The state-owned Central Bank of India on May 9 reported a standalone net profit of £3.10 billion for the quarter ended March 2022, on lower provisions for bad loans.
The lender had posted a net loss of ₹1,349 crore in the same quarter last year.
Total revenue for the fourth quarter of FY22 increased to €6,419.58 billion from €5,729.38 billion in the same period of FY21, the Central Bank of India said in a regulatory filing.
For the full 2021-22 financial year, the bank saw a turnaround, posting a net profit of £1,045m. It had a net loss of ₹888 crore in 2020-21.
Total revenue for the year increased to £25,770.13m from £25,845.90m in FY21.
The lender improved its asset quality, cutting gross non-performing assets (NPAs) to 14.84% of gross advances at the end of March 2022 from 16.55% in the same period last year.
Net NPAs, or bad loans, fell to 3.97% from 5.77%.
The decline in the share of non-performing loans was significantly reduced to ₹1,061 billion in Q4FY22 compared to 3,080 crore set aside for the same quarter last year.
For the full year, the provision for contingencies decreased to ₹3,480 crore from ₹5,902 crore.
The bank’s total business increased to ₹5,32,404 billion from ₹5,06,886 billion, up 5.03% year-on-year, it said.
Total deposits have increased by ₹12,719 billion, totaling ₹3,42,692 crore as of March 31, 2022, compared to ₹3,29,973 crore, an increase of 3.85%, the lender said.
Credit costs for FY22 improved to 1.41% from 2.95%, an improvement of 154 basis points (bps) over the prior year.
The slippage ratio for fiscal 2021-22 was 3.20%, compared to 4.40% in the previous fiscal year, an improvement of 120 basis points, it said.
In addition, the bank said business per employee rose from £15.60m to £17.15m on an annualized basis for FY22, an increase of almost 10%.
Shares in the Central Bank of India were trading at £18.10 a share on the BSE, down 1.63% from the previous close.