Central Bank Of India's Q2 Net Profit Surges 90% To Rs 605 Cr
Central Bank of India, a public sector lender, announced a net profit of Rs 605.4 crore for the fiscal quarter spanning July to September. The bank's gross non-performing asset (GNPA) improved to 4.62 per cent, a positive shift from 4.95 per cent in Q1FY24, while the net NPA decreased to 1.64 per cent from the previous 1.75 per cent.
Total business for Central Bank of India experienced a notable growth of 11.51 per cent, reaching Rs 602,284 crore in Q2FY24 compared to Rs 540,130 in Q2FY23. Total deposits rose by 8.21 per cent to Rs 371,252 crore in Q2FY24, surpassing the Rs 343,081 figure from Q2FY23.
A significant improvement was noted in the Provision Coverage Ratio (PCR), which increased to 92.54 in Q2FY24, a marked improvement from 89.20 in Q2FY23, representing a 334 basis point increase.
Operating profit demonstrated a 13.47 per cent increase, totaling Rs 3,369 crore on a half-yearly basis. However, there was a marginal dip of 12.47 per cent to Rs 1,530 crore on a quarterly basis, attributed to the rise in non-staff operating expenses.
Net Interest Income (NII) showed a healthy increase of 10.23 per cent, reaching Rs 3,028 crore compared to Rs 2,747 crore in Q2FY23. On a half-yearly basis, NII surged by 26.90 per cent to Rs 6,204 crore from Rs 4,889 crore in Q2FY23.
Net Interest Margin (NIM) improved to 3.53 percent in Q2FY24, up from 3.12 per cent in Q2FY23, marking a 41 basis point increase on a half-yearly basis. However, it witnessed a slight decrease to 3.43 per cent from 3.44 per cent in Q2FY23 on a quarterly basis, owing to higher interest pay-outs on deposits.
As of September '23, Central Bank of India boasts an extensive network with 4,489 branches, 65.22 per cent of which (2,928 branches) are located in rural and semi-urban areas. The bank also operates 4,044 ATMs and 10,962 Business Correspondent (BC) Points, offering a total of 19,495 Touch Points.
