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Central Bank Q3 net rises 64.16% at Rs 458 cr on improved margins

State-owned lender reports first full quarter after exiting regulator's Prompt Corrective Action regime

Topics
Central Bank of India | Q3 results | Banks

Abhijit Lele  |  Mumbai 



Central Bank
Cetntral Bankā€™s net interest income (NII) was up 19.33 per cent YoY in Q3 to Rs 3,285 crore. Sequentially, NII rose from Rs 2,747 crore in Q2Fy23, Bank said in a statement.

Central Bank of India’s (Central Bank) net profit rose by 64.16 per cent year-on-year (YoY) to Rs 458 crore in the quarter ended December (Q3 of FY23). This was on the back of an improvement in net interest margin (NIM).

The Mumbai-based public sector lender had posted a net profit of Rs 278 crore in Q3 of FY22. Net profit was sequentially higher in Q3 FY23 compared to Q2 FY23 when the figure stood at Rs 318 crore.

This was the first full quarter for the bank after exiting Reserve Bank of India’s Prompt Corrective Action (PCA) regime in September 2022 (Q2Fy23).

The bank’s stock closed 0.46 per cent lower at Rs 32.35 per share on the BSE on Wednesday.

Total capital adequacy ratio (CAR) stood at 13.76 per cent with Common Equity tier I of 11.92 per cent in December 2022.

Cetntral Bank’s net interest income (NII) was up 19.33 per cent YoY in Q3 to Rs 3,285 crore. Sequentially, NII rose from Rs 2,747 crore in Q2Fy23, Bank said in a statement.

NIM improved to 3.77 per cent in Q3 from 3.02 per cent in Q3Fy22. Sequentially, NIM rose from 3.41per cent in Q2Fy23.

The lender's non-interest income rose 93.88 per cent YoY to Rs 919 crore during the quarter under review. Sequentially, it rose by just one per cent from Rs 910 crore during the quarter ended September 2022.

Asset quality profile improved with gross non-performing assets (GNPAs) at 8.85 per cent in December 2022, compared with 15.16 per cent a year ago. Sequentially, GNPAs were down from 9.67 per cent in September 2022, it added.

Net NPAs dipped to 2.09 per cent from 4.39 per cent a year ago. Sequentially, they improved from 2.95 per cent in July-September 2022.

The provision coverage ratio (PCR) rose to 91.72 per cent for the quarter under review from 85.77 per cent a year ago. Sequentially, it improved from 89.2 per cent in July-September 2022.

Keeping with economic growth and strong demand for credit, the bank’s loan book grew by 14.73 per cent YoY to Rs 2.08 trillion for the third quarter ended December 2022.

Deposits grew by 2.12 per cent YoY to Rs 3.44 trillion in October-December 2022. The share of low-cost money, current account and savings account (CASA) deposits, rose to 51.22 per cent at the end of December 2022 from 50.01 per cent a year ago.


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First Published: Wed, January 18 2023. 16:24 IST

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