Forever News
Mumbai: Central Bank of India declared their annual business results today on April 29 reported an 84 percent surge in its net profit at Rs 571 crore for the quarter ended March 31, 2023 against a profit of Rs 310 crore in the year-ago period. The bank continued to show improved performance in all areas of business parameters across platforms on a sustainable basis for the eighth consecutive quarter. While the bank reported with robust growth in net interest income and other income.
M.V. Rao, MD & CEO,
Central Bank of India
Net interest income increased by about 45 per cent year -on-year to Rs. 3,513 crore from Rs. 2,416 crore. At the same time, the total business of the bank grew by 8.39% to Rs 577075 crore. While looking at the asset quality, there is an improvement in the March quarter. The gross non-performing asset came improved 640 basis points to 8.44 percent (YoY) while its net non-performing asset improved 220 basis to 1.77 percent (YoY).
Provisions, including towards non-performing assets (NPAs), standard assets and non-performing investments, increased by about 14 per cent y-o-y to Rs.1,205 crore against Rs.1,061 crore. Sequentially, the bank’s gross NPA stood at 8.44 percent against 8.85 percent in the December quarter and its net NPA came at 1.77 percent against 2.09 percent.
The bank’s deposits increased 4.84 per cent y-o-y to stand at Rs 3,59,296 crore as at March-end 2023 last year it was Rs 3,42,692 crore. Gross advances rose by 20.70 per cent y-o-y from Rs 1, 68,174 crore to Rs.2, 02,984 crore. Further, the lender’s business per employee increased to Rs 18.70 crore as against Rs 17.52 crore for the same period of the preceding year. Meanwhile, shares of the Central Bank of India closed 4.44 percent higher at Rs 30.35 apiece on BSE in the last trading session of the month (April 28).
The capital raise will be through follow-on public offer/rights issue/qualified institutional placement/ preferential issue or any other mode or combination thereof and/or through an issue of BASEL Ill compliant AT1/Tier II Bonds For the financial year 2023 -24 the board approved raising of capital aggregating up to Rs. 2,500 crores.
