Central Bank trades 3% higher as Q3 profit increases 57%
Central Bank of India has reported a significant 56.7% increase in net profit for the October-December quarter of FY2023-24, reaching Rs. 717.9 crore compared to Rs. 458.22 crore during the same period last year. The bad loans also reduced for the public lendor. The bank's gross non-performing asset (NPA) ratio greatly improved to 4.5%, a decrease from the previous year's 8.85%. Also, the net NPA for the quarter stood at 1.27%, showing progress from 2.09% last year.
Net interest income and margin show growth
For the nine-month period ending December 31, 2023, the bank's net interest income (NII) rose by 14.45% to Rs. 9,355 crore. Central Bank of India's net interest margin (NIM) also improved to 3.33% during this time, marking a growth of six basis points over the previous year. The total income, which includes both interest and non-interest income, for Q3FY24 increased by 19.68% to Rs. 9,139 crore from Rs. 7,636 crore in Q3FY23.
Expanding network and touch points across India
As of December 2023, Central Bank of India boasts a pan-India presence with a network of 4,494 branches, with 65.29% (2,934 branches) located in rural and semi-urban areas. The bank operates 4,083 ATMs and has established 11,207 business correspondent (BC) points, resulting in a total of 19,784 touch points across the country. At the time of writing, shares of Central Bank of India were trading 3.12% higher at Rs. 54.45 apiece on Nifty.
