Central Bank of India has reported over 20% rise in its fiscal second quarter net profit to Rs 161 crore over the year-ago period.

The bank's total income grew nearly 2% to Rs 6,833.94 crore in the quarter ended 30 September compared to Rs 6,703.71 crore in the year-ago period.

Operating profit improved to Rs 1,458 crore, registering a growth of 42.16% from Rs 1,026 crore a year ago.

Bad assets ratio improved with the gross non-performing assets (NPAs) falling to 17.36% of gross advances by the end of September 2020, from 19.89% a year ago.

Net NPAs fell to 5.60%, against 7.90% in the year-ago quarter.

In value terms, the gross NPAs fell to Rs 30,785.43 crore from Rs 33,497.22 crore, while net NPAs stood at Rs 8,683.58 crore as against Rs 11,551.91 crore.

Provisions for bad loans and contingencies, however, rose to Rs 1,104.92 crore for the quarter under review, from Rs 791.33 crore in the earlier year.

The bank's total business stood at Rs 5,00,737 crore as against Rs 4,73,080 crore.

Provision coverage ratio also improved to 82.24% against 76.68% a year ago.

While the cost of deposits deduced to 4.45% from 5.18% a year ago, the net interest margin improved to 3.35% from 2.82%, the lender said.