The Central Bank of India on Monday posted a profit jump of 81.4 per cent for the quarter ended June 2023 to reach Rs 494.98 crore, in comparison to Rs 272.90 crore during the same period last year. The bank earned a total interest of Rs 7,258.97 crore, up 30.7 per cent as against Rs 5,555.14 crore during Q1FY23. While the company’s total income for the quarter was at Rs 8,218.03 crore during the first quarter of FY24, the total expenditure stood at Rs 6,363.76 crore.
The bank’s gross non-performing asset improved to 4.95 per cent from 8.44 per cent last year, registering an improvement of 995 bps. Its net NPA stood at 1.75 per cent, registering an improvement of 218 bps, on the back of improvements in asset quality and increase in net interest margins of the bank. The Provision Coverage Ratio improved to 92.23 per cent, registering an improvement of 562 bps, it said.
Central Bank of India posted Net Interest Income (NII) at Rs 3,176 crore, up 48.27 per cent on Q1FY24 while the Net Interest Margin (NIM) improved to 3.62 per cent, registering a growth of 74 bps. “The Return on Assets (ROA) improved to 0.43 per cent, registering an improvement of 16 bps. Return on Equity improved to 1.63 per cent, vis-à-vis, 0.98 per cent for Q1FY22,” it said in a regulatory filing.
Central Bank of India’s segment wise performance
The Central Bank of India continued to show improved performance across business parameters on a sustained basis for the ninth consecutive quarter, it said. The total business grew by 8.55 per cent to reach Rs 58,3261 crore while the total deposits during the quarter sood at Rs 3,63,398 crore, up 6.05 per cent on-year. Gross Advance during Q1FY24 increased by 12.95 per cent to Rs 2,19,863 crore on Y-o-Y basis as against Rs 1,94,648 crore for the same period of preceding year. Net Advance increased by 23.35 per cent on-year to Rs 2,12,690 crore. In the results announcement, it said, “RAM (Retail, Agriculture & MSME) business grew by 13.15 per cent. The individual sector wise growth stood at 17.11 per cent, 5.51 per cent and 15.46 per cent respectively.” It added that the business per employee improved to Rs 18.43 crore, during Q1FY24 as against Rs 17.14 crore for the same period last year.
In terms of revenue across segments, Central Bank of India posted revenue of Rs 2,920.18 crore for treasury operations, while its retail banking operations posted revenue at Rs 3,310.77 crore and wholesale banking operations clocked a revenue of Rs 1,892.04 crore.
Central Bank of India’s expansive reach
Central Bank of India has a pan India presence with a network of 4,493 branches with 65.21 per cent (2,930 branches) in rural and semi-urban areas. It has 3,888 ATMs and 10,990 BC Points with a total 19,371 touchpoints.