|Central Bank of India has announced its Q1 financial results and has reported a good 20% growth in net profits for the period. The bank's net profit for the period stood at Rs. 336 crore against Rs. 281 crore a year before.
The bank earned Rs. 5,303 crore as an interest on its loans against Rs. 4,558 crore in interest income a year before. "It is a very good turnaround for the bank, especially as this comes on the back of disappointing results in the previous quarter (sequentially)," stated Mr. M.V. Tanksale , Chairman & MD.
There was a substantial rise in the number of accounts slipping into bad loans category, where slippages were Rs. 1,448 crore compared with Rs. 598 crore a year ago. Restructuring in discoms (electricity distribution) remained high; out of the total Rs. 2,674 crore of restructured assets, Rs. 2,400 crore were in discomes.
Mr. Tanksale also stated that the bank would get humble on corporate credit increase its focus on retail credit, specifically on home loans and education loan sector.