Central Bank narrows Q3 net loss at Rs 605.70 crore

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Public sector Central Bank of India today reported a net loss of Rs 605.70 crore for the third quarter ended December 31, 2016, on persisting bad loans.

The bank trimmed its losses for the quarter against a Rs 836.62 crore loss it posted in the corresponding October- December quarter of the previous fiscal.

“Total income has decreased to Rs 6,787.87 crore during the quarter against Rs 6,911.620 crore in the same quarter of the previous fiscal,” the bank said in a regulatory filing.

On asset quality, the bank’s gross non performing assets (NPAs) grew to 14.14 per cent of gross advances during the December quarter, against 8.95 per cent in the year-ago period.

Net NPAs stood at 8.54 per cent of net advances, up from 5.30 per cent a year ago.

The provisioning for bad loans and contingencies was at Rs 1,486 crore during the quarter, slightly down from Rs 1,499.05 crore year ago.

Central Bank said it allotted over 1.71 crore shares to LIC on a preferential basis for Rs 139.65 crore.