Central Bank of India Reports 110.53% Rise in Net Profit to ₹880 Crore

FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2024.

Performance Highlights on Year-on-Year basis:

• Total Business grew by 8.97 % to ₹ 635564 crore from ₹ 583261 crore.
• Total Deposits up by 5.93 % to ₹ 384949 crore from ₹ 363398 crore.
• CASA Deposits have increased by ₹ 8772 crore to ₹ 188863 crore from ₹ 180091 crore, reflecting Y-o-Y growth of 4.87% & having a share of 49.19% of total Deposits.
• Gross Advance increased by 13.99 % to ₹ 250615 crore from ₹ 219863 crore.
• Credit to Deposit (CD) Ratio improved to 65.27 % registering an improvement of 452 bps, from 30th June 2023.
• Gross NPA improved to 4.54 %, registering an improvement of 41 bps over 4.95%.
• Net NPA improved to 0.73 %, registering an improvement of 102 bps over 1.75%.
• Provision Coverage Ratio improved to 96.17%, registering an improvement of 394 bps over 92.23%.
• Net Profit up by 110.53 % to ₹ 880 crore Y-o-Y, from ₹ 418 crore.
• Net Interest Income for June 30, 2024 quarter has increased to ₹ 3548 crore as compared to ₹ 3176 crore for corresponding quarter ended June 30, 2023.
• Net Interest Margin (NIM) for the quarter is at 3.57% as at the end of June 30, 2024 when compared to 3.43% as at the end of June 30, 2023 quarter.
• Return on Assets (ROA) improved to 0.82 % for the quarter ended June 24, registering an improvement of 39 bps, over the corresponding quarter of last year.
• Return on Equity (ROE) improved to 3.14 % for the quarter ended June 24, registering an improvement of 151 bps, over the corresponding quarter of last year.
• CRAR improved to 15.68 %, of which Tier I is 13.36 %, registering an improvement of 126 bps.
  

  Profitability (Quarter Ended June 30th, 2024) on Year-on-Year basis:

  1.    Total Income (Interest Income plus Non Interest Income) for Q1FY25 improved by 16.08 %, from ₹ 8184 crore in Q1FY24 to ₹ 9500 crore for Q1FY25. 
  2.    Net Interest Income (NII) grew by 11.71 % on Y-o-Y basis to ₹ 3548 crore for quarter ended June 30th 2024, over corresponding period of last year of ₹ 3176 crore. 
  3.    Operating Profit grew by 8.43 % on Y-o-Y basis to ₹ 1993 crore for quarter ended June 30th 2024, over corresponding period of last year of ₹ 1838 crore. 
  4.    Net Profit up by 110.53 % to ₹ 880 crore in Q1FY25 against ₹ 418 crore in Q1FY24. 
  5.    Return on Assets (ROA) improved to 0.82% for Q1FY25 as against 0.43% for Q1FY24.
  6.    Return on Equity (ROE) also improved to 3.14 % for Q1FY25 as against 1.63 % for Q1FY24. 
  

  Business Highlights:

• Total Business of the Bank, stood at ₹ 635564 crore as on June 30th, 2024 as against 
  ₹ 583261 crore registering growth of ₹ 52303 crore (8.97%) on Y-o-Y basis.
• Total Deposits up by 5.93 % to ₹ 384949 crore from ₹ 363398 crore.
• Gross Advance increased by 13.99 % to ₹ 250615 crore on Y-o-Y basis as against ₹ 219863 crore for the same period of preceding year.
• RAM (Retail, Agriculture & MSME) business grew by 18.81 %. The individual sector wise growth stood at 13.87 % (₹ 72469 crore), 15.36 % (₹ 47080 core) & 30.20% (₹ 52111 crore), respectively, for Retail, Agriculture & MSME.
• Business per Employee has improved to ₹ 20.31 crore during quarter ended June 30, 2024 from ₹18.43 crore on Y-o-Y basis.

Asset Quality:

• Gross NPA improved to 4.54 % with an improvement of 41 bps, on Y-o-Y basis.
• Net NPA improved to 0.73 % with an improvement of 102 bps, on Y-o-Y basis.
• Provision Coverage Ratio stood at 96.17 %, with an improvement of 394 bps, on Y-o-Y basis.

Capital Adequacy:

• Total BASEL III Capital Adequacy Ratio improved to 15.68 % (with Common Equity Tier 1 ratio of 13.36 %), as on 30th June 2024, as compared to 14.42 % on June 30th 2023, registering an improvement of 126 bps.
  

  Branch Segmentation:

• Bank is having pan India presence with network of 4517 branches with 2945 branches in rural & semi-urban areas (65.20%), 4085 ATMs and 11895 BC Points with total 20497 Touch Points as on June 30th ’24.