Central Bank of India Q1 Result: Net profit of Rs 235 crore

Today on 25th July 2022, Central Bank of India declared their first quarter result for the financial year 2022-23.

Major highlights of Central Bank of India Q1 result press release:

Bank earned Net Profit of ₹ 235 crore during the current quarter against Net Profit of ₹ 206 crore in June’21, with increase in net profit by 14.08%.

Net Interest Income (NII) for the quarter improved to ₹ 2142 crore as at the end of June’22 from ₹ 2127 crore as at the end of June’21, registering a Y-o-Y growth of ₹ 15 crore (0.71%).

Operating Profit for the quarter has marginally declined from ₹ 1232 crore as of June’21 to ₹ 1221 crore in June’22 due to provision for revaluation of investments by ₹132.80 crore, when compared to the same figure last year.

Gross Advances increased by ₹ 19419 crore (11.08%) on Y-o-Y basis and stood at ₹ 194648 crore in June’22 as against ₹ 175229 crore in June’21.

Net NPA reduced from 5.09% to 3.93% on Y-o-Y basis registering an improvement of 116 bps.

PCR as at June’22 stands at 86.61 % as against 84.28 % as at same quarter last year registering an improvement of 233 bps.

BUSINESS HIGHLIGHTS

Total Business of the Bank, stood at ₹ 537309 crore as on June’22 as against ₹ 506712 crore registering growth of ₹ 30597 crore(6.04%) on Y-o-Y basis.

Total Deposits have increased by ₹ 11178 crore and stood at ₹ 342661 crore as on June’22 as compared to ₹ 331483 crore as at the end of June’21 reflecting an increase of 3.37% on Y o Y basis.

CASA Deposits have increased by ₹ 11864 crore to ₹ 174562 crore reflecting Y-o-Y growth of 7.29%. CASA share in Total Deposits has improved from 49.20% as at the end of June 2021 to 51.15% as at the end of June’22.

ASSET QUALITY

Gross NPA reduced from 15.92% to 14.90 % on Y-o-Y basis registering an improvement of 102 bps.

Net NPA reduced from 5.09% to 3.93% on Y-o-Y basis registering an improvement of 116 bps.

PCR as at June 30, 2022 stands at 86.61 % as against 84.28 % as at same quarter last year registering an improvement of 233 bps.

PROFITABILITY

Net Interest Income (NII) for the June’22 has improved from ₹ 2127 Crore to ₹ 2142 Crore (0.71%), Y-o-Y, despite having dip of ₹ 245 crore in investment coupon income.

Net Interest Margin (NIM) for the Q1-FY’23 has improved from 2.83% to 2.88 % registering an improvement of 5 bps on Y-o-Y basis.

Operating Profit for the quarter has marginally declined from ₹ 1232 crore as of June’21 to ₹ 1221 crore in June’22 due to provision for revaluation of investments by ₹132.80 crore, when compared to the same figure last year.

Cost to Income Ratio is 58.92 % for the quarter ended June’22 as compared to 58.31 % for the corresponding quarter previous year.

ROA improved from 0.24 % to 0.27 % during Q1-FY’23.

Business per employee for the June’22 has increased from ₹ 16.00 Crore to ₹ 17.14 Crore on (7.13%) Y-o-Y basis.

DIGITAL BANKING

Bank has registered a growth of 32.58%, in Internet Banking, Mobile Banking & IMPS transactions during 12 months period ended June’22, against corresponding period ended June’21.

BRANCH SEGMENTATION

Bank is having pan India presence with network of 4528 branches with 65% (2934 branches) in rural & semi-urban areas, 2999 ATMs and 10644 BC Points with total 18171 Touch Points as on June’22.