State-owned Central Bank of India on Friday (October 20) reported a 90.3% year-on-year (YoY) jump in net profit at ₹605.4 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, the Central Bank of India posted a net profit of ₹318.2 crore, the company said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 10.2%, coming at ₹3,027.7 crore against ₹2,747.5 crore in the corresponding quarter of FY23.

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The gross non-performing asset (GNPA) stood at 4.62% in the September quarter against 4.95% in the June quarter. Net NPA came at 1.640% against 1.75% quarter-on-quarter.

In monetary terms, gross NPA stood at ₹10,666.03 crore against ₹ 10,890.84 crore quarter-on-quarter, whereas net NPA came at ₹3,664.22 crore against ₹3,717.75 crore quarter-on-quarter.

Provision and contingencies declined to ₹967 crore as against ₹1,125 crore in the same period a year ago. Provision Coverage Ratio improved to 92.54 in the quarter from 89.20 in the corresponding period a year ago.

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Net Interest Margin improved to 3.53% as against 3.12% last year, it said. The capital adequacy ratio of the bank increased to 14.82% as compared to 13.56%. The bank's total business grew by 11.51% to ₹6,02,284 crore vis--vis ₹ 5,40,130 in the second quarter of the previous fiscal.

The results came after the close of the market hours. Shares of Central Bank of India Ltd ended at ₹46.85, down by ₹0.15, or 0.32 percent on the BSE.

First Published:Oct 20, 2023 6:43 PM IST