Central Bank of India Records Remarkable Growth and Profitability in Q3 FY24: Key Highlights and Economic Implications

Central Bank of India Records Remarkable Growth and Profitability in Q3 FY24: Key Highlights and Economic Implications

Central Bank of India Records Remarkable Growth and Profitability in Q3 FY24: Key Highlights and Economic Implications

Embargoed until January 31, 2024

In a triumphant display of resilience and growth, the Central Bank of India has delivered impressive results for the quarter and nine-month period ending December 31, 2023. The bank’s stellar performance is marked by robust profitability and significant strides in various business parameters.

Key Financial Highlights:

  1. Total Business Growth: Central Bank’s total business witnessed a remarkable surge, showing sustained positive momentum for the ninth consecutive quarter. The total business grew by 11.48% to reach Rs 617,368 crore, underscoring the bank’s ability to seize market opportunities and meet evolving client needs.
  2. Net Profit Surge: The bank reported a substantial increase in net profit, showcasing a 56.77% rise to Rs 718 crore in Q3 FY24 compared to Rs 458 crore in Q3 FY23. For the nine months ending December 31, 2023, the net profit rose by 72.30% to Rs 1,742 crore, a significant leap from the previous year’s Rs 1,011 crore. This surge highlights Central Bank’s effective financial management and value delivery to stakeholders.
  3. Gross Advance and NPA Improvement: The gross advance increased by 14.71% to Rs 239,646 crore on a year-on-year basis. Notably, the gross NPA improved to 4.50%, showcasing a remarkable improvement of 435 basis points (bps) on a YoY basis. The net NPA also improved to 1.27%, with an improvement of 82 bps on a YoY basis. The Provision Coverage Ratio stood at 93.73%, indicating a robust risk management strategy and an improvement of 201 bps on a YoY basis.

Growth Momentum Accelerates: Central Bank’s sustained positive trajectory for nine consecutive quarters signifies its agility in capturing market opportunities and meeting diverse client needs, contributing to overall economic growth.

Profitability Takes a Leap: The substantial increase in net profit underscores Central Bank’s robust financial management and its commitment to delivering significant value to stakeholders, marking a positive outlook for the bank.

Implications for the Economy: Central Bank of India’s impressive financial performance holds promising implications for the Indian economy. The bank’s increased lending capacity is poised to fuel growth in key sectors, while enhanced profitability strengthens its role as a crucial catalyst for financial stability. Moreover, the focus on managing NPAs contributes to a cleaner and more efficient credit ecosystem.

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