Public sector lender Central Bank of India plans to re-price high cost bulk deposits worth Rs 16,000 crore in the first quarter to bring down cost of funds.
Taking a grim view of the slippages on its credit to the aviation sector, Mumbai-based Central Bank of India has decided to curb lending to the sector.
State-owned Central Bank of India is expected to get Rs 2,406 crore fund infusion through preferential issue of shares to the government by end of next month.
Central Bank of India today announced a cut of 0.25 per cent in its base rate. "We have scaled down our base rate from 10.50 per cent to 10.25 per cent, effective February 9," the bank said in a statement.
Central Bank of India posted a 59.29 per cent rise in net profit at Rs 180 crore for the third quarter ended December 2012 on robust growth in interest income.
M V Tanksale, chairman and managing director of Central Bank of India, says non-performing assets (NPAs) in the banking system will grow for a while and as long as credit creation will be there, there will be slippages.
Saddled with the low offtake of credit and high NPA rate of agriculture credit in Punjab and Haryana, the Central Bank of India is geared up to expand in the state of Jammu and Kashmir.
Central Bank of India has posted a 35.25 per cent rise in net profit at Rs 329.92 crore for the second quarter ended September, on rise in non-interest income.
Central Bank of India is eyeing total business of Rs 10,000 crore from home loan segment this year. The bank has been aggressively targeting prospective home buyers through its various initiatives.
The central bank’s strong anti-inflation rhetoric since June has dampened the earlier market expectation of rate cuts in September and to an extent over the remaining months of 2012-13 as well.
Banks that have higher proportion of deposits maturing in the second half of this financial year are likely to restrict further decline in their net interest margin as interest rates are expected to fall in coming months.
“We have decided to reduce the rate of interest on the car loans. We have decided (to cut)... Housing loan rate by 25 to 50 basis on houses between Rs 30-35 lakh.
During the quarter, the total income of the bank rose to Rs 5,624.97 crore, from Rs 4,840.14 crore in the corresponding period of the previous fiscal, it said in a filing to the BSE.
State-run Central Bank of India has said it will be requiring over Rs 14,000 crore of fresh capital to meet the Basel-III guidelines which will kick in from next fiscal.
State-run lender Central Bank of India reported a net loss of Rs 105 crore for the quarter ended March 31, on the account of significant rise in provisions for non-performing loans.
Central Bank of India has tumbled 13% to Rs 76.90 after reporting net loss of Rs 105 crore for the fourth quarter ended March 2012, due to higher provisioning. The state-owned bank had posted a net profit of Rs 133 crore in a year ago quarter.
The Central Bank of India slipped into a net loss of Rs 105 crore for the fourth quarter ended March 2012. In the same period a year ago the lender's net profit was Rs 133 crore.
