Central Bank of India has posted 51 per cent drop in net profit for the quarter ended March 31, 2009 at Rs 62.5 crore compared with Rs 127.3 crore in the same period last year. The drop in the profit was mainly due to the higher provisions made for the non-performing assets.
The provisions for non-performing assets went up by 132 per cent to Rs 268 crore during the quarter ended March 2009 as compared to Rs 115 crore in the fourth quarter of 2007-08. The overall provision increased to Rs 347 crore from Rs 183 crore last year.
Total income for the year went up by 21 per cent to Rs 3,150 crore from Rs 2,598 crore the previous year.
The bank's net non-performing assets were down to 1.24 per cent from 2.64 per cent last year.
During the year the bank has raised Rs 117 crore by the way of perpetual non-cumulative preference share and Rs 583 crore by way of innovative perpetual debt.
Shares of Central bank were trading at Rs 43.75, down 5.41 per cent on BSE.