Central Bank of India Q2 results: Net profit jumps 90%

 

Public sector lender Central Bank of India on October 20, reported a net profit of Rs 605.4 crore for the July–September quarter of this fiscal year.

The bank's gross non-performing asset (GNPA) also improved to 4.62 percent from 4.95 percent Q1FY24. The lender's net NPA stood at 1.64 percent, improving from 1.75 percent in the last quarter.

Central Bank of India's total business grew by 11.51 percent to Rs 602284 crore (Q2FY24), vis-à-vis Rs 540130 (Q2FY23). However, total Deposits were up by 8.21 percent to Rs 371252 crore (Q2FY24), vis-à-vis Rs 343081 (Q2FY23).

Notably, the Provision Coverage Ratio (PCR) has improved to 92.54 (Q2FY24) from 89.20 (Q2FY23), registering an improvement of 334 bps.

The Operating Profit improved by 13.47 percent to Rs 3369 crore (as against, Rs 2969 crore Q2FY23), on half yearly basis, though it dipped marginally by 12.47 percent to Rs 1530 crore (as against, Rs 1748 crore Q2FY23), on quarterly basis, due to increasing in non-staff operating expenses.

Net Interest Income (NII) increased by 10.23 percent to Rs 3028 crore as against Rs 2747 crore Q2FY23. The same is increased by 26.90 percent to Rs 6204 crore (as against, Rs 4889 crore Q2FY23), on half yearly basis.

Net Interest Margin (NIM) improved to 3.53 percent as against 3.12 percent Q2FY23, 41 bps, on half yearly basis, though reduced marginally to 3.43 percent as against 3.44 percent Q2FY23, quarterly basis, due to increase in interest pay-out on deposits. Central Bank of India has a Bank network of 4489 branches with 65.22 percent (2928 branches) in rural & semi-urban areas, 4044 ATMs and 10962 BC Points with total 19495 Touch Points as on September ’23.