Comments
After posting a huge loss of ₹1,509 crore in the preceding quarter, Central Bank of India returned to the black in the October-December quarter, recording a net profit of ₹62 crore.
However, compared with the year-ago period, the net profit in the reporting quarter was down 66 per cent. In the October-December 2012 quarter, the bank had posted a net profit of Rs 180 crore.
Chairman and Managing Director Rajeev Rishi attributed the turnaround, albeit a small one, to the bank’s concerted efforts towards preventing slippages, mobilising low-cost deposits and renewed focus on the retail segment. In the reporting quarter, the public sector bank recorded a net interest income of ₹1,808 crore against ₹1,410 crore in the corresponding year-ago period, an increase of 28 per cent.
Net interest margin (NIM) increased to 2.99 per cent against 2.60 per cent in the year-ago period.
The bank expects to maintain NIM at the existing level.
Central Bank of India managed to contain slippages in the current quarter due to intensive monitoring of loan accounts at the central as well as field office levels, said Rishi.
Executive Director RK Goyal said: “Slippages at ₹1,113 crore in the reporting quarter were the lowest in the last one year.”
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.