Central Bank of India's loans grow 14.9% to Rs 2.4 trillion in Q3 FY24

Central Bank of India has reported a 14.91 per cent year-on-year (Y-o-Y) growth in its gross advances at Rs 2.4 trillion at the end of December 2023 (Q3FY24), up from Rs 2.08 trillion a year ago. Sequentially, advances were up by 3.91 per cent over Rs 2.31 trillion at the end of September 2023, according to provisional data filed with the BSE.

The Mumbai-based public sector bank’s deposits expanded by 9.52 per cent Y-o-Y to Rs 3.77 trillion at the end of December 2023 from Rs 3.44 trillion a year ago. Sequentially, they rose from Rs 3.71 trillion at the end of September 2023.

Its pace of deposits mobilisation was lower than the growth of deposits for the banking system at 13.3 per cent. However, the bank's credit to deposit (C/D) ratio at 63.72 per cent was much lower than 77.44 per cent for the banking system in December 2023, according to Reserve Bank of India data. Its C/D ratio was at 60.77 per cent in December 2022 and 62.43 per cent in September 2023.

The share of Current Account and Savings Account (CASA) deposits in the quarter ended December 2023 declined to 49 per cent in December 2023 from 51.22 per cent a year ago and 49.4 per cent in September 2023. The CASA ratio of banks continued to remain under pressure in Q3FY24 as customers shifted funds from CASA to term deposits.