The bank also registered an increase in the rate of deposit growth at 9.52% (Y-o-Y). While its deposit base stood at Rs 3.4 trillion in Q3FY23, it expanded to 3.7 trillion in Q3FY24
As things stand, the govt has over 80% ownership in six banks: Bank of India, Indian Overseas Bank, Punjab & Sind Bank, Bank of Maharashtra, Central Bank of India, and Uco Bank
The public sector lender's exposure, including government-guaranteed emergency credit to the ailing airline, amounts to about Rs 2,000 crore
State-owned Central Bank of India on Friday reported a 90 per cent jump in net profit to Rs 605 crore for the September quarter on a healthy growth core income and a fall in bad loans. The bank had posted a net profit of Rs 318 crore in the year-ago period. During the quarter, total income rose to Rs 8,412 crore from Rs 7,065 crore a year ago, Central Bank of India said in a regulatory filing. Interest income during the September quarter grew to Rs 7,351 crore as against Rs 6,155 crore in the year-ago period. Net Interest Income (NII) grew 10.23 per cent to Rs 3,028 crore in the second quarter of the current fiscal as against Rs 2,747 crore a year ago. Gross non-performing assets (NPAs) reduced to 4.62 per cent of gross advances as of September 30. Net NPAs were also brought down to 1.64 per cent as compared to 2.95 per cent in the same period previous fiscal. As a result, provision and contingencies declined to Rs 967 crore as against Rs 1,125 crore in the same period a year ..
The issue just managed to scrape through as the bank received bids for Rs 1,516 crore from investors and it accepted bids for Rs 1,500 crore
The moderation in lending follows the Reserve Bank of India's missive to lenders for not doing enough due diligence and monitoring the end use of funds
State-owned lender maintains close to 60% provision against loans to no-frills airline
Sequentially, the public sector lender's profit was down 26.8%
State-owned Central Bank of India on Monday reported a 78 per cent rise in net profit at Rs 418 crore for the June quarter due to decline in bad loans and increase in interest income. The Mumbai-based lender had posted a net profit of Rs 235 crore in the year-ago period. Total income during the quarter under review increased to Rs 8,184 crore from Rs 6,357 crore in FY23, Central Bank of India said in a regulatory filing. Interest earned by the bank grew to Rs 7,225 crore over Rs 5,527 crore in the June quarter a year ago. Net Interest Income of the bank increased by 48 per cent to Rs 3,176 crore in Q1 FY24, it said. The bank's asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 4.95 per cent of gross advances by the end of June 2023, from 14.90 per cent as of June 2022. Similarly, net NPAs or bad loans eased to 1.75 per cent as against 3.93 per cent a year ago. Net Interest Margin (NIM) of the bank improved to 3.62 per cent, registering a growth of
The Reserve Bank of India (RBI) on Wednesday said it has cancelled the banking licenses of two co-operative banks in Maharashtra and Karnataka. The licenses of Malkapur Urban Co-operative Bank Ltd, Buldhana and Shushruti Souharda Sahakara Bank Niyamita, Bengaluru have been cancelled. The two co-operative banks ceased to carry on banking business with effect from the close of business on Wednesday, RBI said in two separate statements. These banks did not have adequate capital and earning prospects, RBI said, adding that with their present financial position, they would be unable to pay their present depositors in full. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). In the case of Malkapur Urban Co-operative Bank, RBI said as per the data submitted by the bank, 97.60 per cent of the depositors are entitled to receive full amount of the
A Reserve Bank-appointed committee on Wednesday suggested a host of short-term and long-term measures for internationalisation of Indian rupee, including efforts for inclusion of the Indian currency in IMF's Special Drawing Rights (SDR) basket. SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries. It is a potential claim on the freely usable currencies of IMF members. As such, SDRs can provide a country with liquidity. A basket of currencies defines the SDR: the US dollar, euro, Chinese yuan, Japanese yen, and the British pound. The Inter Departmental Group (IDG) headed by RBI executive director R S Ratho in its report said that internationalisation is a process rather than an event, with continuous efforts to build upon all the initiatives that have been taken in the past. Suggesting short-term measures, the panel said, there is a need to design a template and adopt a standardised approach for examining the proposals o
