Central Bank of India on Monday reported a net profit of Rs 310.31 crore for the fourth quarter of the previous fiscal as the operating profit grew nearly three-fold year-on-year and provisions fell more than 65%. The lender had posted a net loss of Rs 1,349.21 crore in the year-ago period.
The operating profit during the March quarter increased to Rs 1,812 crore, from Rs 637.04 crore for the same period of FY21, according to a stock exchange filing. Provisions and contingencies stood at Rs 1,061.03 crore, against Rs 3,079.87 crore for the same period last year. Provisions for non-performing assets (NPAs) fell 72.58% YoY to Rs 898.32 crore during the quarter under review.
The bank’s asset quality improved during as the gross NPA ratio fell 171 basis points YoY to 14.84%, while the net NPA ratio declined by 180 basis points to 3.97%.
Net interest income increased to Rs 2,416.07 crore from Rs 1,516.39 crore, a growth of 59.33%. The net interest margin improved to 3.26% from 2.04% during Q4FY21, said the bank in a release.
The provision coverage ratio improved from 82.54% in FY21 to 86.69% in FY22. Credit cost for FY22 improved from 2.95% to 1.41% on a y-o-y basis.
The slippage ratio for the previous fiscal stood at 3.20% compared to 4.40% FY21, registering an improvement of 120 bps, the release said.