Central Bank of India (CBoI) reported a 110 per cent jump in first quarter net profit at ₹880 crore against ₹418 crore in the year ago period on the back of healthy growth in net interest income and other income and write-back in provisions, including towards standard assets and income tax.

The public sector bank’s net interest income (difference between interest income and interest expenses) was up about 12 per cent at ₹3,548 crore (₹3,176 crore in the year ago period).

Other income, including income / commission from non-fund-based banking activities, fees, foreign exchange earnings, profit / loss on sale of assets, profit / loss (including revaluation) from investments, dividends from subsidiaries, recovery in written-off accounts, etc, rose 21 per cent to ₹1,165 crore (₹959 crore).

While NPA (non-performing asset) provisions jumped 449 per cent to ₹1,322 crore (₹241 crore), the Bank received write back in provisions, including towards standard assets (₹74 crore), income tax (₹78 crore) and restructured accounts (₹29 crore).

Net interest margin (yearly) rose to 3.57 per cent against 3.43 per cent in the year ago period.

GNPAs position improved a shade to 4.54 per cent of gross advances as at June-end 2024 against 4.50 per cent as at March-end 2023. Net NPAs position too improved to 0.73 per cent of net advances against 1.23 per cent of net advances.

Gross advances increased by 14 per cent Y-O-Y to ₹2,50,615 crore as at June-end 2024 on the back of 18.81 per cent growth in RAM (retail, agriculture and MSME) advances and 4.73 per cent growth in corporate & other advances.

Total deposits rose by 6 per cent Y-O-Y to stand at ₹3,84,949 crore as at June-end 2024. Low-cost CASA (current account, savings account) deposits declined to 49.19 per cent of total deposits against 49.76 per cent in the year ago quarter.

Shares of the Bank are currently trading at ₹64.48 per share, up 0.09 per cent vs previous close, on BSE.

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