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Central Bank of India Q1 net profit more than doubles to ₹880 crore

On Jul 19, 2024 By The Hindu Bureau

Central Bank of India reported first quarter net profit more than doubled to ₹880 crore from the year-earlier period. Net Interest income increased marginally to ₹3,548 crore as compared with ₹3176 crore in the year-earlier period. Net interest margin (NIM) was at 3.57% as compared with 3.43% in the same period last year.

During the quarter ended June 30, 2024 the bank’s total business grew 8.97% to ₹6,35,564 crore from ₹5,83,261 crore in the same period last year. Total deposits at ₹3,84,949 crore, grew by 5.93%. Gross advances increased by 13.99 % to ₹2,50,615 crore YoY.

The bank said its gross NPA improved to 4.54%, registering an improvement of 41 bps over 4.95% in the year-earlier period. Net NPA improved to 0.73%, registering an improvement of 102 bps over 1.75%. Provision Coverage Ratio improved to 96.17%, registering an improvement of 394 bps over 92.23%, the bank added.

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