The Central Bank of India has reported a robust 33% increase in profit for the third quarter ending December 2024, reaching Rs 959 crore compared to Rs 718 crore in the same period last year. Total income for the quarter rose to Rs 9,739 crore from Rs 9,139 crore a year ago, driven by an increase in interest income to Rs 8,509 crore. Operating profit improved to Rs 1,963 crore.
The bank’s asset quality showed improvement with gross Non-Performing Assets (NPAs) decreasing to 3.86% from 4.50% a year ago, and net NPAs falling to 0.59% from 1.27%. Capital Adequacy Ratio also increased to 16.43% compared to 14.74% last year. Provision Coverage Ratio improved to 96.54% by the end of December 2024.
In strategic moves, the Central Bank of India successfully bid for stakes in Future Genarali India Insurance Company Ltd (FGIICL) and Future Genarali India Life Insurance Company Ltd (FGILICL), securing approval from the Competition Commission of India on October 15, 2024.
