Central Bank of India profit jumps over 84 pc to Rs 571 crore in fourth quarter

Mumbai (Maharashtra) [India], April 30 : Central Bank of India has reported an 84.19 per cent jump in net profit at Rs 571 crore for the quarter ended March 2023 as bad loans fell.

The Public sector bank's net profit was Rs 310 crore in January-March 2021-22.

"Operating profit has shown a growth of 16.27 per cent on a year-on-year basis to Rs 2,108 crore for the fourth quarter of FY23 (Q4 FY23) as against Rs 1,813 crore for the fourth quarter in FY22 (Q4 FY22)," the bank said in a statement shared with exchanges on Saturday evening.

The lender said net interest income (NII) witnessed a 45.35 per cent to Rs 3,513 crore in the fourth quarter of FY23 as against Rs 2,417 crore in the year-ago period.

Gross non-performing assets stood at 8.44 per cent in the fourth quarter of the last fiscal, down from 14.84 per cent in the year-ago period.

Net non-performing assets (NPAs) dropped to 1.77 per cent from 3.97 per cent in January-March 2021-22. The lender said its total BASEL III capital adequacy ratio improved to 14.12 per cent, against 13.84 per cent in March 2022.

During fiscal 2022-23, its net profit jumped 51.39 per cent to Rs 1,582 crore, against Rs 1,045 crore in 2021-22. Net revenue (interest income plus other income) for the fourth quarter of 2022-23 improved by 33.44 per cent to Rs 8,567 crore from Rs 6,420 crore in the year-ago period.