Central Bank of India Q1 profit jumps 9 times to Rs 192 cr

Public sector lender Central Bank of India 's first quarter (April-June) net profit shot up 8.74 times to Rs 191.6 crore from Rs 21.9 crore in the same quarter last fiscal on strong net interest income and lower provisions but impacted by lower other income and huge tax cost.

Net interest income, the difference between interest earned and interest expended, grew 18.5 percent on yearly basis to Rs 1,822 crore in the quarter ended June 2014 while othe income fell 27.9 percent to Rs 431.05 crore during the same period year-on-year.

Asset quality improved sequentially with the gross non-performing assets (NPAs) declined (up 12 basis points year-on-year) to 6.15 percent in June quarter from 6.27 percent in March quarter and net NPA falling (down 23 bps) to 3.62 percent from 3.75 percent Q-o-Q.

Provisions dropped 34.4 percent to Rs 644.8 crore in first quarter of current financial year 2014-15 from Rs 983.3 crore in corresponding quarter of last fiscal but increased 18.9 percent sequentially.

Tax expenses for April-June quarter stood at Rs 137.14 crore as against refund of Rs 4.62 crore in same quarter last fiscal.

Capital adequacy ratio (as per Basel-III norms) slipped to 9.62 percent from 9.87 percent on sequential basis and 11.32 percent on yearly basis.

Courtesy:Money control

Public sector lender Central Bank of India 's first quarter (April-June) net profit shot up 8.74 times to Rs 191.6 crore from Rs 21.9 crore in the same quarter last fiscal on strong net interest income and lower provisions but impacted by lower other income and huge tax cost. Net interest income, the difference between interest earned and interest expended, grew 18.5 percent on yearly basis to Rs 1,822 crore in the quarter ended June 2014 while othe income fell 27.9 percent to Rs 431.05 crore during the same period year-on-year. Asset quality improved sequentially with the gross non-performing assets (NPAs) declined (up 12 basis points year-on-year) to 6.15 percent in June quarter from 6.27 percent in March quarter and net NPA falling (down 23 bps) to 3.62 percent from 3.75 percent Q-o-Q. Provisions dropped 34.4 percent to Rs 644.8 crore in first quarter of current financial year 2014-15 from Rs 983.3 crore in corresponding quarter of last fiscal but increased 18.9 percent sequentially. Tax expenses for April-June quarter stood at Rs 137.14 crore as against refund of Rs 4.62 crore in same quarter last fiscal. Capital adequacy ratio (as per Basel-III norms) slipped to 9.62 percent from 9.87 percent on sequential basis and 11.32 percent on yearly basis.

Read more at: http://www.moneycontrol.com/news/results/central-bankindia-q1-profit-jumps-9-times-to-rs-192-cr_1138275.html?utm_source=ref_article

Public sector lender Central Bank of India 's first quarter (April-June) net profit shot up 8.74 times to Rs 191.6 crore from Rs 21.9 crore in the same quarter last fiscal on strong net interest income and lower provisions but impacted by lower other income and huge tax cost. Net interest income, the difference between interest earned and interest expended, grew 18.5 percent on yearly basis to Rs 1,822 crore in the quarter ended June 2014 while othe income fell 27.9 percent to Rs 431.05 crore during the same period year-on-year. Asset quality improved sequentially with the gross non-performing assets (NPAs) declined (up 12 basis points year-on-year) to 6.15 percent in June quarter from 6.27 percent in March quarter and net NPA falling (down 23 bps) to 3.62 percent from 3.75 percent Q-o-Q. Provisions dropped 34.4 percent to Rs 644.8 crore in first quarter of current financial year 2014-15 from Rs 983.3 crore in corresponding quarter of last fiscal but increased 18.9 percent sequentially. Tax expenses for April-June quarter stood at Rs 137.14 crore as against refund of Rs 4.62 crore in same quarter last fiscal. Capital adequacy ratio (as per Basel-III norms) slipped to 9.62 percent from 9.87 percent on sequential basis and 11.32 percent on yearly basis.

Read more at: http://www.moneycontrol.com/news/results/central-bankindia-q1-profit-jumps-9-times-to-rs-192-cr_1138275.html?utm_source=ref_article

Public sector lender Central Bank of India 's first quarter (April-June) net profit shot up 8.74 times to Rs 191.6 crore from Rs 21.9 crore in the same quarter last fiscal on strong net interest income and lower provisions but impacted by lower other income and huge tax cost. Net interest income, the difference between interest earned and interest expended, grew 18.5 percent on yearly basis to Rs 1,822 crore in the quarter ended June 2014 while othe income fell 27.9 percent to Rs 431.05 crore during the same period year-on-year. Asset quality improved sequentially with the gross non-performing assets (NPAs) declined (up 12 basis points year-on-year) to 6.15 percent in June quarter from 6.27 percent in March quarter and net NPA falling (down 23 bps) to 3.62 percent from 3.75 percent Q-o-Q. Provisions dropped 34.4 percent to Rs 644.8 crore in first quarter of current financial year 2014-15 from Rs 983.3 crore in corresponding quarter of last fiscal but increased 18.9 percent sequentially. Tax expenses for April-June quarter stood at Rs 137.14 crore as against refund of Rs 4.62 crore in same quarter last fiscal. Capital adequacy ratio (as per Basel-III norms) slipped to 9.62 percent from 9.87 percent on sequential basis and 11.32 percent on yearly basis.

Read more at: http://www.moneycontrol.com/news/results/central-bankindia-q1-profit-jumps-9-times-to-rs-192-cr_1138275.html?utm_source=ref_article