Central Bank of India Q3 Results: Net profit surges 56.7% to Rs 717.9 cr

Central Bank of India

The Central Bank of India announced a net profit of Rs 717.9 crore for the October-December quarter of fiscal year 2023-24, up by 56.7 per cent from Rs 458.22 crore the previous year.

The bank’s gross non-performing asset (NPA) ratio remained at 4.50 per cent, down from 8.85 per cent last year. In contrast, net NPA for the quarter was 1.27 per cent, up from 2.09 per cent the previous year.

Following the earnings, shares of Central Bank of India closed 0.59 per cent lower at Rs 53.47 each on the BSE today.

The Central Bank of India’s net interest income (NII) climbed by 14.45 per cent to Rs 9355 crore for the nine-month period ending December 31, 2023, compared to the same period the previous year.

However, the bank’s Net Interest Margin (NIM) increased to 3.33 per cent (6 basis points) for the nine-month period ending December 31, 23, compared to the same time last year.

The bank’s total income (Interest Income plus Non-Interest Income) for Q3FY24 increased by 19.68 per cent, from Rs 7636 crore in Q3FY23 to Rs 9139 crore in Q3FY24.

As of December 2023, the Central Bank of India has a pan-India presence with a network of 4494 branches, 65.29 per cent (2934 branches) in rural and semi-urban areas, 4083 ATMs, and 11207 BC Points, for a total of 19784 touch points.

Also Read | IndusInd Bank Q3 Results: Net profit surges 17% to Rs 2,301 crore

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