The public sector lender, Central bank of India reported a 35 per cent increase in net profit at Rs 33o crore in the second quarter of the current financial year. However, in the corresponding period of last year, the bank had posted a net profit of Rs 244 crore.
In the second quarter, the bank also reported a marginal growth in net interest income at Rs 1415 crore against Rs 1397 crore in the year ago period. Net Interest Income is the difference between interest earned and interest expended.
Central Bank of India also recorded a 119 per cent hike in the recoveries from stressed loans at Rs 329 crore against Rs 150 crore for a year ago period.
The tax outgo during the second quarter was at Rs 59 crore against Rs 1 crore for a year ago period. The stressed assets were Rs 158 crore (Rs 62 crore).
The strategy of the bank will be to focus on recoveries ad to step up loans in the retails, micro, small and medium enterprises and agriculture. The bank restructured almost 427 loan accounts during the quarter aggregating Rs 1049 crore (Rs 2,674 crore).