New Delhi: State-owned Central Bank of India on Wednesday reported a 64 per cent jump in profit at Rs 458 crore for the December quarter of 2022-23, aided by a decline in bad loans and improvement in net interest income (NII). The Mumbai-based bank had posted a net profit of Rs 279 crore in the year-ago period.
The bank’s total income rose to Rs 7,635.71 crore in October-December 2022-23 from Rs 6,523.78 crore a year ago. NII grew by 20 per cent to Rs 3,285 crore during the quarter under review. ,Also read: Microsoft involved in layoff spree; Company plans to lay off thousands of employees– read details inside,
Operating profit grew by 44.21 per cent to Rs 1,807 crore in Q3FY22 as against Rs 1,253 crore in Q3FY22. On the asset quality front, the bank registered an improvement with gross NPAs (non-performing assets) nearly halving to 8.85 per cent as compared to 15.16 per cent in the previous fiscal. ,Also read: Samsung Republic Day Sale 2023: Get a bumper discount of up to 61% on these devices,
The net NPA also came down from 4.39 per cent to 2.09 per cent in the same period of FY22. However, the capital adequacy ratio declined to 13.76 per cent in the December quarter of FY23, as against 13.99 per cent in a year-ago period.