Central Bank of India reported a consolidated net profit of 1.22 billion rupees for the first quarter ended June 30, compared to a net loss of 15.16 billion rupees in the prior-year period, amid lower provisions and expenses.
EPS for the period was 29 paisa, compared to a loss per share of 5.81 rupees in the year-ago quarter, according to an Aug. 6 earnings report.
The bank booked provisions and contingencies totaling 10.39 billion rupees, down from 27.72 billion rupees in the prior-year period. Operating expenses fell to 14.69 billion rupees from 15.11 billion rupees.
Operating profit before provisions and contingencies increased to 11.08 billion rupees from 3.92 billion rupees. The increase was helped by higher income on investments, which rose to 24.27 billion rupees from 19.83 billion rupees. Interest earned inched up to 57.45 billion rupees from 57.19 billion rupees, while other income increased to 7.74 billion rupees from 2.14 billion rupees.
The bank's standalone gross nonperforming assets ratio as of June 30 stood at 19.93%, up from 19.29% as of March 31, but down from 22.17% as of June 30, 2018. Its net NPA ratio clocked in at 7.98%, up from 7.73% as of the end of March, but down from 10.58% as of the end of June 2018.
Under Basel III standards, the bank's capital adequacy ratio stood at 9.58% as of the end of June, down from 9.61% in the three months prior, but up from 8.05% in the corresponding period in 2018. Its common equity Tier 1 ratio was 7.58%, up from 7.49% as of March 31 and from 6.05% as of June 30, 2018.
As of Aug. 6, US$1 was equivalent to 71.04 Indian rupees.