Central Bank of India (CBI) reported fourth quarter net profit grew 41.33% to ₹807 crore from the year-earlier period. Total income improved by 13.2% to ₹9,699 crore.
Net interest income (NII) improved marginally to ₹3,541 crore, up 0.80%, the lender said in a filing. For FY24, the bank’s reported net profit grew 61.13 % to ₹2,549 crore over the previous year. Net interest income (NII) grew by 10.34% on a YoY basis to ₹12,896 crore. Total income (Interest income plus non-interest income) improved to ₹35,434 crore, up 19.60%. However, net interest margin (NIM) reduced marginally to 3.4%.
The bank’s total business as on March 31, 2024 stood at ₹6,36,756 crore (up 10.34%). Total deposits rose 7.16% to ₹3,85,011 crore. Gross advance increased by 15.6% to ₹2,51,745 crore.
Retail, Agriculture and MSME (RAM) business grew 15.47%. Gross NPA improved to 4.5% up 394 bps, on a YoY basis. Net NPA improved to 1.23%, up 54 bps, on a YoY basis. Provision coverage ratio stood at 93.58%, up 110 bps, on a YoY basis.
