Central Bank of India Q2 result: Net Profit Nearly Doubles Bank's gross non performing asset (NPA) also improved to 4.62 % in September FY24 against 9.67% reported a year ago.
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Supported by growth in net interest income and other income and a sharp decline in provisions, the state-owned Central Bank of India has reported INR 605.4 crore net profit for the September quarter of FY24, which is a staggering increase of over 90 percent reported in Q2 FY23. In Q2FY23, the bank reported a net profit of INR 318.2 crore.
During the three month period, the bank's total income rose to INR 8,412 crore from INR 7,065 crore a year ago. Its gross non performing asset (NPA) also showed improvement and stood at 4.62 % for the quarter. Earlier the bank had reported gross NPA at 9.67% in September FY22-23. The net NPA stood at1.64% in the September quarter from 2.95% in a year ago period. This is an improvement of 131 bps.
Bank's interest income during the September quarter grew to INR 7,351 crore as against INR 6,155 crore in the year-ago period. Net Interest Income (NII) increased by 10.23% to INR 3,028 crore in the second quarter of the current fiscal as against INR 2,747 crore a year ago.
Provision and contingencies declined to INR 967 crore as against INR 1,125 crore in the same period a year ago. The bank's net interest margin jumped to 3.53% as against 3.12% last year, according to BSE filing. Provision Coverage Ratio improved to 92.54 in the quarter from 89.20 in the corresponding period a year ago.
Bank's total business grew by 11.51% to INR 6,02,284 crore against INR 5,40,130 in the second quarter of previous fiscal. Capital adequacy ratio of the bank increased to 14.82 % as compared to 13.56%.