Central Bank net profit jumps over 8-fold to Rs 192 crore
State-run Central Bank of India on Saturday reported over eight-fold rise in net profit to Rs 192 crore for the quarter ended June 30 on low base in the year-ago period when it had reported Rs 22 crore net profit. "In the second quarter of the past fiscal, we had posted a big loss and thereafter we started correcting our strategies.
"Our endeavour has been paying off from the third quarter of last fiscal. In this quarter also, net profit has shown a continuous upward movement," the bank's CMD Rajeev Rishi told reporters .The bank's net interest income grew 18.54 per cent to Rs 1,882 crore from Rs 1,537 crore a year ago.Net interest margin, which is the difference between what it pays to depositors and what it earns from on-lending, improved to 2.87 per cent in the reporting quarter from 2.68 per cent earlier.
Rishi said for the current fiscal, the bank is targetting a net interest margin of 3 per cent.
However, gross non-performing assets in the quarter rose to 6.15 per cent from 6.03 per cent in the year ago period, but net NPAs declined a tad to 3.62 per cent from 3.85 per cent as the bank could recover Rs 208 crore.
"Although our gross NPAs marginally deteriorated to 6.15 per cent in the quarter, our net NPAs improved on recovery and we see this trend to continue going forward," Rishi said, adding that on a quarter-on-quarter basis, there was improvement in gross NPA levels when it stood at 6.27 per cent.
Indian Overseas Bank Q1 Net zooms over 2-fold to Rs 271.72 cr
Public sector Indian Overseas Bank has reported over two-fold jump in net profit for the first quarter ended June 30, 2014 at Rs 271.72 crore.The bank had reported net profits of Rs 125.79 crore in the corresponding period of the previous year.Total income for the first quarter ended June 30, 2014, grew Rs 6,284.69 crore from Rs 6,187.15 crore registered during the same period of the previous year.Gross NPA of the bank as on June 30, 2014 stood at 5.84 per cent, as against 4.45 per cent registered during the same period of the previous year.
Net NPA stood at 3.85 per cent in the reported quarter as against 2.81 per cent registered during the same period of the previous year.
Total business for the April-June 2014 quarter grew to Rs 3,99,188 crore, up by 9.94 per cent, from Rs 3,63,087 crore registered during the same period of the previous year. The bank said total deposits for the quarter grew to Rs 2,21,879 crore from Rs 1,96,213 crore in the year-ago period. Gross advances increased to Rs 1,77,309 crore, as on June 30, 2014 from Rs 1,66,874 crore, registered during the same period of the previous year.
CASA Ratio stood at 24.50 per cent as on June 30, 2014 as against 25.61 per cent as on June 30, 2013, the bank said. later talking to reporters, Indian Overseas Bank Chairman and Managing Director M Narendra said the increase in net profit was due to operational efficiency and fund management.
Jaypee Infratech Apr-Jun quar net profit drops 43% at Rs 45cr
Jaypee Infratech ltd on Saturday reported a 43 per cent drop in standalone net profit at Rs 45.96 crore for the quarter ended June on the back of lower income.The company's net profit in the corresponding quarter of the last fiscal was at Rs 81.01 crore, the company said in a filing to BSE.
The total income from operations of the company came down to Rs 705.64 crore, over Rs 769.20 crore in the same period of FY'14, the company said. The total expenses of the company declined to Rs 439.49 crore, over Rs 442.60 crore in corresponding quarter of the last financial year, it said.