CBI Q4 results: Central Bank of India Q4 results: Lender goes black with net profit of Rs 310 crore

New Delhi: The state-owned company on Monday reported a standalone net profit of Rs 310 crore in the quarter ended March 2022, due to lower provisioning for bad debts. The lender had posted a net loss of Rs 1,349 crore in the same quarter a year ago.

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

said in a regulatory filing.

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

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

The lender improved its asset quality and reduced gross non-performing assets (NPA) to 14.84% of gross advances at the end of March 2022, from 16.55% a year ago.

Net NPAs or bad debts fell to 3.97% from 5.77%.

The decline in the proportion of impaired loans was reduced significantly to Rs 1,061 crore for Q4FY22, from Rs 3,080 crore set aside for the prior year quarter.

For the full year, the contingency provision 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 registering a growth of 5.03% year-on-year, he said.

Total deposits increased by Rs 12,719 crore and stood at Rs 3,42,692 crore as of March 31, 2022, from Rs 3,29,973 crore, reflecting an increase of 3.85%, the lender said.

The cost of credit for FY22 improved from 2.95% to 1.41%, recording a 154 basis point (bp) year-over-year improvement.

The slippage ratio for the 2021-22 financial year stood at 3.20%, compared to 4.40% in the previous financial year, registering an improvement of 120 basis points, it said.

Further, the bank said that the revenue per employee for FY22 increased from Rs 15.60 crore to Rs 17.15 crore on an annual basis, registering an increase of almost 10%.

Central Bank of India shares were trading at 18.10 rupees each on the BSE, down 1.63% from the previous close.

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