Central Bank of India on April 29 reported an 84 percent surge in its net profit at Rs 571 crore for the quarter ended March 31, 2023. The lender had posted a profit of Rs 310 crore in the year-ago period.
On a sequential basis, the lender's profit grew 25 percent.
The bank's net interest income (NII) increased 45.35 percent on Y-o-Y basis to Rs 3,513 crore in Q4FY23 as against Rs 2,417 crore for Q4FY22. The same is up by 6.94 percent on a sequential basis.
Moreover, Central Bank of India said that its operating profit has shown a growth of 16.27 percent to Rs 2,108 crore for the quarter under review from Rs 1,813 crore in the last fiscal. The operating profit on sequential basis has improved by 16.65 percent.
Central Bank of India's asset quality improved in the March quarter. The gross non-performing asset came improved 640 basis points to 8.44 percent (YoY) while its net non-performing asset improved 220 basis to 1.77 percent (YoY).
The bank's provision coverage ratio stood at 92.48 percent (YoY), with an improvement of 579 basis points.
Sequentially, the bank's gross NPA stood at 8.44 percent against 8.85 percent in December quarter and its net NPA came at 1.77 percent against 2.09 percent.
In banking segment, the digital transaction count also registered a growth of 37.39 percent, in internet banking, mobile banking, IMPS and UPI transactions during FY 2022-23, against corresponding period of FY 2021-22.
Further, the lender's business per employee increased to Rs 18.70 crore as against Rs 17.52 crore for the same period of preceding year
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