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Mumbai: The Central Bank of India reported a standalone profit of 41.38 per cent with a profit booking to the tune of Rs 807.34 crore for the fourth quarter of the financial year 2023-24 (Q4 FY24). The bank had reported a net profit of Rs 571.03 crore for the same period last year. Sequentially this was a 12.46 per cent increase from Rs 717.86 crore in Q3.
The bank reported a standalone total income of Rs 9,698.74 crore for Q4. This is a 13.2 per cent increase from Rs 8,567.45 crore reported during the year-ago period. Quarter-on-quarter (Q-o-Q) total income rose 6.12 per cent from Rs 9,138.93 crore. Total Business grew by 10.34 % to Rs. 636756 crore.
The net Profit of the bank is up by 41.33 % to Rs 807 crore in Q4FY24 against Rs 571 crore in Q4FY23.
Central Bank of India
The gross non-performing assets (NPA) ratio of the bank remained at 4.50 per cent in Q4, the same ratio reported in Q3. This was down 8.44 per cent compared to the same period last year, but the same as the quarter-ago period.
Return on Assets (ROA) improved to 0.76 per cent for Q4FY24 as against 0.61 per cent for Q4FY23. ROA improved to 0.63 per cent at the end of FY24, compared to 0.44 per cent at the end of FY23. Net Interest Income (NII) increased by 10.34 per cent year-on-year (Y-o-Y) to Rs 12,896 crore for 12 12-month period that ended on March 31, over the corresponding period of last year.
While we look at the return on equity (ROE) also improved to 2.92 per cent for Q4FY24 as against 2.27 per cent for Q4FY23. For the entire financial year, ROE improved to 9.53 per cent over 6.42 per cent at the end of FY23.
For the entire financial year, Central Bank of India reported a standalone net profit of Rs 2,549.06 crore, a 61.1 per cent surge, compared to Rs 1,582.2 crore reported at the end of FY23.
Provision Coverage Ratio stood at 93.58 per cent, with an improvement of 110 bps, on Y-o-Y basis, the bank said.
The bank also reported that raising of capital aggregating up to Rs 5000 crore during the financial year 2024-25 to augment the business growth through a Follow-on Public offer (FPO)/Rights issue/ Qualified Institutional Placement (QIP) and other options.
