State-owned Central Bank of India on Monday reported a standalone net profit of Rs 310 crore in the quarter ended March 2022, on the back of less provisioning for bad loans.
The lender had posted a net loss of Rs 1,349 crore in the same quarter a year ago.
Total income during Q4 of FY22 rose to Rs 6,419.58 crore, from Rs 5,729.38 crore in the same period of FY21, the Central Bank of India said in a regulatory filing.
For the full fiscal year 2021-22, the bank witnessed a turnaround and recorded a net profit of Rs 1,045 crore. It had a net loss of Rs 888 crore in 2020-21.
Total income during the year rose to Rs 25,770.13 crore, from Rs 25,845.90 crore in FY21.
The lender improved its asset quality and brought down the gross non-performing assets (NPAs) to 14.84 per cent of the gross advances at the end of March 2022, as against 16.55 per cent in the year-ago period.
Net NPAs or bad loans fell to 3.97 per cent, from 5.77 per cent.
Fall in bad loan proportions significantly reduced to Rs 1,061 crore for Q4FY22, as against Rs 3,080 crore put aside for the year-ago quarter.
For the full year, the provisioning for contingencies reduced to Rs 3,480 crore, from Rs 5,902 crore.
The bank's total business increased to Rs 5,32,404 crore, from Rs 5,06,886 crore registering a growth of 5.03 per cent year-on-year, it said.
Total deposits have increased by Rs 12,719 crore and stood at Rs 3,42,692 crore as of March 31, 2022, as compared to Rs 3,29,973 crore, reflecting an increase of 3.85 per cent, said the lender.
Credit cost for FY22 improved from 2.95 per cent to 1.41 per cent, registering an improvement of 154 basis points (bps) year-on-year.
Slippage Ratio for the fiscal year 2021-22 stood at 3.20 per cent, compared to 4.40 per cent during the previous fiscal year, registering an improvement of 120 bps, it said.
Further, the bank said that the business per employee for FY22 has increased from Rs 15.60 crore, to Rs 17.15 crore on a yearly basis, registering a rise of nearly 10 per cent.
The stock of the Central Bank of India was trading at Rs 18.10 apiece on BSE, down by 1.63 per cent from the previous close.