Central Bank of India posts Rs 1,396 cr loss for FY16

Central Bank of India today said it has registered a consolidated loss of Rs 1,396.37 crore for fiscal ended March 2016 due to higher provisions for bad assets.
The public-sector lender had posted a net profit of Rs 666.06 crore in 2014-15.
"The group has posted a net loss of Rs 1,396.37 crore for the year ended March 31, 2016 as compared to net profit of Rs 666.06 crore year ago", it said in a regulatory filing.
Total income of the bank also decreased to Rs 27,932.13 crore for the year 2015-16 from Rs 28,376.37 crore year ago.
Central Bank of India did not report the figures for last quarter of 2015-16.

On asset front, the bank said its gross non-performing assets (NPAs) or bad loans soared to 11.95 per cent of gross advances as of March 2016, almost double from 6.09 per cent year ago.

In absolute terms, the gross bad loans stood at Rs 22,720.88 crore in 2015-16, as against Rs 11,873.06 crore in the previous fiscal.
Net NPAs in the last fiscal rose to 7.36 per cent (Rs 13,241.80 crore) of the net advances, up from 3.61 per cent (Rs 6,807.45 crore) in 2014-15.
The bank said it has provided for one time measure of Rs 570.95 crore as a write-off during the year, in pursuant to RBI's changed method for calculation of provisions.

Additionally, the bank has also informed that the Board of Directors have approved the proposal to raise the equity capital up to Rs 3,000 crore during the current financial year 2016-17.
The bank plans to raise the amount by way of preferential issue, qualified institutional placement, rights issue or follow on public offer.
Shares of the bank closed 1.30 per cent higher at Rs 82 apiece on BSE.