Central Bank of India Q3 profit rises 64% to Rs 458 crore

State-owned Central Bank of India on Wednesday reported 64 per cent jump in profit at Rs 458 crore for December quarter 2022-23, aided by a decline in bad loans and improvement in Net Interest Income (NII).

The Mumbai-based bank had posted a net profit of Rs 279 crore in the year-ago period.

The bank's total income increased to Rs 7,635.71 crore in October-December 2022-23 from Rs 6,523.78 crore a year ago, it said in a regulatory filing.

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NII was higher by 20 per cent to Rs 3,285 crore during the quarter under review.

Operating profit grew 44.21 per cent to Rs 1,807 crore as against Rs 1,253 crore in the third quarter of FY22, it said.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) almost halved to 8.85 per cent as compared to 15.16 per cent in the previous fiscal year.

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Net NPAs too eased to 2.09 per cent from 4.39 per cent in the same period of FY22.

However, the capital adequacy ratio declined to 13.76 per cent in December quarter FY23 as against 13.99 per cent in the year-ago period.