Q4 FY24 results: Central Bank of India reports 41% increase in standalone net profit at ₹807 crore

Central Bank of India (CBoI) reported a 41 per cent increase in fourth quarter standalone net profit at ₹807 crore against ₹571 crore in the year ago quarter. The bottom-line was supported by decline in provisions towards non-performing assets (NPAs) and standard assets.

Net interest income (difference between interest earned and interest expended) in the reporting quarter edged up 0.80 per cent y-o-y at ₹3,541 crore against ₹3,513 crore in the year ago period.

Other income, including fee-based income, treasury income and recovery in written-off accounts, declined about 4 per cent y-o-y to ₹1,362 crore (Rs 1,424 crore).

Net interest margin (yearly) declined to 3.58 per cent against 4.01 per cent in the year ago period.

Provisions for NPAs decreased about 35 per cent to ₹509 crore (₹789 crore). Provisions for standard assets too declined about 50 per cent to ₹188 crore (₹378 crore).

GNPA position was unchanged at 4.50 per cent of gross advances as at March-end 2024 vis-a-vis December-end 2023. Net NPAs position improved a shade to 1.23 per cent of net advances against 1.27 per cent.

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Gross advances increased by 15.60 per cent y-o-y to ₹2,51,745 crore as at March-end 2024 on the back of 15.47 per cent growth in RAM (retail, agriculture and MSME) advances and 15.85 per cent growth in corporate advances.

Total deposits rose by 7.16 per cent yoy to stand at ₹3,85,011 crore as at March-end 2024. Low-cost CASA (current account, savings account) deposits constituted 50.02 per cent of total deposits against 50.39 per cent in the year ago quarter.

Meanwhile, the public sector bank’s Board of Directors approved the Bank’s proposal to raise capital aggregating upto ₹5,000 crore during FY25.

The capital raise will be through Follow-on Public offer (FPO)/Rights issue/ Qualified Institutional Placement (QIP) / Preferential issue or any other mode or combination thereof and /or through issue of BASEL III compliant AT1/Tier II Bonds or such other Securities.

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