The government-owned Central Bank of India on Monday  recorded a standalone net profit of Rs 310 crore for the quarter ended March 2022, on the back of lower provisioning for bad loans. In the same quarter a year before, the lender incurred a net loss of Rs 1,349 crore.

The Central Bank of India reported in a regulatory filing that total income increased to Rs 6,419.58 crore in Q4 FY22, up from Rs 5,729.38 crore in the same quarter of FY21. The bank saw a turnaround in fiscal year 2021-22, recording a net profit of Rs 1,045 crore. In 2020-21, it made a net loss of Rs 888 crore. Total revenue increased to Rs 25,770.13 crore in FY22, up from Rs 25,845.90 crore the previous year.

At the end of March 2022, the lender improved its asset quality and reduced gross non-performing assets (NPAs) to 14.84 percent of gross advances, down from 16.55 percent the previous year. Net nonperforming assets, or bad loans, declined from 5.77 percent to 3.97 percent. Bad loan percentage decreased dramatically in Q4FY22, falling to Rs 1,061 crore from Rs 3,080 crore in the previous quarter.

Provisioning for eventualities was lowered to Rs 3,480 crore for the full year, down from Rs 5,902 crore the previous year. The bank's total business climbed to Rs 5,32,404 crore from Rs 5,06,886 crore, representing a 5.03 percent year-on-year gain, according to the statement.

Total deposits climbed by Rs 12,719 crore to Rs 3,42,692 crore on March 31, 2022, up 3.85 percent from Rs 3,29,973 crore the previous year, said the Bank.

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