Central Bank of India: Strong Growth in Q1FY25 Financial Performance

On July 18, 2024, Central Bank of India Ltd announced financial results for the quarter ended June 30, 2024.

Performance Highlights On Year On Year Basis

Central Bank of India Ltd showed notable growth across various metrics in the latest financial results. Total business expanded by 8.97% to reach ₹ 6,35,564 crore, up from ₹ 5,83,261 crore. Deposits increased by 5.93% to ₹ 3,84,949 crore, with CASA deposits rising to ₹ 1,88,863 crore, representing 49.19% of total deposits.

Notably, gross and net NPAs improved, with gross NPA declining to 4.54% and net NPA to 0.73%. Profits grew substantially, increasing by 110.53% year-on-year to ₹ 880 crore. Net interest income for the quarter was ₹ 3,548 crore, reflecting a positive trend from ₹ 3,176 crore in the year’s corresponding period.

Profitability On Year On Year Basis

Central Bank of India Ltd reported significant growth across important financial metrics for the first quarter of fiscal year 2025 (Q1FY25). Total income, comprising Interest and Non-Interest Income, increased notably by 16.08% to ₹ 9,500 crore, up from ₹ 8,184 crore in the same quarter last fiscal year (Q1FY24). Net Interest Income (NII) grew by 11.71% year-on-year to ₹ 3,548 crore for the quarter ended June 30, 2024, compared to ₹ 3,176 crore in Q1FY24.

Operating Profit also rose 8.43% year-on-year, reaching ₹ 1,993 crore for Q1FY25 from ₹ 1,838 crore in Q1FY24. Net Profit also showed a substantial increase, soaring by 110.53% to ₹ 880 crore in Q1FY25, compared to ₹ 418 crore in the corresponding period last year. ROA and ROE improved significantly, with ROA rising to 0.82% in Q1FY25 from 0.43% in Q1FY24 and ROE increasing to 3.14% from 1.63% over the same period.

Business Highlights

As of June 30, 2024, the bank’s total business reached ₹ 6,35,564 crore, marking an 8.97% year-on-year growth of ₹ 52,303 crore from ₹ 5,83,261 crore. Total deposits increased by 5.93% to ₹ 3,84,949 crore from ₹ 3,63,398 crore. Gross advances showed a substantial rise of 13.99% year-on-year, reaching ₹ 2,50,615 crore compared to ₹ 2,19,863 crore in the preceding year.

About Central Bank of India

Central Bank of India is a commercial bank that operates in several segments, including Corporate/Wholesale Banking, Treasury Operations, Retail Banking, and other banking services.

On July 18, 2024, Central Bank of India Ltd’s share price opened at ₹64.90, touching the day’s high of ₹67.64 as of 2:27 PM on the NSE.

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