Central Bank of India Q2 Results: Net profit surges 51% to Rs 913 crore

State-owned Central Bank of India on Thursday posted a 51 per cent jump in profit at Rs 913 crore in the second quarter ended September 2024. The lender had earned a net profit of Rs 605 crore in the same quarter a year ago.

Total income increased to Rs 9,849 crore during the quarter under review, as against Rs 8,412 crore in the same period last year, Central Bank of India said in a regulatory filing.

Net Interest Income increased to Rs 3,410 crore in the latest July-September quarter as compared to Rs 3,028 crore in the corresponding period a year ago.

The bank earned an interest income of Rs 8,203 crore during the quarter, compared to Rs 7,351 crore in the year-ago quarter. Net Interest Margin (NIM) in the reporting quarter rose to 3.44 per cent from 3.29 per cent at the end of second quarter of previous fiscal.

Return on Assets (ROA) improved to 0.85 per cent, registering an improvement of 23 bps, over the corresponding quarter of last year. The bank was able to reduce gross Non-Performing Assets (NPAs) to 4.59 per cent of the gross loans by the end of September 2024, from 4.62 per cent a year ago.

Similarly, net NPAs or bad loans came down to 0.69 per cent, from 1.64 per cent at the end of the second quarter of the previous fiscal. Provision Coverage Ratio stood at 96.31 per cent, with an improvement of 377 bps year on year.

Total BASEL III Capital Adequacy Ratio improved to 16.27 per cent (with Common Equity Tier 1 ratio of 14.01 per cent), as on September 2024, as compared to 14.82 per cent at the end of second quarter of last fiscal.