Central Bank of India Posts Highest-Ever Quarterly PAT of Rs 605 Cr On 10.23% Rally In NII

The public sector lender Central Bank of India has declared financial results for the second quarter and half year ended 30th September, 2023. The bank's net profit jumped from Rs 318 crore in Q2FY23 to Rs 605 crore in Q2FY24, a 90.25% growth.

In contrast, its operating profit decreased 12.47% YoY to Rs 1530 crore for Q2FY24 from Rs 1748 crore for Q2FY23. According to the bank, its Net Interest Income (NII) climbed by 10.23% YoY to Rs 3028 crore in Q2FY24 from Rs 2747 crore in Q2FY23. Its total income went up from Rs. 7065 crore in Q2FY23 to Rs. 8412 crore in Q2FY24, a 19.07 % growth.

The bank said its Return on Assets (ROA) climbed to 0.62% for Q2FY24 as against 0.35% for Q2FY23 and Return on Equity (ROE) also improved to 2.31% for the quarter under review as against 1.31% for the year-ago quarter.
According to the Central Bank of India, as of September 30, 2023, its overall business was worth Rs 602284 crore as opposed to Rs 540103 crore, growing by Rs 62181 crore (11.51%) on a year-on-year basis.

In Q2FY24, its total deposits increased by 8.21% to Rs. 371252 crore. The bank's net advance climbed by 22.17% YoY to Rs 224030 crore from Rs 183369 crore during the same period of the previous year, while its Gross Advance soared by 17.26% on a YoY basis to Rs 231032 crore in Q2FY24 from Rs 197022 crore in Q2FY23.

The asset quality front saw a rise in Gross NPA to 4.62% and Net NPA to 1.64% in Q2FY24. The bank reported that its Provision Coverage Ratio was 92.54% (compared to 89.20 in HY23), a spike of 334 bps YoY.

The bank's total BASEL III Capital Adequacy Ratio climbed by 126 basis points to 14.82% as of September 2023 from 13.56% on September 22 (with a Common Equity Tier 1 ratio of 12.14% on HYFY24).

As of September '23, the Central Bank of India had a presence over the whole country thanks to its network of 4489 branches, including 65.22 per cent (2928 branches) in rural and semi-urban regions, 4044 ATMs, and 10962 BC Points and a total of 19495 touch points.

On Friday, the shares of Central Bank of India closed on the BSE at Rs 46.85 apiece.