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Friday, July 26, 2013

CENTRAL BANKS: RESULTS NOT THAT BAD
Central Bank of India has announced the following results for the quarter ended June 30, 2013: The Unaudited Standalone results for the Quarter ended June 30, 2013:

The Bank has posted a net profit after tax of Rs. 219.30 million (Rs.21.93 Cr) for the quarter ended June 30, 2013 as compared to Rs. 3359.50 million (Rs.335.95) for the quarter ended June 30, 2012. Total Income has increased from Rs. 56249.70 million for the quarter ended June 30, 2012 to Rs. 64434.50 million (Rs.644.35 Cr) for the quarter ended June 30, 2013.

BUT WHAT MOST OF US MISSED IS THAT THE NET PROFIT TOOK A HIT DUE TO HIGH PROVISIONING.
The operating profit in Q1FY13 is Rs.1000.57 Cr as against Rs.792.91 Cr on Q-o-Q basis. So, is this bad, in any case?

The provisions and Contingencies has increased from Rs.352.94 Cr in Q1FY13 to Rs.983.26 Cr in Q1FY14. This has actually dented the net profit margins.

Hence the results are not that bad as is made out to be. Still the bank is profit making organization.