Central Bank of India reported a significant 110% year-on-year increase in its profit after tax, reaching Rs 879.94 crore in Q1 of the current fiscal year. Sequentially, the net profit saw a moderate rise of approximately 9%.
The bank’s asset quality showed improvement with the gross non-performing asset (NPA) ratio decreasing to 4.54% as of June 30, from 4.95% in the same period last year. However, there was a slight increase on a quarterly basis from 4.50% previously.
The net NPA ratio also improved notably, settling at 0.73% by the end of June, down from 1.23% at the end of March, and from 1.75% a year earlier. The Provision Coverage Ratio significantly increased to 96.17%, an enhancement of 394 basis points from 92.23%.
In terms of business growth, the bank’s total business rose by 8.97% year-on-year to Rs 6.36 lakh crore in the quarter, up from Rs 5.84 lakh crore in the corresponding period last year, indicating strong operational performance.
Overall, the bank demonstrated robust financial health with marked improvements in profit, asset quality, and business growth, reflecting effective management strategies and a favourable economic environment.
