Central Bank of India Q4 net loss narrows to Rs 1,349 crore

Net profit (standalone) for the entire fiscal 2020-21 was down by 20.84% to Rs 887.58 crore as against Rs 1,121.35 crore in 2019-20, Central Bank of India said

Central Bank of India Q4 net loss narrows to Rs 1,349 crore
Central Bank of India and Indian Overseas Bank are reported to be probable candidates for privatisation

New Delhi: State-owned Central Bank of India on Monday reported narrowing of its net loss to Rs 1,349.21 crore on a standalone basis in the last quarter of the fiscal ended March 2021.

The bank had posted a net loss of Rs 1,529.07 crore in the same quarter of the preceding fiscal year. Sequentially, there was a net profit of Rs 165.41 crore in the December quarter of FY21.

Net profit (standalone) for the entire fiscal 2020-21 was down by 20.84% to Rs 887.58 crore as against Rs 1,121.35 crore in 2019-20, Central Bank of India said in a regulatory filing. Income (standalone) during Q4FY21 also fell to Rs 5,779.84 crore from Rs 6723.73 crore in Q4FY20.

For the full year, the income was down at Rs 25,897.44 crore as against Rs 27,199.29 crore in FY20, the bank said. The asset quality of the state-owned lender showed improvement with the gross non-performing assets (NPAs) falling to 16.55% of the gross advances by end of March 2021 as against 18.92% by year-ago same period. In absolute value, gross NPAs fell to Rs 29,276.96 crore from Rs 32,589.08 crore.

Net NPAs were also trimmed to 5.77% (Rs 9,036.46 crore) from 7.63% (Rs 11,534.46 crore).
Provisions for bad loans and contingencies during the reported quarter rose to Rs 3,130.33 crore from Rs 2,178.33 crore put aside for the year-ago quarter.

Central Bank of India stock closed at Rs 23 apiece on the BSE, a jump of 7.98% over the previous close.

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