Central Bank of India Q3 profit jumps 33% to Rs 959 crore

New Delhi: State-owned Central Bank of India posted a 33 per cent increase in its profit at Rs 959 crore in the third quarter ended December 2024.

The bank had earned a net profit of Rs 718 crore in the same quarter a year ago.

Total income increased to Rs 9,739 crore during the quarter under review against Rs 9,139 crore in the same period last year, the Central Bank of India said in a regulatory filing.

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The interest income of the bank also rose to Rs 8,509 crore during the quarter compared to Rs 7,809 crore in the same period a year ago.

Operating profit of the bank improved to Rs 1,963 crore as against Rs 1,931 crore in December 2023.

On the asset quality side, the bank's gross Non-Performing Assets (NPAs) declined to 3.86 percent of the total loans at the end of December 2024 from 4.50 per cent a year ago.

Net NPAs or bad loans also came down to 0.59 percent from 1.27 percent at the end of the third quarter of the previous fiscal.

Capital Adequacy Ratio of the bank rose to 16.43 percent as against Rs 14.74 per cent at the end of same quarter a year ago.

Provision Coverage Ratio of the bank improved to 96.54 percent at the end of December 2024 as compared to 93.73 percent at the end of the third quarter of the previous fiscal.

With regard to the bank's proposed acquisition of stakes of Future Enterprises Ltd (FEL) in Future Genarali India Insurance Company Ltd (FGIICL) and Future Genarali India Life Insurance Company Ltd, the bank has emerged successful bidder and issued a Letter of Intent (LoI) on August 20, 2024.

As instructed in the LoI, the bank submitted an unconditional acceptance and deposited a 15 percent bid amount of Rs 508 crore as advance consideration i.e Rs 76.2 crore and remitted the remaining amount of Rs 431.8 crore on November 16, 2024.

The bank has received Competition Commission of India (CCI) approval for the proposed purchase of 24.91 percent stake of FEL in Future Genarali India Insurance Company Ltd. (FGIICL) and 25.18 percent stake of FEL in Future Genarali India Life Insurance Company Ltd (FGILICL) on October 15, 2024.

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