Central Bank of India lowers loss to Rs 718 crore in December quarter

Central Bank of India on Friday reported a loss of Rs 718.23 crore for the third quarter ended December 2018 against that of Rs 1,664.22 crore in the October-December quarter of previous fiscal. Its total income decreased to Rs 6,329.17 crore during the quarter under review, as against Rs 6,589.32 crore in the year-ago period, the bank said in a regulatory filing.

Asset quality of the bank further deteriorated as gross non-performing assets (NPAs) grew to 20.64 percent of gross advances during the December quarter, as against 18.08 percent in the year-ago period. Net NPAs also increased at 10.32 of advances from 9.45 percent a year ago. However, the provisioning for bad loans and contingencies on net basis was at Rs 1,818.85 crore during the quarter, down from Rs 3,427.03 crore a year ago. The provision for bad loans also declined to Rs 2,039.19 crore against Rs 3,081.56 crore in the same period a year ago.

(With inputs from agencies.)