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Central Bank of India Profit Jumps 27% to Rs 318 Crore in July-September

Public sector lender Central Bank of India on Thursday reported a 27 per cent jump in net profit at Rs 318 crore in the second quarter ended September, helped by a decline in bad loans. The lender had posted a net profit of Rs 250 crore during the same quarter of the previous fiscal.

Total income of the bank during July-September period of 2022-23 went up to Rs 7,064.96 crore, as against Rs 6,762.36 crore in the year-ago period, it said in a regulatory filing. On the asset quality front, gross non-performing assets (NPAs or bad loans) reduced to 9.67 per cent as of September 30, 2022, from 15.52 per cent by end of the same month last year.

Similarly, net NPA too declined to 2.95 per cent from 4.51 per cent at the end of second quarter of previous fiscal. As a result, provisions for bad loans declined to Rs 1,070.13 crore as against higher provisions of Rs 1,113.81 crore made in the same quarter of previous fiscal.

The Mumbai-based bank exited the Prompt Corrective Action (PCA) framework of RBI after demonstrating sustained performance under all the parameters during the last five quarters. The performance has further improved during September 2022 quarter, the bank said in a statement.

Giving details of the other parameters, it said the bank’s net interest income rose to Rs 2,747 crore, as against Rs 2,495 crore earlier. Net interest margin (NIM) improved to 3.44 per cent from 2.97 per cent on a year-on-year basis, it added.

The Provisioning Coverage Ratio (PCR) as on September 30, 2022 of the bank is 89.20 per cent against 85.86 per cent at the end of September 2021. The bank’s Capital Adequacy Ratio (BASEL-III) for quarter ending September 30, 2022 was 13.56 per cent as against 13.51 per cent in the same quarter a year ago. CET-1 also improved from 11.53 per cent to 11.62 per cent during Q2 FY23 over the corresponding quarter of previous year, it said.

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