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

Central Bank of India on Saturday reported 84.19 per cent 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 per cent 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.

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Net Interest Income (NII) grew 45.35 per cent 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 per cent to Rs 8,567 crore from Rs 6,420 crore in the year-ago period.

The bank further said its net profit was up 51.39 per cent at Rs 1,582 crore in 2022-23. It was Rs 1,045 crore in 2021-22.

The bank's gross non-performing assets stood at 8.44 per cent in fourth quarter of the last fiscal, down from 14.84 per cent in the year- ago period, as per a stock exchange filing of the bank.

Similarly, net NPAs too came down to 1.77 per cent from 3.97 per cent 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.

The bank is having a pan-India presence with network of 4,493 branches with 65.21 per cent branches in rural & semi-urban areas, 3,752 ATMs and 9,959 BC Points with total 18,204 touch points as of March 2022-23.