Central Bank of India shares jump nearly 19 pc post Q1 results

Shares of Central Bank of India on Wednesday zoomed nearly 19 percent after the company reported a net profit of Rs 118.33 crore for the June quarter 2019-20. The scrip jumped 18.39 percent to Rs 20.60 on the BSE.

On the NSE, shares climbed 18.67 percent to Rs 20.65. Central Bank of India on Tuesday reported a net profit of Rs 118.33 crore for the June quarter 2019-20 as against a loss in the year-ago period on falling provisions for bad loans.

In April-June 2018-19, the public sector lender reported a loss of Rs 1,522.24 crore. Total income in the latest quarter rose to Rs 6,493.55 crore as against Rs 5,904.82 crore in the same period of the previous fiscal, the bank said in a regulatory filing.

The lender witnessed an improvement in its asset quality as gross non-performing assets (NPAs) were brought down to 19.93 percent of gross advances as at end of June 2019, from 22.17 percent by the year-ago period. Net NPAs or bad loans came down to 7.98 percent from 10.58 percent.