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Central Bank Q3 loss widens to Rs 1,664 cr on rising bad loans
Central Bank of India today reported widening of loss to a staggering Rs 1,664.22 crore for the third quarter ended December 31, 2017-18, on persisting bad loans.
NEW DELHI: Central Bank of India today reported widening of loss to a staggering Rs 1,664.22 crore for the third quarter ended December 31, 2017-18, on persisting bad loans.
The state-owned bank had posted Rs 605.70 crore loss in the October-December quarter of 2016-17.
Its total income decreased to Rs 6,589.32 crore during the quarter under review, as against Rs 6,787.87 crore in the year-ago period, the bank said in a regulatory filing.
Asset quality of the bank further deteriorated as gross non-performing assets (NPAs) grew to 18.08 per cent of gross advances during the December quarter, as against 14.14 per cent in the year-ago period.
Net NPAs stood at 9.45 per cent of net advances, up from 8.54 per cent a year ago.
The provisioning for bad loans and contingencies was at Rs 3,427.03 crore during the quarter, slightly down from Rs 1,486 crore a year ago.
Similarly, the provision for bad loans doubled to Rs 3,081.56 crore against Rs 1,571.18 crore in the same period a year ago.
