Central Bank Of India Net Profit surges by 78%

Last Updated on July 18, 2023 by Brajesh

Central Bank of India , on Monday, reported a Net Profit of Rs. 418 Cr for Qtr I of Financial year 2023-24.

Net Interest Income of the bank has grown by 48.27% on Y-o-Y basis to ₹3176 Cr against ₹2142 Cr last year same period. Net Interest Income is the difference between interest earned and interest expended. HQ at Mumbai, Central Bank Of India, Operating profit went up by 50.53%  to ₹1838 Cr on Y-O-Y basis. Non Interest Income which includes commission exchange & brokerage, Service charges, treasury etc. were also increased by 15.40% on Y-O-Y basis and generated ₹959 Cr for June Qtr of FY 2023-24.

Total deposit increased by 6.05% to ₹3,63,398 Cr as on June 2023. However, low cost CASA deposit has shown a decline of  139 bps and came down to 49.76% which was at 51.15% a year ag0 in June 2022.

Asset quality of the bank has shown a major improvement, where gross NPA has come down to 4.95% in June 2023 against 8.44% in Mar 2023 while Net NPA came down to 1.75% against 1.77% in Mar 2023.

Capital Adequacy ratio has reached to a level of 14.77% , which was around 14.12% in Mar 2023 and 13.33 in June 2022.

A sudden surge in share price was noted in the stock exchange and Central Bank Of India closed at ₹31.55 (3.78%)

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