Central Bank of India shares jump 8% after Q4 earnings

Shares of Central Bank of India on Monday jumped 8 per cent after the company reported narrowing of its net loss to Rs 1,349.21 crore on a standalone basis in the last quarter of the fiscal ended March 2021.

The stock gained 7.98 per cent to close at Rs 23 on the BSE. During the day, it rallied 14.78 per cent to Rs 24.45.

On the NSE, it zoomed 7.98 per cent to close at Rs 23. In traded volume terms, 89.76 lakh shares were traded at the BSE and over 6.41 crore units at the NSE during the day.

The bank had posted a net loss of Rs 1,529.07 crore in the same quarter of the preceding financial year. Sequentially, there was a net profit of Rs 165.41 crore in the December quarter of the financial year 2020-21.

Net profit (standalone) for the entire fiscal 2020-21 was down by 20.84 per cent to Rs 887.58 crore as against Rs 1,121.35 crore in 2019-20, Central Bank of India said in a regulatory filing.

Income (standalone) during Q4FY21 also fell to Rs 5,779.84 crore from Rs 6723.73 crore in the fourth quarter of financial year 2019-20.

For the full year, the income was down at Rs 25,897.44 crore as against Rs 27,199.29 crore in FY20, the bank said.

The asset quality of the state-owned lender showed improvement with the gross non-performing assets (NPAs) falling to 16.55 per cent of the gross advances by end of March 2021 as against 18.92 per cent by year-ago same period.

In absolute value, gross NPAs fell to Rs 29,276.96 crore from Rs 32,589.08 crore.

Net NPAs were also trimmed to 5.77 per cent (Rs 9,036.46 crore) from 7.63 per cent (Rs 11,534.46 crore).

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