Central Bank of India (CBoI) reported a 57 per cent year-on-year (yoy) increase in third quarter net profit at ₹718 crore, aided by robust growth in non-interest income and decline in provisions towards bad loans and standard assets.
The public sector bank had reported a net profit of ₹458 crore in the year ago quarter.
Net interest income (difference between interest earned and interest expended) declined 4 per cent y-o-y to ₹3,152 crore against ₹3,285 crore in the year ago quarter.
Total non-interest income, including fee-based income, treasury income and recovery in written-off accounts, rose 45 per cent y-o-y to ₹1,330 crore (₹919 crore).
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Net interest margin (interest income - interest expense/ total assets) declined to 3.28 per cent from 3.85 per cent a year ago.
Gross non-performing assets (GNPAs) position improved to 4.50 per cent of gross advances as at December-end 2023 against 4.62 per cent as at September-end 2023. Net NPAs position too improved to 1.27 per cent of net advances against 1.64 per cent.
Provisions towards NPAs declined 14 per cent y-o-y to ₹727 crore (₹849 crore). Provisions towards standard assets were down about 61 per cent y-o-y to ₹69 crore (₹179 crore).
Gross advances increased by 14.71 per cent y-o-y to ₹2,39,646 crore as at December-end 2023, with RAM (retail, agriculture and MSME) and corporate advances growing 15.34 per cent and 13.45 per cent, respectively.
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Total deposits (including interbank deposits) rose by 9.53 per cent yoy to stand at ₹3,77,722 crore as at December-end 2023. The share of current account, savings account deposits declined to 48.98 per cent of total deposits from 51.22 per cent.
CBoI’s shares closed at ₹54.60 apiece on BSE, up 3.45 per cent over the previous close.