New Delhi: Central Bank of India on Saturday reported an 84.19 percent jump in net profit at Rs 571 crore for the quarter ended March 2023 as bad loans fell. The bank’s net profit was Rs 310 crore in January-March 2021-22.
“Operating profit has shown a growth of 16.27 percent on a year-on-year basis to Rs 2,108 crore for Q4FY23 as against Rs 1,813 crore for Q4FY22,” the bank said in a statement. (Also Read: Amazon’s Great Summer Sale 2023 To Start On May 4: Check Top Offers)
Net Interest Income (NII) grew 45.35 percent on an annual basis to Rs 3,513 crore in the fourth quarter of FY23 as against Rs 2,417 crore. (Also Read: Actor Shah Rukh Khan Fined For Promoting BYJU’s Over False Coaching Promise)
Net revenue (interest income plus other income) for the fourth quarter of 2022-23 improved by 33.44 percent to Rs 8,567 crore from Rs 6,420 crore in the year-ago period.
The bank further said its net profit was up 51.39 percent at Rs 1,582 crore in 2022-23. It was Rs 1,045 crore in 2021-22.
The bank’s gross non-performing assets stood at 8.44 percent in the fourth quarter of the last fiscal, down from 14.84 percent in the year-ago period, as per a stock exchange filing of the bank.
Similarly, net NPAs too came down to 1.77 percent from 3.97 percent in January-March 2021-22. The state-owned lender further said its total BASEL III capital adequacy ratio improved to 14.12 percent, as compared to 13.84 percent in March 2022.
The bank is having a pan-India presence with a network of 4,493 branches with 65.21 percent branches in rural & semi-urban areas, 3,752 ATMs, and 9,959 BC Points with total 18,204 touch points as of March 2022-23.