAs improved from 6.76% to 5.09% Y-o-Y, up 167 bps.
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Provision coverage ratio (PCR) improved from 79.12% to 84.28% Y-o-Y, up 516 bps. However slippage ratio increased to 0.95% during Q1FY22 against 0.02% during Q1FY21 as there was moratorium granted by the RBI following the COVID-19 pandemic.
The bank said its CRAR improved from 11.50% to 14.88% Y-o-Y, up 338 bps and its net worth improved from ₹18,660.50 crore as of June 30 2020 to ₹2,2921.43 crore on standalone basis.
During the quarter the bank’s total business stood at ₹5,06,712 crore as against ₹4,97,748 crore a year ago, up 1.80%.
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Total deposits improved from ₹ 3,21,252 crore to ₹3,31,483 crore during the same period last year, up 3.18 %, it said.