 "Central Bank of India")
Central Bank of India on Tuesday reported a standalone a 41.38 per cent jump in standalone profit at Rs 807.34 crore for the fourth quarter of the financial year 2023-24 (Q4 FY24). The bank had reported a net profit of Rs 571.03 crore for the same period last year. Sequentially this was a 12.46 per cent increase from Rs 717.86 crore in Q3.
The bank reported standalone total income at Rs 9,698.74 crore for Q4. This is a 13.2 per cent increase from Rs 8,567.45 crore reported during the year-ago period. Quarter-on-quarter (Q-o-Q) total income rose 6.12 per cent from Rs 9,138.93 crore.
The gross non-performing assets (NPA) ratio of the bank remained at 4.50 per cent in Q4, same ratio reported in Q3. This was down 8.44 per cent compared to the same period last year, but the same as the quarter-ago period.
Net Interest Income (NII) increased by 10.34 per cent year-on-year (Y-o-Y) to Rs 12,896 crore for 12 months period that ended on March 31, over corresponding period of last year.
Return on Assets (ROA) improved to 0.76 per cent for Q4FY24 as against 0.61 per cent for Q4FY23. ROA improved to 0.63 per cent at the end of FY24, compared to 0.44 per cent at the end of FY23.
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Return on Equity (ROE) also improved to 2.92 per cent for Q4FY24 as against 2.27 per cent for Q4FY23. For the entire financial year, ROE improved to 9.53 per cent over 6.42 per cent at the end of FY23.
For the entire financial year, Central Bank of India reported a standalone net profit of Rs 2,549.06 crore, a 61.1 per cent surge, compared to Rs 1,582.2 crore reported at the end of FY23.
Total income went up 19.6 per cent at Rs 35,433.51 crore for FY24, compared to Rs 29,625.6 crore reported at end of last year.
Provision Coverage Ratio stood at 93.58 per cent, with an improvement of 110 bps, on Y-o-Y basis, the bank said.
Shares of the bank were trading at Rs 68.07 on the BSE at 2:40 pm, after the bank released its Q4 FY24 financial results.
