On Monday, the Central Bank of India reported that standalone net profit rose 14.2% to Rs 234.78 crore in the first quarter of the financial year ended June, as non-performing loans fell despite higher spending.

The state-owned bank posted a net profit of Rs 205.58 crore in the same period last year.

However, profit fell 24.3% from Rs 310.31 crore in the quarter ended March 2022 compared to the previous quarter.
Gross revenue for April-June 2022-23 edged up to Rs 6,357.48 crore compared to Rs 6,299.63 crore for the same period in 2021-22, the central bank said in a regulatory filing.

Total revenue was down from Rs 6,419.58 crore in the March 2022 quarter. The bank’s non-performing loan ratio remains high, but as of June 30, 2022, accounted for 14.90% of total advances, compared to 15.92% a year earlier.
In value terms, NPA totalled Rs 29,001.63 crore, up from Rs 27,891.70 crore in June 2021.

Net NPA or non-performing loans fell from 5.09% (Rs 7,904.03 crore) to 3.93% (Rs 6,784.70 crore).

However, the bank’s provisions (excluding taxes) and contingencies for the first quarter of fiscal 2023 remained at Rs 913.67 crore, up from Rs 610.64 crore in June 2021 quarter. However, in the three months to March 2022, it fell by Rs 1,061 crore from the previous month.

On a consolidated basis, the bank reported quarterly net profit rose 17.6% to Rs 243.52 crore from Rs 207.15 crore a year ago.

Total revenue in Q1FY23 only edged up to Rs 6,387.24 crore compared to Rs 6,323.23 crore. Central Bank of India shares was trading at Rs 18.10 per share on the BSE, down 2.16% from their previous close.