Central Bank of India reports Q2FY24 net profit of Rs 605 cr; NII grows 10%
Mumbai: State-owned Central Bank of India announced a net profit of Rs 605.4 crore for the fiscal quarter spanning July to September.
The bank also saw an improvement in its gross non-performing assets (GNPA), decreasing from 4.95 percent in Q1FY24 to 4.62 percent.
The net NPA also showed improvement, declining from 1.75 percent in the previous quarter to 1.64 percent.
The bank's total business grew by 11.51 percent, reaching Rs 602,284 crore in Q2FY24, compared to Rs 540,130 crore in Q2FY23.
Meanwhile, total deposits increased by 8.21 percent to Rs 371,252 crore in Q2FY24, up from Rs 343,081 crore in Q2FY23.
The Provision Coverage Ratio (PCR) experienced an uptick, reaching 92.54 in Q2FY24, compared to 89.20 in Q2FY23, marking an improvement of 334 basis points.
On a half-yearly basis, the Operating Profit increased by 13.47 percent to Rs 3,369 crore, compared to Rs 2,969 crore in Q2FY23.
However, on a quarterly basis, it saw a slight dip of 12.47 percent, down to Rs 1,530 crore, as opposed to Rs 1,748 crore in Q2FY23. This decline was attributed to an increase in non-staff operating expenses.
The Operating Profit demonstrated a 13.47 percent increase, reaching Rs 3,369 crore in comparison to Rs 2,969 crore in Q2FY23 on a half-yearly basis. However, it experienced a marginal dip of 12.47 percent on a quarterly basis, amounting to Rs 1,530 crore as opposed to Rs 1,748 crore in Q2FY23. This dip was attributed to a rise in non-staff operating expenses.
The Net Interest Income (NII) showed a 10.23 percent increase, rising to Rs 3,028 crore from Rs 2,747 crore in Q2FY23. On a half-yearly basis, it surged by 26.90 percent, reaching Rs 6,204 crore compared to Rs 4,889 crore in Q2FY23.
Furthermore, the Net Interest Margin (NIM) improved to 3.53 percent from 3.12 percent in Q2FY23, a 41 basis points increase on a half-yearly basis. However, it experienced a slight reduction on a quarterly basis, going from 3.44 percent in Q2FY23 to 3.43 percent.
As of September 2023, the Central Bank of India boasts a network of 4,489 branches, with 65.22 percent (2,928 branches) situated in rural and semi-urban areas. It also operates 4,044 ATMs and 10,962 BC Points, totalling 19,495 Touch Points.
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