Hot Pursuit     21-Oct-23
Central Bank of India Q2 PAT climbs 90% YoY
Central Bank of India net profit jumped 90.25% to Rs 605 crore on 19.07% increase in total income to Rs 8412 crore in Q2 FY24 over Q2 FY23.
Net interest income (NII) grew by 10.23% YoY to Rs 3028 crore in Q2 FY24. Net Interest Margin (NIM) reduced marginally to 3.43% during the quarter as against 3.44% in Q2 FY23, quarterly basis, due to increase in interest pay-out on deposits.

Operating profit decreased 12.47% to Rs 1530 crore in Q2 FY24 as against Rs 1748 crore in corresponding quarter last year, due to increase in non-staff operating expenses. Slippage ratio stood at 1.28% YoY in Q2 FY24.

Total deposits rose 8.21% to Rs 371252 crore in Q2 FY24 as compared to Rs 343081 crore in Q2 FY23. Gross Advances increased by 17.26% to Rs 2,31,032 crore in Q2 FY24 as compared to Rs 1,97,022 crore in Q2 FY23.

The bank's CASA deposits increased by 4.90% to Rs 182838 crore in Q2 FY24 as against Rs 174296 crore in Q2 FY23. While CASA ratio reduced by 159 bps bps to 49.40% in Q2 FY24 compared with 50.99% in same quarter last year.

Return on assets (RoA) rose to 0.62% in Q2 FY24 as compared to 0.35% in Q2 FY23. Return on equity improved to 2.31% in Q2 FY24 as against 1.31% in Q2 FY23.

Bank's gross non-performing assets (NPAs) improved by 505 bps to 4.62% YoY in Q2 FY24 from 9.67% in Q2 FY23. Net NPA improved to 1.64% in Q2 FY24 from 2.95% in Q2 FY23, registering an improvement of 131 bps. Provision coverage ratio (PCR) improved by 334 bps to 92.54% YoY in Q2 FY24.

Total BASEL III Capital Adequacy Ratio improved to 14.82%, as on September 2023, as against 13.56% on September 2022.

Central Bank of India is engaged in providing banking and financial services with wide range of products and services to individuals, commercial enterprises, large corporates, public bodies and institutional customers. Bank is having pan India presence with network of 4489 branches with 65.22 % (2928 branches) in rural & semi-urban areas, 4044 ATMs and 10962 BC Points with total 19495 Touch Points as on September 2023.

The scrip shed by 0.32% to settle at Rs 46.85 on Friday, 20 October 2023.

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