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  5. Central Bank of India net profit rises 90% YoY in Q1FY25; check details

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Central Bank of India net profit rises 90% YoY in Q1FY25; check details

Upstox
By Upstox News Desk

2 min read | Updated on July 18, 2024, 19:36 IST

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SUMMARY

Central Bank of India reported more than 90% growth in its consolidated net profit in Q1FY25 at ₹942.42 crore compared to ₹494.97 crore in Q1FY24. The bank’s total income also grew 16% to ₹9,533.4 crore in Q1FY25 YoY from ₹8,218 crore in the corresponding quarter of the preceding fiscal.

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Central Bank of India reports 90% YoY surge in Q1 PAT, shares rise 4%

Central Bank of India reports 90% YoY surge in Q1 PAT, shares rise 4%

Central Bank of India shares rallied 4% to hit an intraday high of ₹67.64 apiece on the NSE on Thursday, July 18, after the public sector lender reported robust net profit growth in the quarter ended June 30, 2024 (Q1FY25).

In its quarterly results filed with the stock exchanges on Thursday, the public sector lender posted a 90.39% year-on-year growth in its consolidated net profit in Q1FY25 at ₹942.42 crore compared to ₹494.97 crore in Q1FY24. On a quarter-on-quarter basis, the bank’s net profit in June quarter increased over 15% from ₹816.29 crore in Q4FY24.

The bank’s total income also grew 16% YoY to ₹9,533.4 crore in Q1FY25 from ₹8,218 crore in the corresponding quarter of the preceding fiscal. However, the lender’s total income in Q1FY25 fell 2% sequentially from ₹9734.3 crore in Q4FY24.

In Q1FY25 the bank’s total business grew 8.97% to ₹6,35,564 crore on a year-on-year basis from ₹ 5,83,261 crore in the year-ago period. The bank also posted an increase of 13.99% in its Gross Advances to ₹2,50,615 crore in Q1FY25 compared to ₹2,19,863 crore in Q1FY24.

Net interest income and deposits

Central Bank of India’s Net Interest Income (NII) for the quarter ended June 30, 2024, increased to ₹ 3,548 crore as compared to ₹ 3,176 crore for the corresponding quarter in the preceding fiscal. The public sector bank’s Net Interest Margin (NIM) at the end of Q1FY25 improved to 3.57% compared to 3.43% at the end of the corresponding quarter a year ago.

The Mumbai-headquartered bank’s total deposits grew by 5.93% in Q1FY25 to ₹3,84,949 crore compared to ₹3,63,398 crore in Q1FY24. The public sector bank’s Current Account Savings Account (CASA) deposits for the June quarter of FY25 also increased 4.87% YoY to ₹1,88,863 crore against ₹1,80,091 crore on a YoY basis.

In Q1FY25 the public sector bank’s Credit to Deposit (CD) Ratio improved by 452 basis points to 65.27% from June 30, 2023.

Asset quality improves

In the June quarter of FY25, Central Bank’s Net Non-Performing Assets (NNPA) ratio improved by 102 bps to 0.73% compared to 1.75% in the same quarter of the preceding fiscal. The bank’s Provision Coverage Ratio for Q1FY25 improved by 394 bps to 96.17% from 92.23% in Q1FY24.

Shares of Central Bank of India closed at ₹64.95 apiece, down 0.14%, on the NSE.

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