Central Bank of India Q3 profit rises 64% to Rs 458 crore

New Delhi: State-owned Central Bank of India on Wednesday reported a 64 percent jump in profit at Rs 458 crore for the December quarter of 2022-23, aided by a decline in bad loans and an improvement in Net Interest Income (NII). The Mumbai-based bank had posted a net profit of Rs 279 crore in the year-ago period.

The bank's total income increased to Rs 7,635.71 crore in October-December 2022-23 from Rs 6,523.78 crore a year ago, it said in a regulatory filing. NII was higher by 20 percent to Rs 3,285 crore during the quarter under review. (Also Read: Microsoft joins layoffs spree; Company plan to FIRE THOUSANDS of employees-- Read details inside)

Operating profit grew 44.21 percent to Rs 1,807 crore as against Rs 1,253 crore in the third quarter of FY22, it said. On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) almost halved to 8.85 percent as compared to 15.16 percent in the previous fiscal year. (Also Read: Samsung Republic Day Sale 2023: Get BUMPER discounts of up to 61% on THESE devices)

Net NPAs too eased to 2.09 percent from 4.39 percent in the same period of FY22. However, the capital adequacy ratio declined to 13.76 percent in the December quarter of FY23 as against 13.99 percent in the year-ago period.