CBI Q4 Results: Central Bank of India Q4 Results: The lender returns to the black with a net profit of Rs 310 crore

NEW DELHI: The state-owned company on Monday reported standalone net profit of Rs 310 crore for the quarter ended March 2022 on lower provisions for bad loans. The lender posted a net loss of Rs 1,349 crore in the same quarter last year.

Total revenue increased to Rs.6,419.58 crore in the fourth quarter of FY22 compared to Rs.5,729.38 crore in the same period of FY21.

said in a regulatory filing.

For the full 2021-22 financial year, the bank saw a turnaround, posting a net profit of Rs.1,045 crore. It had a net loss of Rs 888 crore in 2020-21.

Total revenue for the year increased to Rs. 25,770.13 crore from Rs. 25,845.90 crore in FY21.

The lender improved its asset quality, reducing gross non-performing assets (NPAs) to 14.84 percent of gross advances at the end of March 2022, down from 16.55 percent in the same period last year.

NPAs, or bad loans, fell to 3.97 percent from 5.77 percent.

Decrease in non-performing loan shares significantly reduced to Rs.1,061 crore for Q4FY22, compared to Rs.3,080 crore set aside for the same quarter last year.

For the full year, the provision for contingencies was reduced to Rs 3,480 crore from Rs 5,902 crore.

The bank’s total business rose to Rs.5,32,404 crore from Rs.5,06,886 crore, up 5.03 percent year-on-year, it said.

Total deposits have increased by Rs.12,719 crore to stand at Rs.3,42,692 as of 31 March 2022 compared to Rs.3,29,973, up 3.85 percent, the lender said.

Credit costs for FY22 improved to 1.41 percent from 2.95 percent, an improvement of 154 basis points (bps) year-over-year.

The slippage ratio for the 2021-22 fiscal year was 3.20 percent, compared to 4.40 percent in the previous fiscal year, an improvement of 120 basis points, it said.

In addition, the bank said business per employee for FY22 rose to Rs 17.15 crore on an annualized basis from Rs 15.60 crore, up nearly 10 per cent.

Shares of the Central Bank of India were trading at BSE at Rs 18.10 apiece, down 1.63 per cent from the previous close.

Cheryl Tenny

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