Central Bank Of India Shows 15% YoY Increase In Q3 Advances

In Q3 FY24, the bank's gross advances climbed by 3.91 per cent, reaching Rs 2,31,032 crore compared to the previous quarter's Rs 2,21,932 crore. Total deposits grew by 9.52 per cent to Rs 3,77,684 crore as of 31 December 2023, marking a 1.73 per cent rise from Rs 3,71,252 crore reported on 30 September 2023. The bank's overall business reached Rs 6,17,750 crore, up 11.55 per cent year-on-year (YoY) and 2.57 per cent quarter-on-quarter (QoQ) by the end of December 2023.

As of 31 December 2023, the CASA deposits stood at Rs 1,84,573 crore, reflecting a 4.82 per cent increase YoY and a 0.95 per cent rise QoQ. However, the CASA ratio declined to 49 per cent from 51.22 per cent in December 2022 and 49.40 per cent in September 2023.

Central Bank of India provides a broad spectrum of banking and financial services catering to various customer segments, with 65.22 per cent of its 4489 branches situated in rural and semi-urban areas. The bank boasts a network of 4044 ATMs and 10962 BC Points, totaling 19495 Touch Points as of September 2023.

In Q2 FY24, the bank witnessed a significant surge in net profit, soaring by 90.25 per cent to Rs 605 crore on a 19.07 per cent increase in total income to Rs 8,412 crore compared to Q2 FY23.