Central Bank of India's Q3 Profit Jumps 55.1% To Rs 734.47 Cr; NII At Rs 3152 Cr

Central Bank of India reported a notable surge in its profit for the third quarter of the financial year 2023-24, reaching Rs 734.47 crore. This represents a substantial increase of 55.1 per cent compared to the same period last year when the profit stood at Rs 473.47 crore. The bank's Net Interest Income (NII) experienced a marginal decline of 4.04 per cent on a year-on-year basis, amounting to Rs 3,152 crore in Q3FY24, down from Rs 3,285 crore in Q3FY23. However, excluding a one-off exceptional item, the NII increased by 3.73 per cent, rising from Rs 3,042 crore in Q3FY23 to Rs 3,125 crore in Q3FY24.

Total income for the reviewed quarter reached Rs 9,171.16 crore, marking a robust growth of 19.6 per cent compared to Rs 7,665.59 crore in the corresponding period last year.

The bank emphasised its maintenance of adequate liquidity, with the Liquidity Coverage Ratio (LCR) standing at 231.92 per cent, compared to 289.57 per cent in the same period of the previous year. Return on Assets (ROA) improved to 0.69 per cent for Q3FY24, up from 0.50 per cent in Q3FY23. Similarly, Return on Equity (ROE) also showed improvement, reaching 2.67 per cent for Q3FY24, compared to 1.86 per cent for Q3FY23.

Central Bank of India reported a total business of Rs 6,17,368 crore as of December 31st, 2023, reflecting a growth of Rs 63,600 crore (11.48 per cent) on a year-on-year basis. Total deposits increased by 9.53 per cent to Rs 3,77,722 crore. Gross Advance witnessed a growth of 14.71%, reaching Rs 2,39,646 crore, while Net Advance increased by 19.19 per cent to Rs 2,31,815 crore on a year-on-year basis.

The bank's asset quality demonstrated improvement, with gross Non-Performing Assets (NPA) decreasing to 4.50 per cent, representing a reduction of 435 basis points (bps) on a year-on-year basis. Net NPA improved to 1.27 per cent, reflecting a decrease of 82 bps, and the Provision Coverage Ratio stood at 93.73 per cent, marking an improvement of 201 bps on a year-on-year basis.

Central Bank of India highlighted its extensive network across India, comprising 4,494 branches, 4,083 ATMs, and 11,207 BC Points, totaling 19,784 Touch Points as of December 2023.