Central Bank of India’s PAT Rises 110% To Rs 880 Cr In Q1 YoY

The Central Bank of India announced a 110 per cent year-on-year increase in its profit after tax, reaching Rs 879.94 crore for the first quarter of the current financial year.

Sequentially, the net profit rose by approximately 9 per cent.

Asset Quality
The bank's gross non-performing asset (NPA) ratio improved on a yearly basis to 4.54 per cent as of 30 June, compared to 4.95 per cent in the same period last year. However, every quarter, the gross NPA ratio increased slightly from 4.50 per cent in the previous quarter.

The net NPA ratio improved to 0.73 per cent as of June 30, compared to 1.23 per cent as of 31 March and 1.75 per cent as of 30 June 2023.

The Provision Coverage Ratio increased to 96.17 per cent, a rise of 394 basis points (bps) from 92.23 per cent.

Deposits and Advances
The bank's total business grew by 8.97 per cent year-on-year to Rs 6.36 lakh crore in the reporting quarter, up from Rs 5.84 lakh crore in the same period last year.

In April-June, total deposits rose by 5.93 per cent to Rs 3.85 lakh crore from Rs 3.64 lakh crore in the same period last year. CASA deposits increased by Rs 8,772 crore to Rs 1.89 lakh crore from Rs 1.80 lakh crore, showing a year-on-year growth of 4.87 per cent and making up 49.19 per cent of total deposits.

Gross advances increased by 13.99 per cent year-on-year to Rs 2.51 lakh crore in April-June, up from Rs 2.20 lakh crore in the same period last year. The Credit to Deposit (CD) Ratio improved to 65.27 per cent, an increase of 452 bps from 30 June 2023.

The RAM (Retail, Agriculture & MSME) business grew by 18.81 per cent, with individual sector growth at 13.87 per cent (Rs 72,469 crore), 15.36 per cent (Rs 47,080 crore), and 30.20 per cent (Rs 52,111 crore) respectively for Retail, Agriculture and MSME.

NII and NIM
Net Interest Income for the quarter ended 30 June 2024, increased to Rs 3,548 crore, compared to Rs 3,176 crore for the corresponding quarter ended 30 June 2023.

The Net Interest Margin (NIM) for the quarter was 3.57 per cent as of 30 June 2024, compared to 3.43 per cent as of 30 June 2023.

The Capital to Risk (Weighted) Assets Ratio (CRAR) improved to 15.68 per cent, with Tier I at 13.36 per cent, showing an improvement of 126 bps.