Central Bank of India (CBoI) reported a 14 per cent year-on-year (YoY) increase in Q1 standalone net profit at ₹235 crore, helped by sharply lower tax expenses.
The public sector bank had reported a net profit of ₹206 crore in the year quarter.
Net interest income nudged up 0.71 per cent YoY to ₹2,142 crore.
Other incomes, comprising fee-based income, treasury income, and miscellaneous income, was almost flat at ₹831 crore.
Gross Non-Performing Assets (NPA) edged up to 14.90 per cent of gross advances in the reporting quarter against 14.84 per cent in the preceding quarter. Net NPA (NNPA) position improved to 3.93 per cent of net advances against 3.97 per cent.
Loan loss provisions jumped to ₹959 crore against ₹75 crore in the year ago quarter.
During Q1FY23, the Bank reported 409 fraud cases (including Digital/ATM frauds) amounting to ₹898.03 crore (FY22 ₹773.35 crore in 1243 fraud cases), out of which nine cases amounting to ₹886.81 crore are classified as borrowal fraud, per notes to accounts.
In the reporting quarter, tax expenses were sharply lower at ₹3 crore.
Deposits increased by 3.37 per cent YoY to stand at ₹3,42,661.50 crore as at June-end 2022. Advances were up 11.13 per cent YoY to ₹1,72,431 crore.
During the reporting quarter, the Bank purchased 7,895 (non-corporate) accounts with aggregate outstanding of ₹932.44 crore, retaining beneficial economic interest of 20 per cent in these accounts.
Capital adequacy ratio was lower at 13.33 per cent as at June-end 2022 against 13.84 per cent as at March-end 2022.