Central Bank of India Q1 results: PAT rises 110% on-year to Rs 880 crore

Central bank of India

Central Bank of India on July 18 reported a 110 percent on-year growth in its profit after tax to Rs 879.94 crore in the first quarter of the current financial year.

On sequential basis, net profit rises around 9 percent.

Asset quality

Gross non-performing asset (NPA) ratio of the bank improved a year basis to 4.54 percent as on June 30, as compared to 4.95 percent in a year ago period. However, on a quarterly basis, gross NPA ratio rose marginally. In a quarter ago period, it stood at 4.50 percent.

Net NPA ratio of the bank improved to 0.73 percent as on June 30, as compared to 1.23 percent as on March 31, and 1.75 percent as on June 30, 2023.

Provision Coverage Ratio improved to 96.17 percent, registering an improvement of 394 basis points (bps) over 92.23 percent.

Deposit and advances

The total business of the grew by 8.97 percent on-year to Rs 6.36 lakh crore in the reporting quarter, from Rs 5.84 lakh crore in a year ago period.

In April-June, total deposits of the rose by 5.93 percent to Rs 3.85 lakh crore from Rs 3.64 lakh crore in a year ago period. CASA Deposits have increased by Rs 8,772 crore to Rs 1.89 lakh crore from Rs 1.80 lakh crore,
reflecting YoY growth of 4.87 percent and having a share of 49.19 percent of total Deposits.

Gross Advance increased by 13.99 percent on-year to Rs 2.51 lakh crore in April-June from Rs 2.20 lakh crore in a similar period last year. Credit to Deposit (CD) Ratio improved to 65.27 percent registering an improvement of 452 bps, from 30th June 2023.

RAM (Retail, Agriculture & MSME) business grew by 18.81 percent. The individual sector wise growth stood at 13.87 percent (Rs 72,469 crore), 15.36 percent (Rs 47,080 core) and 30.20 percent (Rs 52,111 crore), respectively, for Retail, Agriculture & MSME.

NII and NIM

Net Interest Income for June 30, 2024 quarter has increased to Rs 3548 crore as compared to Rs 3176 crore for corresponding quarter ended June 30, 2023.

Net Interest Margin (NIM) for the quarter is at 3.57 percent as at the end of June 30, 2024 when compared to 3.43 percent as at the end of June 30, 2023 quarter.

CRAR improved to 15.68 percent, of which Tier I is 13.36 percent, registering an improvement of 126 bps.