Country’s one of the oldest and largest commercial lender Central Bank of India has reported that its standalone net loss has narrowed to Rs 605.7 crore during the October-December quarter ended December 31, 2016.
The bank had posted standalone net loss at Rs 836.62 crore in corresponding quarter of previous fiscal, said Central Bank of India in a filing to the Bombay Stock Exchange.
Total income of the bank, however, fell by 1.8 per cent at Rs 6,787.87 crore in Q3 FY17 from Rs 6,911.62 crore in Q3 FY16.
During the quarter, provisions (other than tax) and contingencies declined to Rs 1,486 crore from Rs 1,661 crore in previous quarter and from Rs 1,499 crore in corresponding quarter of last fiscal.
During the quarter under review, the bank’s gross non-performing assets increased to 14.14 per cent of total loans, compared with 8.95 per cent in the year-ago quarter. Net NPA of the bank too grew to 8.54 per cent against 5.30 per cent in corresponding period last year.
Meanwhile, shares of the bank were trading at Rs 89.35 apiece, up 0.85 per cent, from previous close on BSE at 13:16 hours.
“The consolidated net profit of the Adani Group arm stood at Rs 660.73 crore during the same period a year ago,” Adani Ports and Special Economic Zone Ltd said in a filing to the BSE.
Further, the consolidated total income of the company increased 18 per cent at Rs 2,161.65 crore during Q4 FY 16, as compared to Rs 1,831.85 crore in the same quarter last year.
During the quarter under review, total expenditure of the India’s largest port developer, however, rose to Rs 977.88 crore, as against Rs 832.91 crore in Q4 FY 15.
Consolidated cargo for Q4 FY16 stood at 37 MMT thereby continuing its leadership as the single largest commercial port in India, it said in a statement.
Commenting on the performance, Adani Group, Chairman, Gautam Adani said, “Our strategy continues to bear fruit, with total operating income for the first time exceeding the US$ 1 billion mark. With an expanded footprint at 10 locations along the Indian coastline, we aim to continue to drive growth within our ports business, as well as look to the further development of industrial clusters and full-service logistics, with the ultimate goal of building a fully integrated logistics player of significant scale.”
Speaking on the results, APSEZ, CEO, Karan Adani said, “Our guidance for the next year, cargo volumes likely to see 10 per cent to 15 per cent growth and corresponding 10 per cent to 15 per cent growth in profit after tax.”
For the full year, it has posted a net profit of Rs 2,867.36 crore for the year ended March 31, 2016 as compared to Rs 2,314.33 crore for the year ended March 31, 2015. It’s total income has increased from Rs 6,837.62 crore for the year ended March 31, 2015 to Rs 7,940.55 crore for the year ended March 31, 2016.
Despite earnings, shares of the company were trading at Rs 213 apiece, down 9.71 per cent, from previous close on BSE at 12:25 hours.