MUMBAI: Boosted by better asset quality and higher margins, the state-run Central Bank of India has reported a healthy 51 per cent jump in net income at Rs 913 crore for the September quarter, as against Rs 605 crore in the same period last fiscal.
The city-headquartered bank said in a statement on Thursday that its net interest income for the quarter increased to Rs 3,410 crore from Rs 3,028 crore boosted by an improvement in the key profitability gauge net interest margin which rose to 3.44 per cent from 3.29 per cent in September 2023 quarter.
The total business grew 7.07 per cent to Rs 6,44,858 crore from Rs 6,02,284 crore. Deposits rose 5.57 per cent to Rs 3,91,914 crore from Rs 3,71,252 crore, of this the low-cost Casa deposits increased by Rs 8432 crore to Rs 1,91,270 crore from Rs 1,82,838 crore, reflecting a growth of 4.61 per cent, which is 48.93 percent of the total deposits.
From the assets side, gross advances increased 9.48 per cent to Rs 2,52,944 crore from Rs 2,31,032 crore.
Credit to deposit ratio improved to 64.71, registering an improvement of 228 bps.
On the asset quality side, the bank said gross NPAs improved by 3 bps to 4.59 per cent, while net NPAs improved massively to 0.69 per cent registering a reduction of 95 bps from 1.64 per cent.
The provision coverage ratio improved to 96.31, registering an improvement of 377 bps over 92.54.
Total income, which is interest income plus non-interest income improved 17.08 per cent from Rs 8,412 crore to Rs 9,849 crore.
Non-corporate book or RAM (retail, agriculture & MSME) business grew 19.95 per cent with retail clipping at 15.48 per cent to Rs 76,373 crore, agri at 17.34 per cent to Rs 50,280 core and MSEMs at 29.45 per cent to Rs 55,552 crore.
Total Basel III capital adequacy ratio improved to 16.27 of which the common equity tier 1 ratio at 14.01 up from 14.82, registering an improvement of 145 bps.
The bank operates a network of 4,528 branches with 2,955 branches in rural and semi-urban areas or 65.26 per cent and 4,085 ATMs and 11,949 BC points with a total of 20,562 touch points.