July 18, 2023: Central Bank of India has reported a 77.87% profit at Rs 418 crore in Q1 FY24 as against Rs 235 crore, in the same time frame a year back. The public sector lender released on July 17, 2023, its financial results for the Q1 FY24 that ended on June 30, 2023.
The report highlighted that the operating profit showed a growth of 50.53% on YoY basis to Rs 1,838 crore for Q1 FY24 as against Rs 1,221 crore for Q1 FY23. The net interest income (NII) grew by 48.27% on YoY basis to Rs 3,176 crore in Q1 FY24 as against Rs 2,142 crore for Q1 FY23. The total income (interest income plus other income) for Q4 FY23 improved by 28.74% from Rs 6,357 crore in Q1 FY23 to Rs 8,184 crore for Q1 FY24. The return on assets (ROA) improved to 0.43% for Q1 FY24 as against 0.27% for Q1 FY23. The return on equity (ROE) also improved to 1.63% for Q1 FY24 as against 0.98% for Q1 FY23.
The Central Bank of India’s gross non-performing assets (NPA) improved to 4.95% with an improvement of 995 bps on YoY basis. The net NPA improved to 1.75% with an improvement of 218 bps on YoY basis. The provision coverage ratio stood at 92.23%, with an improvement of 562 bps, on YoY basis.
The Total BASEL III Capital Adequacy Ratio improved to 14.42%, as on June 2023, as compared to 13.33% on June 2022, with Common Equity Tier 1 ratio of 12.13% on Q1 FY24, registering an improvement of 109 bps.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
