Central Bank Q3 profit up 69 pc at Rs 279 cr

However, the banks provisions for bad loans and contingencies for the quarter rose to Rs 878.93 crore as against Rs 743.74 crore in October-December 2020-21.

Central Bank of India on Friday reported a 69 percent jump in net profit at Rs 279 crore for the quarter ended December 2021 on the back of healthy growth in core income and a fall in bad loan proportion.

The bank had posted a net profit of Rs 165 crore in the same quarter a year ago.

Total income of the bank rose to Rs 6,666.45 crore during October-December 2021-22 as against Rs 6,556.98 crore in the same period of the previous year, the Central Bank of India said in a regulatory filing.

Net interest income improved to Rs 2,746 crore as compared with Rs 2,228 crore in the year-ago quarter, the lender said.

Gross non-performing assets (NPAs) reduced to 15.16 percent at end-December 2021, improving by 114 basis points from 16.30 percent by the year-ago same period, it said.

Net NPAs reduced to 4.4 percent from 4.73 percent. However, the bank's provisions for bad loans and contingencies for the quarter rose to Rs 878.93 crore as against Rs 743.74 crore in October-December 2020-21. Central Bank of India stock was trading at Rs 22.45 on BSE, up 3.22 percent from the previous close.