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Central Bank of India fiscal Q1 net loss widens YOY

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Central Bank of India fiscal Q1 net loss widens YOY

Central Bank of India reported a net loss for the fiscal first quarter ended June 30 of 15.22 billion rupees, compared to a loss of 5.77 billion rupees in the prior-year quarter, as it recorded lower income and higher provisions.

Loss per share for the quarter was 5.81 rupees, compared to 3.03 rupees in year-ago period.

The bank's net loss for the period came amid lower income from operations, with interest earned down to 56.92 billion rupees from 62.11 billion rupees, and other income lower at 2.13 billion rupees, compared to 6.60 billion rupees in the prior-year period.

Total income fell to 59.05 billion rupees from 68.71 billion rupees, while operating profit before provisions and contingencies declined to 3.84 billion rupees from 4.51 billion rupees.

Provisions and contingencies jumped to 27.68 billion rupees from 12.69 billion rupees.

The bank's gross nonperforming assets ratio as of June 30 came in at 22.17%, compared to 21.48% as of March 31 and to 18.23% as of June 30, 2017. The net NPA ratio stood at 10.58%, compared to 11.10% a quarter earlier and to 11.04% a year earlier.

As of June 30, the bank's capital adequacy ratio under Basel III clocked in at 8.05%, down from 9.04% as of March 31 and from 9.61% as of June 30, 2017. Its common equity Tier 1 ratio was 6.05%, down from 7.01% a quarter earlier and from 7.47% a year earlier.

As of July 30, US$1 was equivalent to 68.60 Indian rupees.