The share price of Central Bank of India plunged over 17 percent on Tuesday after the bank reported a net loss of Rs 1,529.07 crore for the quarter ended March 2020. The bank had reported a loss of Rs 2,477.41 crore in the same period last year while a net profit of Rs 155.32 crore in the December quarter.

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The stock fell 17.02 percent to hit an intraday low of Rs 16.82 per share on the BSE. At 12:22 pm, The stock was trading 8.93 percent lower at Rs 18.46 per share.

Net interest income rose 20 percent to Rs 1,926 crore from Rs 1,603 crore, YoY.

The bank’s operating profit declined 66 percent to Rs 517.24 crore from Rs 1,518.83 crore in the same period of the previous fiscal.

Asset quality improved as gross non-performing assets (NPAs) in Q4FY20 decreased to Rs 32,589.08 crore from Rs 33,258.59 crore while the gross NPA ratio fell to 18.92 percent from 19.99 percent, QoQ.

Net NPA fell to Rs 11,534.46 crore from Rs 13,568.05 crore while net NPA ratio declined to 7.63 percent from 9.26 percent, QoQ.

As a result of improvement in asset quality, provisions for bad loans during the March quarter slipped to Rs 1,583.25 crore compared to Rs 4,523.57 crore in the year-ago period.

Provision other than tax and contingencies too declined to Rs 2,178.33 crore from Rs 4,733.82 crore in the same period a year ago.

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