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Central Bank of India Q2 Results FY24-25 Highlights: Net Profit Up 50.91%

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Synopsis:

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.

Central Bank of India Q2 Results FY24-25 Highlights

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.

Key Highlights/Quick Insights:

  • Total Business: ₹ 644,858 crore, an increase of 7.07% Y-o-Y
  • Total Deposits: ₹ 391,914 crore, up by 5.57% Y-o-Y
  • Gross Advances: ₹ 252,944 crore, a growth of 9.48% Y-o-Y
  • Net Profit: ₹ 913 crore, a sharp rise of 50.91% Y-o-Y
  • Net Interest Income (NII): ₹ 3,410 crore, up by 12.62% Y-o-Y
  • Net NPA: Improved to 0.69%, down by 95 bps Y-o-Y

These consolidated results highlight the bank's successful performance during the quarter, emphasizing strong deposit and loan growth, alongside significant improvement in asset quality.

CENTRAL BANK OF INDIA

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57.75-1.66 (-2.79 %)

Updated - 13 December 2024
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Quarterly - Central Bank of India Q2 Results FY24-25

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.

Detailed Financial Table (Consolidated Figures):

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

Segment Highlights:

  • Retail: ₹ 76,373 crore, growth of 15.48%
  • Agriculture: ₹ 50,280 crore, growth of 17.34%
  • MSME: ₹ 55,552 crore, a strong growth of 29.45%

Sector Expectations for Central Bank of India Q2 Results FY24-25

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.

Management Commentary

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. 

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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