State-owned Central Bank of India reported an over 55% jump in net profit to Rs 250 crore for the quarter ended September compared to Rs 161 crore a year ago.

Total income, however, fell to Rs 6,503.39 crore from Rs 6,762.36 crore in the earlier-year quarter.

Net interest income rose 5.99% to Rs 2,495 crore from Rs 2,354 crore.

Net interest margin (NIM) improved 15 basis points to 3.36% on a year-on-year basis.

The bank’s asset quality improved with the gross non-performing assets (NPAs) moderating to 15.52% from 17.36%.

Net NPAs fell to 4.51% as of September 30, 2021, from 5.60% a year ago.

The bank's cost of deposit dropped to 3.84% from 4.45%.

Provisions and contingencies for the September quarter stood at Rs 1,048.52 crore versus Rs 1,033.34 crore in the year-ago quarter.

The bank said its slippage ratio stood at 1.45%, up from 0.08%, as there was a moratorium granted by the Reserve Bank of India due to the Covid-19 pandemic. In the June 2021 quarter, it was 0.95%.

"Slippage ratio during the quarter increased due to slippage of two corporate accounts of Rs 1,150 crore. Had these accounts not slipped during the quarter then the slippage ratio for Q2FY22 would have been 0.67 percent," the bank said in a release.

Total business stood at Rs 5,12,094 crore as on September 30, 2021, compared to Rs 5,00,737 crore a year ago.

Total deposits rose 4.04% to Rs 3,36,500 crore at the end of the quarter, from Rs 3,23,444 crore in the year-ago quarter.