Central Bank of India Q2 profit soars 51% to ₹913 crore

The lender had earned a net profit of ₹605 crore in the same quarter a year ago.

Total income increased to ₹9,849 crore during the quarter under review, as against ₹8,412 crore in the same period last year, Central Bank of India said in a regulatory filing.

Net Interest Income increased to ₹3,410 crore in the latest July-September quarter as compared to ₹3,028 crore in the corresponding period a year ago.

The bank earned an interest income of ₹8,203 crore during the quarter, compared to ₹7,351 crore in the year-ago quarter.

Net Interest Margin (NIM) in the reporting quarter rose to 3.44% from 3.29% at the end of second quarter of previous fiscal.

Return on Assets (ROA) improved to 0.85%, registering an improvement of 23 bps, over the corresponding quarter of last year.

The bank was able to reduce gross Non-Performing Assets (NPAs) to 4.59% of the gross loans by the end of September 2024, from 4.62% a year ago.

Similarly, net NPAs or bad loans came down to 0.69%, from 1.64% at the end of the second quarter of the previous fiscal.

Provision Coverage Ratio stood at 96.31%, with an improvement of 377 bps year on year.

Total BASEL III Capital Adequacy Ratio improved to 16.27% (with Common Equity Tier 1 ratio of 14.01%), as on September 2024, as compared to 14.82% at the end of second quarter of last fiscal.