At 9.40am, the stock was trading at Rs 22.60 on BSE, up 11 percent from its previous close.
Central Bank of India was the only bank under the RBI's PCA framework. It was put under monitoring in June 2017 due to its high net non-performing assets (NPAs) and low return on assets. PCA is triggered when banks breach certain regulatory requirements such as return on asset, minimum capital and quantum of the non-performing assets including on lending, management compensation and directors' fees.
On August 8, the RBI had said the sustainability of a weak bank’s turnaround is a crucial precondition for it to exit PCA.
However, the bank turned the corner in FY22, posting its full-year profit after FY15. It reported Rs 1,045-crore profit in the fiscal year. For the June quarter, it reported a 14.2 percent rise in net profit to Rs 234.78 crore, as compared to Rs 205.58 crore in the same quarter of the previous financial year. Gross NPA ratio fell to 14.9 percent of the gross advances as compared to 15.92 percent in the year-ago period. Net NPAs also fell to 3.93 percent from 5.09 per cent in the first quarter of the previous financial year.
Gross Advances rose 11 percent year-on-year as of June to Rs 1.95 trillion. Retail agri and small loans accounted for 66 percent of the total loan book. Total deposits rose 3.4 percent to Rs 3.43 trillion. CASA in the total deposits was at 51.5 percent.