2, March, 2024
HomeBusinessCentral Bank of India Records 57% Surge in Q3 Profits, Shares Trade 3% Higher

Central Bank of India Records 57% Surge in Q3 Profits, Shares Trade 3% Higher

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Central Bank of India has witnessed a remarkable 56.7% surge in net profit for the October-December quarter of FY2023-24, totaling Rs. 717.9 crore, compared to Rs. 458.22 crore in the corresponding period last year.

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The financial institution has also shown improvement in managing bad loans, with a substantial decline in the gross non-performing asset (NPA) ratio to 4.5%, down from the previous year’s 8.85%. Furthermore, the net NPA for the quarter demonstrated progress, standing at 1.27% compared to 2.09% in the previous year.

In terms of financial growth, the net interest income (NII) for the nine-month period ending December 31, 2023, saw a commendable increase of 14.45% to Rs. 9,355 crore. The net interest margin (NIM) also improved to 3.33%, reflecting a growth of six basis points over the previous year. The total income, encompassing both interest and non-interest income, for Q3FY24 escalated by 19.68% to Rs. 9,139 crore from Rs. 7,636 crore in Q3FY23.

Highlighting its expansive reach, Central Bank of India maintains a pan-India presence with a network of 4,494 branches, with 65.29% (2,934 branches) strategically positioned in rural and semi-urban areas.

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The bank’s commitment to accessibility is further evident with 4,083 operational ATMs and 11,207 business correspondent (BC) points, resulting in a comprehensive total of 19,784 touch points across the country.

At the time of crafting this update, Central Bank of India’s shares were trading 3.12% higher at Rs. 54.45 apiece on Nifty, indicating positive market response to the bank’s robust performance in the third quarter.

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