Central Bank of India Q2 results: Net profit rises 90.25% to Rs 605 crore

Central Bank of India's net profit grew by 90.25 per cent year-on-year to Rs 605 crore in the second quarter ended September 2023 (Q2FY24).

Excluding tax write-back of Rs 42.33 crore, the net profit would have been Rs 563 crore for Q2FY24, lower than Rs 318 crore in the quarter ended September 2022 (Q2FY23).

Its operating profit was down by 12.47 per cent to Rs 1,530 crore for Q2FY24 as against Rs 1,748 crore for Q2FY23.

Central Bank of India stock closed lower by 0.32 per cent at Rs 46.85 per share on BSE.

The net interest income (NII) for the reporting quarter expanded by 10.23 per cent on a year-on-year basis to Rs 3,028 crore, as against Rs 2,747 crore for Q2FY23, the public sector lender said in a statement.

Its other income, covering fees, commissions, and treasury revenues, rose by 16.61 per cent year-on-year to Rs 1,061 crore in Q2FY24.

Its provisions for non-performing assets grew by 80.22 per cent year-on-year to Rs 1,928 crore in the second quarter ended September 2023. The provision coverage ratio (PCR) for NPAs improved to 92.54 per cent at the end of September 2023 from 89.2 per cent a year ago.

The Mumbai-based lender's Gross Advances increased by 17.26 per cent to Rs 2.31 trillion from Rs 1.97 trillion a year ago. The Retail, Agriculture & MSME (RAM) business grew by 14.24 per cent.

Its deposits grew by 8.21 per cent year-on-year to Rs 3.71 trillion from Rs 3.43 trillion at the end of September 2022.

Its asset quality profile improved, with Gross NPAs declining to 4.62 per cent in September 2023 from 9.67 per cent a year ago. The net NPAs also declined to 1.64 per cent in September 2023 from 2.95 per cent in September 2022.

Its Capital Adequacy Ratio stood at 14.82 per cent, with a Common Equity Tier-I ratio of 12.14 per cent at the end of September 2023.