The Central Bank of India closed the third quarter of FY24 with a higher net profit of Rs. 717.86 crore, as reported in a regulatory filing on Friday. For the quarter ending on December 31, 2023, the bank achieved a total interest income of Rs 7,809.21 crore, a notable increase from Rs 6,716.55 crore in Q3FY23, contributing to the rise in net profit from Rs 458.22 crore.
The significant increase in profit was primarily attributed to the sharp spike in the bank's other income for the quarter under review, reaching Rs 1,329.72 crore compared to Rs 919.16 crore.
During the same quarter, the bank's provisions for non-performing assets decreased to Rs 726.69 crore from Rs 849.62 crore. As of December 31, 2023, the gross non-performing assets and net non-performing assets stood at Rs 10,786.49 crore and Rs 2,955.57 crore, respectively.
According to the Central Bank of India, its total business grew by 11.48 per cent to Rs. 6,17,368 crore during the quarter under review. Total deposits increased by 9.53 per cent to Rs 377,722 crore, and gross advances rose by 14.71 per cent to Rs 239,646 crore.
The Net Interest Income (NII) marginally declined by 4.04 per cent on a year-on-year basis to Rs 3,152 crore in Q3FY24 compared to Rs 3,285 crore in Q3FY23. However, excluding one-off exceptional items, NII was up 3.73 per cent from Rs 3,042 crore in Q3FY23 to Rs 3,125 crore in Q3FY24. These financial indicators reflect the bank's performance in the given quarter, showcasing both growth and strategic financial management.
(With Agency Inputs)
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