score-card

Published 17:23 IST, April 30th 2024

Central Bank Of India Q4 Net Profit Rises to Rs 807 crore

This represents a substantial increase from the previous quarter's figure of 7100 rupees.

Reported by: Business Desk
Follow: Google News Icon
  • share
Central of Bank of India | Image: Central of Bank of India
Advertisement

Central Bank of India Q4 Earnings: Central Bank of India Ltd has released its latest financial report, showcasing robust performance in the fourth quarter. The bank has reported a net profit of  Rs 8.07 billion in the fourth quarter of FY24. The bank has reported a substantial increase in net profit for Q4, reaching an impressive 8.07 billion rupees. This marks a significant leap from the previous quarter's figure of 5.71 billion rupees, indicating a notable improvement in profitability. Despite market volatility, Central Bank of India Ltd has maintained a stable gross non-performing assets (NPA) ratio of 4.50 per cent in Q4, mirroring the performance of the previous quarter. This consistency reflects the bank's effective risk management practices.

Revenue Growth

Advertisement

Q4 has witnessed strong revenue growth, with interest earned totalling 83.37 billion rupees. This represents a substantial increase from the previous quarter's figure of 71.44 billion rupees, highlighting the bank's ability to generate robust income streams. The bank has effectively managed provisions and contingencies in Q4, with a notable decrease to 7.07 billion rupees from 12.05 billion rupees in the previous quarter. This reduction indicates improved asset quality and proactive risk management efforts.

NPA Reduction

Advertisement

Central Bank of India Ltd has demonstrated its commitment to addressing non-performing assets, with provisions specifically allocated for NPAs declining to 5.09 billion rupees in Q4. This reflects the bank's proactive measures to mitigate credit risk and enhance asset quality. The net NPA ratio has improved to 1.23 per cent in Q4, compared to 1.27 per cent in the previous quarter. This improvement underscores Central Bank of India Ltd's focus on maintaining high asset quality standards and minimizing credit risk exposure.

With Reuters Inputs

Advertisement

 

17:12 IST, April 30th 2024