Central Bank of India Q4 profit surges by 84% to Rs 571 cr

Mumbai: Central Bank of India on Saturday reported 84.19 percent jump in net profit at Rs 571 crore for the quarter ended March 2023 as bad loans fell. The bank's net profit was Rs 310 crore in January-March 2021-22. "Operating profit has shown a growth of 16.27 percent on year-on-year basis to Rs 2,108 crore for Q4FY23 as against Rs 1,813 crore for Q4FY22," the bank said in a statement.

Net Interest Income (NII) grew by 45.35% on annual basis

Net Interest Income (NII) grew by 45.35 percent on annual basis to Rs 3,513 crore in fourth quarter of FY23 as against Rs 2,417 crore. Net revenue (interest income plus other income) for fourth quarter of 2022-23 improved by 33.44 percent to Rs 8,567 crore from Rs 6,420 crore in the year-ago period. The bank further said that its net profit was up by 51.39 percent at Rs 1,582 crore in 2022-23. It was Rs 1,045 crore in 2021-22.

GNPA stood at 8.44%

The bank's gross non-performing assets stood at 8.44 percent in fourth quarter of the last fiscal, down from 14.84 percent in the year- ago period, as per a stock exchange filing of the bank. Similarly, net NPAs too came down to 1.77 percent from 3.97 percent in January-March 2021-22. The state-owned lender further said its total BASEL III capital adequacy ratio improved to 14.12 per cent, as compared to 13.84 per cent in March 2022.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)