State-owned lender Central Bank of India disappointed the street with the first quarter (April-June) net profit plunging 94 percent year-on-year to Rs 22 crore on higher provisions. With this, M V Tanksale, who had joined the bank as on October, 2011; as the chairman and managing director, presented his last quarterly results before he retires by July.
During the quarter, net interest income or the difference between interest earned and paid out, increased 12 percent y-o-y to Rs 1,538 crore . The bank earned a tax refund of Rs 4.62 crore. Without this component, the net profit would have slided 95 percent y-o-y to 17.31 crore. Provisions and contingencies jumped 178.55 percent year-on-year (up 123 percent sequentially) to Rs 983.3 crore during the quarter.
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