Central Bank of India Q4FY24: Net profit jumps 41% to Rs 807 cr
Mumbai: The Central Bank of India reported a 41.33% jump in Q4FY24 net profit to Rs 807 crore for the quarter and by 61.13% to Rs 2,549 crore for the fiscal year.
Net interest income (NII) also increased by 10.34% to Rs 12,896 crore for the fiscal year.
Central Bank of India's business expanded by 10.34% to reach Rs 636,756 crore.
Total deposits increased by 7.16% to Rs 385,011 crore, while CASA (Current Account Savings Account) deposits showed notable growth, rising by Rs 11,657 crore to Rs 191,969 crore, representing a year-on-year growth of 6.46%.
The bank's lending activities saw gross advances increasing by 15.60% to Rs 251,745 crore. Moreover, the credit-to-deposit (CD) ratio showed improvement, reaching 65.59%, marking an enhancement of 473 basis points from the previous year.
In terms of asset quality, the bank’s gross NPA (Non-Performing Assets) declined to 4.50%, and net NPA reduced to 1.23%. Additionally, the provision coverage ratio saw an increase, reaching 93.58%.
Furthermore, the Central Bank's return on assets (ROA) and return on equity (ROE) witnessed improvements, along with enhancements in the capital adequacy ratio (CRAR) and net interest margin (NIM).
The bank's total business reached Rs 636,756 crore, total deposits increased to Rs 385,011 crore, and gross advances rose to Rs 251,745 crore.
Notably, the RAM (Retail, Agriculture & MSME) business recorded significant growth, with individual sector-wise expansions.
Central Bank of India's pan-India network includes 4,500 branches, 2,938 of which are located in rural and semi-urban areas, along with numerous ATMs and BC Points, totaling 20,266 touchpoints as of March 31, 2024.
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