Central Bank of India profit up 84 per cent to Rs 571 cr

NEW DELHI: Central Bank of India on Saturday reported an 84.19 per cent increase in net profit at Rs 571 crore for the fourth quarter ending March 2023 as bad loans fell. The bank’s net profit was Rs 310 crore in Q4FY22.

“Operating profit rose 16.27 per cent 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.

Net Interest Income (NII) grew 45.35 per cent on an annual basis to Rs 3,513 crore for Q4FY23 as against Rs 2,417 crore.

Net revenue (interest income plus other income) for Q4FY23 improved by 33.44 per cent 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 per cent at Rs 1,582 crore in FY23. It was Rs 1,045 crore in FY22.

Gross NPAs stood at 8.44 per cent in Q4FY23, down from 14.84 per cent in the year-ago period.