Central Bank of India on Monday, January 20 posted a 33% year-on-year (YoY) increase in standalone net profit to ₹958.93 crore for the December 2024 quarter of the current financial year (Q3 FY25). The profit stood at ₹717.86 crore in the same period last year.
Meanwhile, the net interest income for the quarter rose to ₹3540.12 crore from ₹3151.85 crore, marking a 12.31% increase on a YoY basis. The net interest margin (NIM) for the quarter stood at 3.48% as of the end of December 31, 2024, as against 3.28% in the corresponding quarter ended December 31, 2023.
The public sector lender witnessed a decline in provisions and contingencies during the quarter to ₹556.64 crore from ₹821.98 crore in the same period last year. On a sequential basis, too, the figure declined from ₹598.06 crore.
The gross non-performing assets (GNPA) came in at ₹10,459.89 crore at the end of Q3 FY25 with the percentage of GNPA at 3.86%, down from 4.50% YoY and 4.59% QoQ. The net non-performing assets (NNPA) at ₹1,554.98 crore, with the percentage of NNPA at 0.59%, lower than 0.69% in the September 2024 quarter and 1.27% in the December 2023 quarter.
As of December 31, 2024, the bank's total business reached ₹668,686 crore, compared to ₹617,368 crore a year earlier, showing a growth of 8.31% YoY.
Total deposits increased by ₹20,185 crore, reaching ₹397,907 crore on December 31, 2024, up from ₹377,722 crore on December 31, 2023, reflecting a growth of 5.34%.
Gross advances grew by 12.99% to ₹270,779 crore as of December 31, 2024, compared to ₹239,646 crore a year ago.
The bank's RAM (Retail, Agriculture & MSME) business grew by 17.99%. The growth in each sector was 16.18% ( ₹79,927 crore) for Retail, 14.83% ( ₹51,274 crore) for Agriculture, and 23.64% ( ₹58,102 crore) for MSME.
Following the earnings announcement, shares of Central Bank of India spiked 5% to ₹55.45 apiece. The stock was last trading at ₹54.79, up 3.81% around 3.25 pm.
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