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Central Bank of India reported a 50.91% Y-o-Y rise in profit for Q2 FY24-25. The bank also posted significant growth in advances, deposits, and asset quality, with improved NPA ratios and a strong focus on Retail, Agriculture, and MSME segments.
In the second quarter of FY24-25, Central Bank of India posted significant growth in key financial metrics, further solidifying its position in the Indian banking sector. With consolidated numbers only, the bank achieved impressive results, showcasing a strong year-on-year (Y-o-Y) improvement across multiple financial metrics.
These consolidated results highlight the bank's successful performance during the quarter, emphasizing strong deposit and loan growth, alongside significant improvement in asset quality.
The second quarter results saw robust growth in both profitability and business operations. The bank's Net Profit for Q2 FY24-25 stood at ₹ 913 crore, marking a Y-o-Y growth of 50.91%. This was supported by a strong uptick in Net Interest Income (NII), which grew by 12.62% Y-o-Y to ₹ 3,410 crore.
The Gross Advances expanded to ₹ 252,944 crore, showcasing a growth of 9.48% compared to the same period last year. Total Deposits reached ₹ 391,914 crore, representing an increase of 5.57% Y-o-Y.
Particulars | Q2 FY24-25 (₹ in Cr) | Q2 FY23-24 (₹ in Cr) | Y-o-Y Growth (%) |
Total Business | 6,44,858 | 6,02,284 | 7.07% |
Total Deposits | 3,91,914 | 3,71,252 | 5.57% |
Gross Advances | 2,52,944 | 2,31,032 | 9.48% |
Net Profit | 913 | 605 | 50.91% |
Net Interest Income (NII) | 3,410 | 3,028 | 12.62% |
CASA Deposits | 1,91,270 | 1,82,838 | 4.61% |
Gross NPA (%) | 4.59% | 4.62% | 3 bps Improvement |
Net NPA (%) | 0.69% | 1.64% | 95 bps Improvement |
Provision Coverage Ratio | 96.31% | 92.54% | 377 bps Improvement |
The results surpassed sector expectations, particularly in terms of asset quality improvement. The Gross NPA ratio improved to 4.59% while the Net NPA dropped significantly to 0.69%, indicating better recovery and risk management processes. The bank’s Provision Coverage Ratio (PCR) improved to 96.31%, which is above the sector average, indicating the bank’s proactive provisioning strategy.
The management expressed confidence in the bank's growth trajectory. They emphasized that the significant improvement in asset quality and the robust growth in the RAM segment will continue to drive the bank's future performance. The focus remains on maintaining operational efficiency and enhancing digital services to provide seamless banking experiences.
Source: Central Bank of India Press Release Submitted on BSE.
Check out Central Bank of India's past performances in previous quarters and financial years.
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