New Delhi: Central Bank of India on Saturday reported an 84.19 per cent jump in net profit to Rs 571 crore for the quarter ended March 2023 as bad loans fell. The net profit of the bank in January-March 2021-22 was Rs 310 crore.
“Operating profit registered a growth of 16.27 per cent on a year-on-year basis at 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 Begins May 4: Check Out Top Offers,
Net interest income (NII) in the fourth quarter of FY23 grew by 45.35 per cent year-on-year to Rs 3,513 crore, as against Rs 2,417 crore. ,ALSO READ: Actor Shah Rukh Khan fined for promoting BYJU’s false coaching promise,
Net revenue (interest income and other income) for the fourth quarter of 2022-23 rose 33.44 per cent to Rs 8,567 crore from Rs 6,420 crore in the year-ago period.
The bank further said that its net profit is projected to increase by 51.39 per cent to 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 per cent in the fourth quarter of the last fiscal, as against 14.84 per cent in the year-ago period, according to the bank’s stock exchange filing.
Similarly, Net NPA also came down from 3.97 percent in January-March 2021-22 to 1.77 percent. The state-owned lender further said its overall Basel III capital adequacy ratio stood at 14.12 per cent as of March 2022 as against 13.84 per cent.
The Bank has a pan India presence with a network of 4,493 branches with 65.21 per cent branches in rural and semi-urban areas, 3,752 ATMs and 9,959 BC points with a total network of 18,204 touch points by March 2022-23.