Central Bank of India Q3 profit rises by 64%
New Delhi: State-owned Central Bank of India on Wednesday reported 64 percent jump in profit at Rs 458 crore for December quarter 2022-23, aided by a decline in bad loans and improvement in Net Interest Income (NII). The bank had posted a net profit of Rs 279 crore in the year-ago period. The bank's total income increased to Rs 7,635.71 crore in October-December 2022-23 from Rs 6,523.78 crore a year ago, said the bank in a regulatory filing.
Bank's NII grew by 20% to Rs 3,285 cr
"NII grew by 20 percent to Rs 3,285 crore during the quarter under review. Operating profit grew by 44.21 percent to Rs 1,807 crore as against Rs 1,253 crore in the third quarter of FY22," it said.
Gross NPAs almost halved to 8.85%
On the asset quality front, the bank recorded that its gross NPAs (Non-Performing Assets) almost halved to 8.85 percent as compared to 15.16 percent in the previous fiscal year. Net NPAs too eased to 2.09 percent from 4.39 percent in the same period of FY22.
However, the capital adequacy ratio declined to 13.76 percent in December quarter FY23 as against 13.99 percent in the year-ago period.
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