Central Bank of India Q4 results: Net profit up 41% YoY at ₹807 crore, NII flat
Upstox
2 min read • Updated: April 30, 2024, 4:54 PM
Summary
The bank's gross NPA ratio came in at 4.50% – the same as the preceding quarter. The net NPA, however, declined sequentially to 1.23% from 1.27%.
State-run lender Central Bank of India logged a 41.4% year-on-year surge in its standalone net profit at ₹807.3 crore in the fourth quarter of financial year 2023-24 (Q4FY24), a regulatory filing showed on Tuesday, April 30.
In the year-ago quarter, the bank had reported a standalone net profit of ₹571 crore.
The net interest income – the difference between interest earned on loans and advances and paid on deposits – remained flat at ₹3,541 crore in Q4FY24, as per the standalone results declared by the lender. In the same quarter of FY23, the NII was 0.8% lower at ₹3,513 crore.
Meanwhile, the net interest margin came in at 3.4%, marginally higher from 3.28% in the December 2023 quarter but lower as compared to 6.67% in the year-ago period.
The bank’s asset quality remained stable, with the gross non-performing assets (GNPA) ratio coming in at 4.50% – the same as the preceding quarter. The net NPA, however, declined to 1.23% in Q4FY24 as compared to 1.27% in Q3FY24.
Also Read: IOC Q4 results: Net profit drops 52% YoY to ₹4,838 cr, revenue down 3%; shares slide
CASA deposits increase
Central Bank of India, in a release, said its total deposits went up by 7.2% year-on-year to ₹3,85,011 crore in the fourth quarter.
The current account and savings account (CASA) deposits have increased by ₹11,657 crore to ₹1,91,969 crore, reflecting a year-on-year growth of 6.5%. The share of CASA deposits in the overall deposits stands at 50.02%.
Central Bank of India FY24 results
Apart from the quarterly results, Central Bank of India also disclosed its earnings for the entire fiscal ended March 31, 2024.
The bank’s net profit increased by 61.1 % to ₹2,549 crore in FY24, as compared to ₹1,582 crore in FY23.
The NII grew by 10.34% to ₹12,896 crore, as against ₹11,687 crore in the preceding fiscal year.
Shares of Central Bank of India edged lower following the release of the earnings report. At 3:00 pm, the scrip was valued at ₹67.8 apiece, down 0.5% as against the previous day’s close.