Central Bank of India on Friday reported its third quarter earnings for the financial year 2023-24 with profit at Rs 734.47 crore, up 55.1 per cent in comparison to Rs 473.47 crore during the same period last year. The Bank’s Net Interest Income (NII) marginally declined by 4.04 per cent on YoY basis to Rs 3152 crore in Q3FY24 as against Rs 3285 crore for Q3FY23. However, excluding one off exceptional item, NII was up 3.73 per cent from Rs 3042 crore in Q3FY23 to Rs 3125 crore in Q3FY24. Total income during the quarter in review stood at Rs 9171.16 crore, up 19.6 per cent in comparison to Rs 7665.59 crore during the same period last year.
The bank said that it is maintaining adequate liquidity and the Liquidity Coverage Ratio (LCR) stands at 231.92 per cent as against 289.57 per cent in the same period of the preceding year. Return on Assets (ROA) improved to 0.69 per cent for Q3FY24 as against 0.50 per cent for Q3FY23. Return on Equity (ROE) also improved to 2.67 per cent for Q3FY24 as against 1.86 per cent for Q3FY23.
Q3 Business Highlights
Central Bank of India posted total business at Rs 6,17,368 crore as on December 31st, 2023 as against Rs 5,53,768 crore registering growth of ₹ 63,600 crore (11.48 per cent) on YoY basis. Total deposits, meanwhile, was up by 9.53 per cent at Rs 3,77,722 crore. Gross Advance increased by 14.71 per cent to Rs 2,39,646 crore on YoY basis as against Rs 2,08,921 crore for the same period of preceding year. Net Advance increased by 19.19 per cent to Rs 2,31,815 crore on YoY basis as against Rs 1,94,492 crore for the same period of preceding year.
While the RAM (Retail, Agriculture & MSME) business grew by 15.34 per cent, the individual sector wise growth stood at 14.11 per cent (Rs 68,797 crore), 9.87 per cent (Rs 44,654 core) & 23.08 per cent (Rs 46,994 crore), respectively, for Retail, Agriculture & MSME. Business per employee also improved to Rs 19.27 crore, during Q3FY24 as against Rs 17.67 crore for the same period of preceding year.
Asset quality
Central Bank of India posted gross NPA improvement to 4.50 per cent with an improvement of 435 bps, on YoY basis. Net NPA improved to 1.27 per cent with an improvement of 82 bps, on YoY basis. Provision Coverage Ratio stood at 93.73 per cent, with an improvement of 201 bps, on YoY basis.
Network across India
Central Bank of India has a pan India presence with a network of 4494 branches with 65.29 per cent (2934 branches) in rural & semi-urban areas, 4083 ATMs and 11207 BC Points with total 19784 Touch Points as on December ’23.