Vinay Rajani of HDFC Securities sees bullish near-term patterns for Central Bank, and Ujjivan Small Finance Bank
State-owned lender has improved asset quality, been profitable for eight consecutive quarters
The RBI on Friday said it has imposed a penalty of Rs 84.50 lakh on Central Bank of India (the bank) for non-compliance with certain provisions of norms related to frauds classification and reporting. The Reserve Bank had conducted statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021. Examination of the reports revealed that the public sector lender had failed to report as fraud to RBI certain accounts within seven days of decision of Joint Lenders' Forum (JLF) to declare the accounts as fraud. It had recovered SMS alert charges from its customers on flat basis rather than on actual usage basis. The RBI had issued a notice to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions. "After considering the bank's reply to the notice and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance wi
The panel is likely to have officials from the Department of Investment and Public Asset Management, the Reserve Bank of India, and the NITI Aayog
EPC firm's balance sheets do not show negative net worth, says tribunal's Kolkata bench
The Reserve Bank of India will be among 13 international regulators taking part in the Global Financial Innovation Network's (GFIN) first-ever Greenwashing TechSprint. GFIN is a group of over 80 international organisations committed to supporting financial innovation in the interest of consumers and it is currently chaired by the Financial Conduct Authority. "RBI as a participating member is inviting firms from India to participate in this Greenwashing TechSprint," the central bank said in a statement. The number of investment products marketed as 'green' or making wider sustainability claims is growing. Exaggerated, misleading or unsubstantiated claims about Environmental, Social and Governance (ESG) credentials damage confidence in these products and the RBI wants to ensure that consumers and firms can trust that products have the sustainability characteristics they claim to have, it said. "RBI will therefore be participating in a virtual TechSprint, hosted on the FCA's Digital
Besides the Central Bank of India, lenders like Bank of Baroda and IDBI Bank also have exposure to Wadia group entity
Central Bank of India on Saturday reported 84.19 per cent jump in net profit at Rs 571 crore for the quarter ended March 2023 as bad loans fell. The bank's net profit was Rs 310 crore in January-March 2021-22. "Operating profit has shown a growth of 16.27 per cent on year-on-year basis to Rs 2,108 crore for Q4FY23 as against Rs 1,813 crore for Q4FY22," the bank said in a statement. Net Interest Income (NII) grew 45.35 per cent on annual basis to Rs 3,513 crore in fourth quarter of FY23 as against Rs 2,417 crore. Net revenue (interest income plus other income) for fourth quarter of 2022-23 improved by 33.44 per cent to Rs 8,567 crore from Rs 6,420 crore in the year-ago period. The bank further said its net profit was up 51.39 per cent at Rs 1,582 crore in 2022-23. It was Rs 1,045 crore in 2021-22. The bank's gross non-performing assets stood at 8.44 per cent in fourth quarter of the last fiscal, down from 14.84 per cent in the year- ago period, as per a stock exchange filing of t
Under pressure to bring down retail inflation and keep pace with global peers, the Reserve Bank may go in for 25 basis points hike in benchmark interest rate, probably the last in the current monetary tightening cycle that began in May 2022, at the bi-monthly policy to be unveiled on Thursday. The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days on April 3, 5 and 6 to take into account various domestic and global factors before coming out with the first bi-monthly monetary policy for fiscal 2023-24. The Reserve Bank of India (RBI) has already increased the repo rate by a total of 250 basis points since May in a bid to contain inflation though it has continued to remain above the central bank's comfort zone of 6 per cent for most of the time. The two key factors which the RBI Governor headed committee will deliberate intensely while firming up the next monetary policy are -- elevated retail inflation and the recent action taken by central banks of ..