Central Bank Q1 Results: Net Profit surges by 78% to Rs. 418 crore

Net Interest Margin of Central Bank improved to 3.62 percent, registering a growth of 74 basis points.

Central Bank of India which is one of the leading state-owned public sector bank in India on Monday reported a rise of 78 per cent in its net profit at Rs 418 crore for the June quarter.

The rise is seen due to decline in bad loans and increase in interest income.

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Mumbai-based Central Bank previously posted a net profit of Rs 235 crore in the year-ago period.

Bank in its regulatory filings has mentioned that the total income during the quarter under review has increased to Rs 8,184 crore from Rs 6,357 crore in FY23.

The interest earned by the bank also witnessed a growth from Rs 5,527 crore to Rs 7,225 crore from the June quarter a year ago. The net interest income saw a 48 percent growth to Rs 3,176 crore in Q1 FY24.

There was asset improvement seen in the bank as Non-performing assets (NPA’s) declined to 4.95 percent in June 2023 when compared to 14.90 percent in the same period a year ago. Similarly, net NPAs or bad loans eased to 1.75 per cent as against 3.93 per cent a year ago.

Net Interest Margin of Central Bank improved to 3.62 percent, registering a growth of 74 basis points.

The capital adequacy ratio also increased from 13.33 percent to 14.42 percent in the same quarter of FY23, similarly Return on Assets (RoA) also improved from 0.27 percent in FY22 to 0.43 percent in FY23.

Return on Equity (ROE) improved to 1.63 per cent for the first quarter as against 0.98 per cent for Q1FY23.