The Central Bank of India announced a strong profit growth for the 3rd quarter ending December in the 2023-24 financial year. Their net profit reached Rs 717.9 crore, which is a 56.7% increase from the Rs 458.22 crore earned in the same period the previous year.
The bank has also seen an improvement in the quality of its assets. The gross non-performing asset (NPA) rate has decreased to 4.50% from 8.85% last year, and the net NPA rate has improved to 1.27%, down from 2.09%.
In terms of earnings from its lending activities, the Central Bank of India’s net interest income (NII) rose by 14.45% to Rs 9355 crore for the nine months ending December 31, 2023. This figure is higher compared to the same period last year. Additionally, the bank’s Net Interest Margin (NIM), a key indicator of financial health, improved to 3.33%.
For the third quarter of the financial year 2023-24, the bank’s total income, which includes earnings from interest and other sources, was Rs 9139 crore. This shows a 19.68% increase from Rs 7636 crore in the same quarter of the previous year.
The bank maintains a strong presence throughout India with a network of 4494 branches, of which 2934 (65.29%) are in rural and semi-urban areas. They also operate 4083 ATMs and 11207 BC Points, totaling 19784 touchpoints as of December 2023.
Bank’s stock price rose 2.75% to Rs 54.25 on the National Stock Exchange (NSE) on Friday.
