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.

By Priya Kapoor

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During the quarter, the Central Bank of India's total income rose to INR 8,412 crore from INR 7,065 crore a year ago

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%.

Priya Kapoor

Feature Editor

Priya holds more than a decade of experience in journalism. She has worked on various beats and was chosen as a Road Safety Fellow in 2018, wherein she produced many in-depth & insightful features on road crashes in India. She writes on startups, personal finance and Web3. Outside of work, she likes gardening, driving and reading. She can be reached at her email id: kpriya@entrepreneurindia.com




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