Central Bank of India has tanked 7% to Rs 57.65 on reporting a sharp 94% year-on-year (yoy) drop in net profit at Rs 22 crore for the quarter ended June 30, 2013 (Q1) due to higher provisions for rising bad loans.
“Net interest income (interest earned minus interest expense) however, grew by 11.6% at Rs 1,538 crore on yoy basis,” the state owned bank said in a statement.
The bank’s provisioning expenses for the bank almost tripled at Rs 983 crore on a yoy, it added.
On the asset quality front, the slippages during the quarter spiked to 5.6%, highest since the bank made switchover to system based NPA recognition. Gross and Net non performing assets (NPA) levels jumped up sequentially by 24.9% and 30.9%, respectively.
The stock opened at Rs 58 and hit a low of Rs 55.50, its lowest level since May 2009, on NSE. A combined around 700,000 shares changed hands on the counter till 1013 hours on NSE and BSE.
“Net interest income (interest earned minus interest expense) however, grew by 11.6% at Rs 1,538 crore on yoy basis,” the state owned bank said in a statement.
The bank’s provisioning expenses for the bank almost tripled at Rs 983 crore on a yoy, it added.
On the asset quality front, the slippages during the quarter spiked to 5.6%, highest since the bank made switchover to system based NPA recognition. Gross and Net non performing assets (NPA) levels jumped up sequentially by 24.9% and 30.9%, respectively.
The stock opened at Rs 58 and hit a low of Rs 55.50, its lowest level since May 2009, on NSE. A combined around 700,000 shares changed hands on the counter till 1013 hours on NSE and BSE.