Chennai
Central Bank of India, a public sector mortgage lender, closed the third quarter of FY24 with a notable increase in net profit, reaching Rs. 717.86 crore. In a regulatory filing, the bank disclosed its financial performance for the quarter ended December 31, 2023. The bank reported a total interest income of Rs. 7,809.21 crore, marking a significant rise from Rs. 6,716.55 crore in Q3 FY23. The net profit surged to Rs. 717.86 crore, showcasing substantial growth compared to Rs. 458.22 crore in the corresponding quarter of the previous fiscal year. The remarkable increase in profit can be attributed to the sharp spike in the bank’s other income, which reached Rs. 1,329.72 crore in the quarter under review, compared to Rs. 919.16 crore in the same period last year. During Q3 FY24, the bank’s provisions for non-performing assets decreased to Rs. 726.69 crore, down from Rs. 849.62 crore in Q3 FY23. As of December 31, 2023, the gross non-performing assets (NPAs) and net NPAs stood at Rs. 10,786.49 crore and Rs. 2,955.57 crore, respectively. Central Bank of India reported a 11.48% increase in total business to Rs. 6,17,368 crore during the quarter, with total deposits growing by 9.53% to Rs. 377,722 crore and gross advances rising by 14.71% to Rs. 239,646 crore. While the Net Interest Income (NII) marginally declined by 4.04% on a year-on-year basis to Rs. 3,152 crore in Q3 FY24, excluding one-off exceptional items, NII witnessed a 3.73% increase from Rs. 3,042 crore in Q3 FY23 to Rs. 3,125 crore in Q3 FY24.
