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Central Bank of India’s Q4 Net Profit Jumps 84% ​​to Rs 571 Crore

Central Bank of India posts consolidated Q4FY23 PAT of Rs 591 crore.

Central Bank of India reported on April 29 that its net profit for the quarter ended March 31, 2023, surged 84% to Rs 571 crore. The bank posted a profit of Rs 310 crore for the same period last year. On a sequential basis, the lender’s profits were up 25%.

The bank’s net interest income (NII) rose 45.35% year-on-year to Rs 3,513 crore in Q4FY23, compared to Rs 2,417 crore in Q4FY22. A quarter-on-quarter increase of 6.94%.

Central Bank of India also said its operating profit rose 16.27% to Rs 2,108 crore in the current quarter from Rs 1,813 crore in the previous fiscal. Operating profit increased by 16.65% quarter-on-quarter.

Central Bank of India’s asset quality improved in the March quarter. Gross non-performing assets increased 640 bps to 8.44% (yoy), while its net non-performing assets increased 220 bps to 1.77% (yoy).

The bank’s provision coverage ratio is 92.48% (yoy), improving 579 basis points.

Subsequently, the bank’s gross NPA is 8.44%, compared with 8.85% in the December quarter, and its net NPA is 1.77%, compared with 2.09% in the December quarter.

In the banking sector, the number of digital transactions for internet banking, mobile banking, IMPS and UPI transactions has also increased by 37.39% in FY22-23 compared to the same period in FY21-22.

Also, the lender’s business per employee rose to Rs 18.70 crore from Rs 17.52 crore a year earlier.

Meanwhile, shares of RBI closed 4.44% at Rs 30.35 per share on the BSE on the last trading day of the month (April 28).

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