New Delhi: Central Bank of India on Friday said its net loss widened more than three-fold to Rs 2,114 crore in the March quarter due to higher provisioning for bad loans.
The bank had reported a net loss of Rs 592 crore in the January-March quarter of the previous fiscal, 2016-17.
Its total income during the fourth quarter of 2017-18 also declined to Rs 6,301.50 crore, from Rs 7,121.05 crore in the year ago period.
"For the financial year ended 31 March, 2018, the bank has incurred net loss of Rs 5,105 crore as compared to net loss of Rs 2,439 crore during previous financial year primarily due to higher NPA provisions, higher slippages/ageing and additional provision in NCLT accounts, significant decline in trading profit on investments, decline in net interest income etc," the bank said in a statement.
Income during the year was also down at Rs 26,659 crore against Rs 27,537 crore in previous fiscal.
The net interest income of the bank stood at Rs 6,517 crore in 2017-18, down from Rs 6,574 crore in year ended March 2017.
Bank's net interest margin stood at 2.47 percent as on March 31, 2018 as against 2.51 percent a year ago.
The gross non-performing assets (NPAs) or bad loans of the bank hit a high of 21.48 percent of the gross advances at the end of March 2018, as against 17.81 percent a year ago. Net NPAs rose to 11.10 percent from 10.20 percent.
In absolute terms, gross NPAs stood at Rs 38,130.70 crore in 2017-18 up from Rs 27,251.33 crore year ago. Net NPAs were Rs 17,377.87 crore as against Rs 14,217.83 crore.
The bank said its cash recovery for the year improved to Rs 854 crore from Rs 376 crore in 2016-17.
"Under special 'Mission Recovery' campaign launched on 25 January, 2018, the bank has achieved Rs 1403 crore by way of recovery/upgradation in small NPA accounts up to Rs 10 crore," it said.
Total business improved to Rs 4.72 lakh crore as on 31 March, 2018 from Rs 4.49 lakh crore by end of March 2017.
The net worth of the bank stood at Rs 14,845 crore as on 31 March, 2018.
The Central Bank stock closed 1.59 percent higher at Rs 66.95 on BSE.
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Updated Date: May 18, 2018 18:43:01 IST