Central Bank of India Q2FY24 profits surge by 90.25% Y-o-Y
Central Bank of India witnessed a sharp increase of 90.25% in its net profit, reaching ₹ 605 crore for Q2FY24, compared to ₹ 318 crore in Q2FY23. Despite this, its operating profit saw a 12.47% reduction, standing at ₹ 1530 crore. The bank’s net interest income (NII) exhibited growth, up by 10.23% Y-o-Y, registering ₹ 3028 crore. Additionally, total income for the quarter improved by 19.07%, resulting in ₹ 8412 crore. The metrics of Return on Assets (ROA) and Return on Equity (ROE) both saw improvements, settling at 0.62% and 2.31% respectively.
Profitability for Half Year Ended September 30th, 2023
For the half-year ending in September 2023, the bank’s net profit rose by 85.17% to ₹ 1024 crore. Other metrics such as operating profit, NII, and total income also saw growths of 13.47%, 26.90%, and 23.65% respectively. The bank’s ROA and ROE stood at 0.53% and 3.94% for HY-24.
Central Bank of India’s Financial Performance Shines in Q2FY24 with Key Metrics on the Rise. Photo courtesy of Albert_Deccan/Wikimedia Commons.
Business Growth and Developments
The total business of the bank has reached ₹ 602284 crore as of September 30, 2023, showing a growth of 11.51% Y-o-Y. Deposits increased by 8.21%, and advances saw significant increases, both gross and net, by 17.26% and 22.17% respectively. Additionally, Retail, Agriculture & MSME (RAM) businesses exhibited growth in their respective sectors.
Asset Quality Improves
Asset quality witnessed significant improvement with Gross NPA dropping to 4.62% from 9.67% in HY23. The Net NPA also saw improvement, standing at 1.64%. The provision coverage ratio rose by 334 bps, reaching 92.54%.
Branch Segmentation and Expansion
Central Bank of India continues to expand its presence across the nation. With 4489 branches, 65.22% of which are in rural & semi-urban areas, the bank’s footprint is evident. The bank also boasts 4044 ATMs and 10962 BC Points, culminating in a total of 19495 touchpoints as of September 2023.